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Subject Author Date
Quicken - Tax summary P.Schuman 02-06-2008
Posted by Andrew on February 7, 2008, 7:43 pm
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 Laura wrote:
> So this is another reason to use the 1099 instead of the totals from Q.

Let me go one step further. IMNSHO, there is virtually NEVER a reason to
use Quicken vs. a 1099 !
The 1099 figures are what the IRS receives; in 99% (and only because I'm
leaving myself an out) they could give a Rat's a*s what Quicken sez on an
import!

I always find it amusing to try to understand what people are thinking
trying to export Quicken data to Turbotax without ensuring what ends up is
simply what is easily obtainable (and needs to be used) on a 1099. And even
if Q differs from the 1099, what do you expect to do about it???

(In fact, movement is now afoot to have FIs calculate AND REPORT cost basis
to the IRS for 1099-B reportable sales. Yet another reason to not trust
Quicken, although there are more than one way to calculate cost basis that
is indeed legit and probably doesn't match reported 1099-B cost basis
figures if this ever comes to pass.)

I'm listening to see if I'm mistaken - all suggestive comments welcomed!
--
-------------------------------------------------------------
Regards -

- Andrew



Posted by Oilcan on February 7, 2008, 8:52 pm
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 "And even if Q differs from the 1099, what do you expect to do about it???"

In all my cases over the years, I made a mistake in my entry in Quicken. I
fix Quicken. If my 1099 was wrong (I have yet to find one), I would use the
Quicken number only if I was sure that it was correct.

Oilcan


> Laura wrote:
>> So this is another reason to use the 1099 instead of the totals from Q.
>
> Let me go one step further. IMNSHO, there is virtually NEVER a reason to
> use Quicken vs. a 1099 !
> The 1099 figures are what the IRS receives; in 99% (and only because I'm
> leaving myself an out) they could give a Rat's a*s what Quicken sez on an
> import!
>
> I always find it amusing to try to understand what people are thinking
> trying to export Quicken data to Turbotax without ensuring what ends up is
> simply what is easily obtainable (and needs to be used) on a 1099. And
> even if Q differs from the 1099, what do you expect to do about it???
>
> (In fact, movement is now afoot to have FIs calculate AND REPORT cost
> basis to the IRS for 1099-B reportable sales. Yet another reason to not
> trust Quicken, although there are more than one way to calculate cost
> basis that is indeed legit and probably doesn't match reported 1099-B cost
> basis figures if this ever comes to pass.)
>
> I'm listening to see if I'm mistaken - all suggestive comments welcomed!
> --
> -------------------------------------------------------------
> Regards -
>
> - Andrew
>


Posted by Laura on February 7, 2008, 9:07 pm
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Q also does not give you the same level of detail the 1099 shows. My
interest is broken down into taxable, non taxable, foreign sources and a few
other categories. I don't think we have any other choice but to use the 1099
form as that is the official number reported to the IRS.

> "And even if Q differs from the 1099, what do you expect to do about
> it???"
>
> In all my cases over the years, I made a mistake in my entry in Quicken.
> I fix Quicken. If my 1099 was wrong (I have yet to find one), I would use
> the Quicken number only if I was sure that it was correct.
>
> Oilcan
>
>
>> Laura wrote:
>>> So this is another reason to use the 1099 instead of the totals from Q.
>>
>> Let me go one step further. IMNSHO, there is virtually NEVER a reason to
>> use Quicken vs. a 1099 !
>> The 1099 figures are what the IRS receives; in 99% (and only because I'm
>> leaving myself an out) they could give a Rat's a*s what Quicken sez on an
>> import!
>>
>> I always find it amusing to try to understand what people are thinking
>> trying to export Quicken data to Turbotax without ensuring what ends up
>> is simply what is easily obtainable (and needs to be used) on a 1099.
>> And even if Q differs from the 1099, what do you expect to do about it???
>>
>> (In fact, movement is now afoot to have FIs calculate AND REPORT cost
>> basis to the IRS for 1099-B reportable sales. Yet another reason to not
>> trust Quicken, although there are more than one way to calculate cost
>> basis that is indeed legit and probably doesn't match reported 1099-B
>> cost basis figures if this ever comes to pass.)
>>
>> I'm listening to see if I'm mistaken - all suggestive comments welcomed!
>> --
>> -------------------------------------------------------------
>> Regards -
>>
>> - Andrew
>>
>


Posted by scott s. on February 8, 2008, 3:10 am
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> "And even if Q differs from the 1099, what do you expect to do about
> it???"
>
> In all my cases over the years, I made a mistake in my entry in
> Quicken. I fix Quicken. If my 1099 was wrong (I have yet to find
> one), I would use the Quicken number only if I was sure that it was
> correct.


I have a case this year of a 1099 which includes income I received
in 2008. I normally use the 1099 as a QA against my Quicken data first,
since I want that to be correct before I try to do a tax return.

scott s.
.

Posted by Andrew on February 8, 2008, 8:17 am
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Oilcan wrote:
>
> In all my cases over the years, I made a mistake in my entry in
> Quicken. I fix Quicken. If my 1099 was wrong (I have yet to find
> one), I would use the Quicken number only if I was sure that it was
> correct.
> Oilcan
>

By the way, I should have made it clear that I try to keep all my records
within Q as accurately as possible, and indeed run a tax schedule report and
try to
ensure that it matches the 1099s as well since I dutifully enter all my
interest and dividends manually or automatically throughout the year. I
just don't take that step in having Q do all the exports - takes me more
time to then verify that then simply entering the data manually. (Although
I supposed if I were completing a complicated Sch D for a lot of mutual fund
reinvestment transactions if I reported a capital gain that way, I might be
tempted!)

But the one statement that I wonder about is the amount of 'luck' you'd have
with the IRS since if you report a different number than the 1099, that's
almost a guarantee you'll hear from them one way or the other. That's got
to be the easiest thing they can find, since it's all simply computer
matching.

I would thing it would be easier for you to convince your FI to reissue a
corrected 1099 and use that? Else, I guess you can take your chances, or
perhaps append a note to your 1040 'explaining' the difference up front.

I'd love to hear some stories on how well that worked out for anyone!

--
-------------------------------------------------------------
Regards -

- Andrew



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