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Subject Author Date
Quicken - Tax summary P.Schuman 02-06-2008
Posted by Laura on February 7, 2008, 7:47 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.

I forgot to say that some of the interest income shown on the Tax Summary
report might not be reportable interest. For example, the interest in my IRA
account is included on that report but is not taxable income to me. So this
is another reason to use the 1099 instead of the totals from Q.


Posted by P.Schuman on February 7, 2008, 8:07 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.
>
> I forgot to say that some of the interest income shown on the Tax Summary
> report might not be reportable interest. For example, the interest in my IRA
> account is included on that report but is not taxable income to me. So this
> is another reason to use the 1099 instead of the totals from Q.
>

thanks for the feedback -

In all my years, I've never used Quicken data Imported into TurboTax,
but thought I would try it this year because of a lot of account activity.
Guess I'll ignore that train of thought.

It's just mind boggling that a "financial accounting" software program
can't properly "account" for the specific transactions it creates
along with the specific transactions downloaded from the financial institutions.

Seems like the financial institutions are partly to blame
for not creating a very specific file transaction,
and then again - maybe it's back to Quicken
for not demanding a complete transaction.



Posted by Laura on February 7, 2008, 8:41 am
Please log in for more thread options
>
>> >
>> >> 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.
>>
>> I forgot to say that some of the interest income shown on the Tax Summary
>> report might not be reportable interest. For example, the interest in my
>> IRA
>> account is included on that report but is not taxable income to me. So
>> this
>> is another reason to use the 1099 instead of the totals from Q.
>>
>
> thanks for the feedback -
>
> In all my years, I've never used Quicken data Imported into TurboTax,
> but thought I would try it this year because of a lot of account activity.
> Guess I'll ignore that train of thought.
>
> It's just mind boggling that a "financial accounting" software program
> can't properly "account" for the specific transactions it creates
> along with the specific transactions downloaded from the financial
> institutions.

I think your expectations of Quicken are too high. It is not a financial
accounting software. It is a giant check book register that you control how
you want transactions classified. If you misclassify the category or
transaction that is not the fault of the program but the user. Garbage in =
Garbage out.

> Seems like the financial institutions are partly to blame
> for not creating a very specific file transaction,
> and then again - maybe it's back to Quicken
> for not demanding a complete transaction.

The financial instutions have no idea how I spend my money nor do I want
them to. I would not want a third party to determine which Staples
transactions are for personal vs business use. Even multiple categories can
be assigned to the same Payee. Again, my bank has not idea how I want to
track my expenses. I think you are expecting way too much from this program.


Posted by Oilcan on February 7, 2008, 9:27 am
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There is a standard - but each FI interprets that standard. Quicken just
processes the data and does not determine if it is being applied correctly.
This is why you review the transactions when they are received and reconcile
periodically.

As for importing information. I gave up on that years ago because it was to
cumbersome to fix the data on the tax side. It might be okay if you have
simple returns - but I don't. So I run CATEGORY reports and use that
information to trigger me in the tax return and reconcile the official tax
documents before I file. Takes me a lot less time.

Oilcan
>
>> >
>> >> 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.
>>
>> I forgot to say that some of the interest income shown on the Tax Summary
>> report might not be reportable interest. For example, the interest in my
>> IRA
>> account is included on that report but is not taxable income to me. So
>> this
>> is another reason to use the 1099 instead of the totals from Q.
>>
>
> thanks for the feedback -
>
> In all my years, I've never used Quicken data Imported into TurboTax,
> but thought I would try it this year because of a lot of account activity.
> Guess I'll ignore that train of thought.
>
> It's just mind boggling that a "financial accounting" software program
> can't properly "account" for the specific transactions it creates
> along with the specific transactions downloaded from the financial
> institutions.
>
> Seems like the financial institutions are partly to blame
> for not creating a very specific file transaction,
> and then again - maybe it's back to Quicken
> for not demanding a complete transaction.
>
>


Posted by scott s. on February 8, 2008, 3:01 am
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> There is a standard - but each FI interprets that standard. Quicken
> just processes the data and does not determine if it is being applied
> correctly. This is why you review the transactions when they are
> received and reconcile periodically.
>
> As for importing information. I gave up on that years ago because it
> was to cumbersome to fix the data on the tax side. It might be okay
> if you have simple returns - but I don't. So I run CATEGORY reports
> and use that information to trigger me in the tax return and reconcile
> the official tax documents before I file. Takes me a lot less time.

Until about a week ago I was using Q05, which won't import into TT07.
So I thought I would try using the .txf method instead. I haven't done
that for many years. I found that it worked just as well as import did
in the past. Now I'm kind of wondering what the advantage of import
is. At one time import was an all-or-nothing thing and you could spend
more time cleaning up after it than you saved in entering the data, but
now when it shows you everything it could import before it does and
lets you deselect what you don't want it is a bit easier.

scott s.
.

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