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Quicken - Tax summary P.Schuman 02-06-2008
Posted by P.Schuman on February 6, 2008, 7:51 pm
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 ok... here's another little gem

I want to verify the Interest and Divs for our Joint filing,
and also for our son's Individual filing from his summer jobs.

All portfolio accounts are in a single Quicken file - maybe that's our
problem :)

SO - I wanted to see the Tax stuff...
Menu bar -> Reports -> Tax -> Tax Summary ->
sub-total by Tax Schedule
BUT - all the "interest" or all the "divs" are rolled into a single
grouping.
Would be really helpful to be able to group by the account.

oh well - just revert to the paper 1099's and manual enter it - at least it
will be correct

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



Posted by gk on February 6, 2008, 8:28 pm
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 Quicken is supposed to HELP you to organize your finances, not DO it
for you.
All the reports would be only useful if you set the categories
straight and be consistent throughout the reported period.

Just downloading transactions from bank, credit card and the broker
would not yield any useful report. Only after EACH transaction to be
reported is set, the report could be accurate. Quicken offers some
tools to make the job easier and quicker, but you - the USER - need to
get involved.


Posted by P.Schuman on February 7, 2008, 12:40 am
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gk wrote:
> Quicken is supposed to HELP you to organize your finances, not DO it
> for you.
> All the reports would be only useful if you set the categories
> straight and be consistent throughout the reported period.
>
> Just downloading transactions from bank, credit card and the broker
> would not yield any useful report. Only after EACH transaction to be
> reported is set, the report could be accurate. Quicken offers some
> tools to make the job easier and quicker, but you - the USER - need to
> get involved.

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, 2:46 am
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>
> SO - I wanted to see the Tax stuff...
> Menu bar -> Reports -> Tax -> Tax Summary ->
> sub-total by Tax Schedule
> BUT - all the "interest" or all the "divs" are rolled into a single
> grouping.
> Would be really helpful to be able to group by the account.

You're correct that the tax schedule report isn't useful for comparing
your quicken data to individual 1099s. I agree they could have put
in a subtotal by payee so you don't have to use a category report.
You see the same problem with charitable contributions being totaled
together. You can customize the report to include only a single
account though and do it that way, thoguh it is a bit of work.

scott s.
.

Posted by Laura on February 7, 2008, 7:29 am
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> ok... here's another little gem
>
> I want to verify the Interest and Divs for our Joint filing,
> and also for our son's Individual filing from his summer jobs.
>
> All portfolio accounts are in a single Quicken file - maybe that's our
> problem :)
>
> SO - I wanted to see the Tax stuff...
> Menu bar -> Reports -> Tax -> Tax Summary ->
> sub-total by Tax Schedule
> BUT - all the "interest" or all the "divs" are rolled into a single
> grouping.
> Would be really helpful to be able to group by the account.

You could copy the report to excel and manually get the totals by account.

Alternatively, run the report by account.

> oh well - just revert to the paper 1099's and manual enter it - at least
> it will be correct

Since the official numbers are those found on the 1099s it would be better
to use those. I know mine are close but Q does not provide the breakdown
into the various boxes found on the 1099.


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