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Posted by JM on August 21, 2006, 7:57 pm
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JM wrote:
> 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'.
Meant to add - QW seems to use the TTax imported info in the Tax
Planner feature. Have tinkered a bit with it but don't find it useful -
e.g., treats SocSec income as 100% taxable and does not differentiate
between qualified and non-qualified dividends. The planner obviously
errs on the conservative side - much too conservative in that I would
be way over on with-holding.
A new wrinkle in QW 07 Deluxe - the 'canned' reports now include
Sched's A, B & D. The Sched D Cap Gains report includes the
loss-carry-forward figures - obviously introduced from the imported
TTax data. The Sched A report offers nothing new not already available
in the long-standing Tax Schedule Report - it is a summary of the raw
data input - without the AGI adjustments.
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