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Posted by Laura on February 13, 2008, 12:03 pm
Please log in for more thread options > wrote:
>> Now that I don't trust Quicken for ANY of my 1040 Schedule info,
>> I've been going thru and comparing the paper 1099's line by line
>> to see where Quicken falters.
>>
>> Here's another bit of data that falls thru the cracks..... Foreign Tax
>> Paid.
>>
>> I don't see it getting downloaded for any of my mutual funds.
>> The fund company must not transmit a transaction for Foreign Tax Paid ?
>>
>> BUT - it then messes up comparing a 1099 to the Quicken imported data.
>> ie -
>> DIV = $295
>> ST Gain = $357
>> Quicken & TurboTax then show Box 1 = $652 (295 + 357)
>>
>> BUT there is a $28 Foreign Tax on the 1099-DIV which therefore has Box 1
>> =
>> $680
>
> I think most people transmit information from Quicken to Turbo Tax at
> their peril because of situations exactly like this. You *can* do
> this, however, if you wait for your final 1099's, (1099's are due by
> the end of February and, even though they're often available earlier,
> earlier 1099's are frequently followed by "Corrected" 1099's), enter
> all correcting entries into Quicken, and then pass that information
> along to Turbo Tax. You still won't be able to pass along information
> about Qualifying dividends (re your earlier post) as no version of
> Quicken I've used has made this distinction.
Correction: 1099's that are sent to folks must be postmarked by 1/31. They
are due to the IRS at the end of Feb (paper) or mid-March (electronically).
> This isn't entirely Quicken's fault, however, as a lot of the
> information of the 1099's isn't determined until some time after the
> fact.
>
> Tom Young
>
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