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Posted by L on February 8, 2008, 11:15 am
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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...
>
The 'problem' you are having with the integration between Quicken and
Turbo-Tax is user-error, of a specific type that my programming teacher used
to refer to as Garbage-In-Garbage-Out.
The monthly interest payments in your son's Quicken file were most likely
not "to the Chase Savings Account" but instead, FROM his bank. What you
posted as a "Description" of "Interest Payment" was most likely a name
provided by your son's FI in a transaction download, or even entered by your
son himself, and was (I suspect) entered in the PAYEE field -- as Quicken
2006 registers for bank accounts DO NOT HAVE A DESCRIPTION field (the fields
are Num, Date, Payee/Category/Memo, Payment, Clr, Deposit, Balance.
You've posted that your son left the category BLANK.
From the Quicken helpfile
"When you assign tax-related categories to your Quicken transactions,
Quicken applies the correct IRS tax form line item and dollar amount and
makes this information available in tax reports and calculation tools. You
can export this information to TurboTax"
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