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Subject Author Date
Quicken - Interest & Schedule B P.Schuman 02-06-2008
Posted by P.Schuman on February 6, 2008, 6:39 pm
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 so I have TurboTax 2007, and thought I would (for the first time)
try and see what I can import from Quicken
since we had a lot of portfolio activity this year.

First - try it on my kids 1040 - and bring over his savings & Schwab
account.
DUH - even the simple savings didn't work correctly... good thing I checked
it out -

The monthly interest payments to the Chase Savings Account
were listed in Quicken 2006 as:
Description = Interest Payment
Category = "blank"
BUT - there was a single entry that had
Category = Interest Income
and that was the only transaction that was brought across for Import...

--
----------------------------------
"If everything seems to be going well,
you have obviously overlooked something." - Steven Wright



Posted by gk on February 6, 2008, 8:20 pm
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 To benefit from Quicken, the most important and useful thing is to
categorize transactions properly and in a meaningful matter.
The burden of doing it is completely on the user.


Posted by P.Schuman on February 7, 2008, 12:42 am
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gk wrote:
> To benefit from Quicken, the most important and useful thing is to
> categorize transactions properly and in a meaningful matter.
> The burden of doing it is completely on the user.

let's see - downloaded transactions from a bank that were described as
"Interest",
and yet when they are used between Quicken & TurboTax,
they no longer are "Interest" without my manually categorizing them ???

let me just cut/paste my other reply -
--
you're kidding right ?
I don't even know where to begin to reply to this line of thinking...
A financial program that defines the transaction types, and downloads them
from participating institutions
and then on the back end can't bring the basic information together in a
meaningful manner
without my manipulating the already tagged data into manual categories ???

That's just nuts -



Posted by scott s. on February 7, 2008, 2:37 am
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> gk wrote:
>> To benefit from Quicken, the most important and useful thing is to
>> categorize transactions properly and in a meaningful matter.
>> The burden of doing it is completely on the user.
>
> let's see - downloaded transactions from a bank that were described as
> "Interest",
> and yet when they are used between Quicken & TurboTax,
> they no longer are "Interest" without my manually categorizing them
> ???

Well, let's see: when it's "interest" on my personal acct, it goes to
sked B. When it's interest on a business acct, it goes to Sked C,E, or F
depending on the business, assuming I'm not a c corp or a partnership.
Or, it could be tax emempt, at the state or federal level. Other than
that, I guess it's just nuts.


scott s.
.


Posted by P.Schuman on February 7, 2008, 8:01 am
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>
> > gk wrote:
> >> To benefit from Quicken, the most important and useful thing is to
> >> categorize transactions properly and in a meaningful matter.
> >> The burden of doing it is completely on the user.
> >
> > let's see - downloaded transactions from a bank that were described as
> > "Interest",
> > and yet when they are used between Quicken & TurboTax,
> > they no longer are "Interest" without my manually categorizing them
> > ???
>
> Well, let's see: when it's "interest" on my personal acct, it goes to
> sked B. When it's interest on a business acct, it goes to Sked C,E, or F
> depending on the business, assuming I'm not a c corp or a partnership.
> Or, it could be tax emempt, at the state or federal level. Other than
> that, I guess it's just nuts.
>

Are your transactions getting a Category from your financial institution ?

My downloads from Chase only have the "Interest Payment" text,
with no Category..... which appears to be the trigger/used field for the
totaling
vs the other way around.




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