Q07 TurboTax import

Posted by Dick on August 19, 2006, 2:04 pm

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I just upgraded to Q07 and I'm trying to import my 2005 TurboTax data file.
When Q07 asks for the TurboTax password I start to enter it and a message
comes up after the first key is hit, stating that the import failed and Q07
freezes and the only way to get out of it is to ctrl/alt/del and shut down
Quicken. Anyone know what's going on?
PS I tried loading TurboTax by itself and all worked well.

Posted by R. C. White on August 21, 2006, 12:44 pm

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Hi, Dick.

This is one we hear every year about this time. And it is NOT Intuit's
fault. It's just the way the world works. At least, as far as the US
Congress is concerned. That's who writes the Internal Revenue Code, of
course, not the Internal Revenue Service, which gets all the blame.

Anyhow, there is a basic difference between Quicken and TurboTax.

Quicken is based (loosely, sometimes) on generally accepted accounting
principles, which evolve slowly over years, even centuries. Except for
online access and the GUI (graphical user interface), there's no reason you
can't still use the 1999 or earlier versions of Quicken to keep your books
for 2006.

But TurboTax is based on tax rules, which change every day. It prepares the
1040 and other tax forms which are revised every year. So there's no way to
use the 1999 TurboTax to prepare your 2006 return - or even your 1998 or
2000 return. Each year's TurboTax is incompatible with any other year. And
it's not Intuit's fault.

I haven't run Quicken versions other than Basic for the past few years, but
I don't recall that we ever were able to Import TurboTax files into Quicken.
When I click File | Import in Q2006 Basic, the only choices offered are Web
Connect file and QIF file. On the charts showing features of the different
versions of Quicken 2007, I don't see any mention of Imports from TurboTax.
Is this new in Q2007?

Which version of Quicken 2007 are you running? HOW are you attempting to
import?

RC
--
R. C. White, CPA [RC]
San Marcos, TX
(Retired. No longer licensed to practice public accounting.)
rc@grandecom.net
Microsoft Windows MVP
(currently running Windows Mail 7 in Vista x64 Build 5472)

>I just upgraded to Q07 and I'm trying to import my 2005 TurboTax data file.

>When Q07 asks for the TurboTax password I start to enter it and a message

>comes up after the first key is hit, stating that the import failed and Q07

>freezes and the only way to get out of it is to ctrl/alt/del and shut down

>Quicken. Anyone know what's going on?

> PS I tried loading TurboTax by itself and all worked well.

Posted by Charlie K on August 21, 2006, 2:09 pm

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> I haven't run Quicken versions other than Basic for the past few years, but

> I don't recall that we ever were able to Import TurboTax files into Quicken.

It's a feature of all versions above Basic and has been for a long
time. It imports data for the tax planner.

Posted by R. C. White on August 21, 2006, 2:59 pm

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Hi, Charlie.

Thanks for the reminder. ;^)

Still, should the 2007 version of Quicken be able to import from the 2005
version of TurboTax? Or only from the 2006 TurboTax - when it becomes
available over a year from now? In other words, should any version of
Quicken be able to import from any version of TurboTax other than the one
for the most-current year?

Now that you've reminded me, I do recall that THAT was the form of the
annual discussions here. It still comes down to the annual nature of TT,
versus the multi-year nature of Q. But the Tax Planner feature of Q IS
annual - and good only for the current year. To make the Tax Planner
multi-year, it would need to include multiple tables of tax rates, standard
deductions, etc., which could be done pretty easily. But it would also have
to remember (and predict) the changing rules on charitable contributions,
capital gains, sales tax deductions and lots of other factors that I can't
think of right now.

And, now that I think about it, Q2007 should be able to import from TT2005
so that we can plan stock sales and other discretionary transactions before
December 31, 2006. Otherwise, we have to continue to run Q2006 and not
update to Q2007 until January 2007, at least.

Hmmm... Do you suppose Quicken's marketing VP has discussed this with the
programming VP?

RC
--
R. C. White, CPA [RC]
San Marcos, TX
(Retired. No longer licensed to practice public accounting.)
rc@grandecom.net
Microsoft Windows MVP
(currently running Windows Mail 7 in Vista x64 Build 5472)

>> I haven't run Quicken versions other than Basic for the past few years,

>> but

>> I don't recall that we ever were able to Import TurboTax files into

>> Quicken.

> It's a feature of all versions above Basic and has been for a long

> time. It imports data for the tax planner.

Posted by JM on August 21, 2006, 7:42 pm

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R. C. White wrote:

> Hi, Charlie.

> Thanks for the reminder. ;^)

> Still, should the 2007 version of Quicken be able to import from the 2005

> version of TurboTax? Or only from the 2006 TurboTax - when it becomes

> available over a year from now? In other words, should any version of

> Quicken be able to import from any version of TurboTax other than the one

> for the most-current year?

> Now that you've reminded me, I do recall that THAT was the form of the

> annual discussions here. It still comes down to the annual nature of TT,

> versus the multi-year nature of Q. But the Tax Planner feature of Q IS

> annual - and good only for the current year. To make the Tax Planner

> multi-year, it would need to include multiple tables of tax rates, standard

> deductions, etc., which could be done pretty easily. But it would also have

> to remember (and predict) the changing rules on charitable contributions,

> capital gains, sales tax deductions and lots of other factors that I can't

> think of right now.

> And, now that I think about it, Q2007 should be able to import from TT2005

> so that we can plan stock sales and other discretionary transactions before

> December 31, 2006. Otherwise, we have to continue to run Q2006 and not

> update to Q2007 until January 2007, at least.

> Hmmm... Do you suppose Quicken's marketing VP has discussed this with the

> programming VP?

> RC

> --

> R. C. White, CPA [RC]

> San Marcos, TX

> (Retired. No longer licensed to practice public accounting.)

> rc@grandecom.net

> Microsoft Windows MVP

> (currently running Windows Mail 7 in Vista x64 Build 5472)

> >

> >> I haven't run Quicken versions other than Basic for the past few years,

> >> but

> >> I don't recall that we ever were able to Import TurboTax files into

> >> Quicken.

> >

> > It's a feature of all versions above Basic and has been for a long

> > time. It imports data for the tax planner.

RC

Just ran a test - QW07 imports TTax files for 2005 and 2004. Would not
import 2003 - message says something to effect 'tax year not supported'.