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Subject Author Date
Turbo Tax Gotcha: January Estimated Tax Payments Walt Bilofsky 02-24-2007
Posted by Walt Bilofsky on February 24, 2007, 11:02 pm
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 Another tax time reminder:

If you import your data into Turbo Tax from Quicken, and make
estimated tax payments - Caution: Check your Tax Payments Worksheet.

TTax imported my 2006 payments into the Tax Payments Worksheet. But
it didn't import any payments I made in 2007.

I had to enter them by hand into the Tax Payments Worksheet.

IMO Turbo Tax should either import these payments, or at least show it
as a form error to remind you to enter it yourself.

Posted by Michael Rosen on February 24, 2007, 11:10 pm
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> Another tax time reminder:
>
> If you import your data into Turbo Tax from Quicken, and make
> estimated tax payments - Caution: Check your Tax Payments Worksheet.
>
> TTax imported my 2006 payments into the Tax Payments Worksheet. But
> it didn't import any payments I made in 2007.
>
> I had to enter them by hand into the Tax Payments Worksheet.
>
> IMO Turbo Tax should either import these payments, or at least show it
> as a form error to remind you to enter it yourself.

I assume you are talking about your fourth quarter estimate for 2006?
That is pretty bad. I can understand, though, how the import process
would only look at 2006 transactions. They probably should have that
as an interview question to ask if you made a fourth quarter payment.


Posted by Walt Bilofsky on February 25, 2007, 1:39 pm
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>> Another tax time reminder:
>>
>> If you import your data into Turbo Tax from Quicken, and make
>> estimated tax payments - Caution: Check your Tax Payments Worksheet.
>>
>> TTax imported my 2006 payments into the Tax Payments Worksheet. But
>> it didn't import any payments I made in 2007.
>>
>> I had to enter them by hand into the Tax Payments Worksheet.
>>
>> IMO Turbo Tax should either import these payments, or at least show it
>> as a form error to remind you to enter it yourself.
>
>I assume you are talking about your fourth quarter estimate for 2006?
>That is pretty bad. I can understand, though, how the import process
>would only look at 2006 transactions. They probably should have that
>as an interview question to ask if you made a fourth quarter payment.

They do have it as an interview question. Users who get there may
well notice the missing data. Or they might see that six of the eight
boxes are filled out, and assume that all relevant data has been
imported. Turbo Tax should emphasize the missing data.

I picked the "Find Deductions Myself" option, rather than plod through
a bunch of questions most of which are irrelevant to me. I "knew"
that that data was imported from Quicken, so didn't choose the
"Estimated Taxes Paid" question.

(I do check pretty carefully though, since from long experience I
mistrust both Quicken and Turbo Tax.)

Posted by Andrew on February 25, 2007, 4:49 pm
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Walt Bilofsky wrote:
> Another tax time reminder:
>
> If you import your data into Turbo Tax from Quicken, and make
> estimated tax payments - Caution: Check your Tax Payments Worksheet.
>
> TTax imported my 2006 payments into the Tax Payments Worksheet. But
> it didn't import any payments I made in 2007.
>
> I had to enter them by hand into the Tax Payments Worksheet.
>
> IMO Turbo Tax should either import these payments, or at least show it
> as a form error to remind you to enter it yourself.

Just checking here to ensure we're not making a misunderstanding about
timing - A "4th quarter" payment made in January doesn't count for Federal
purposes in calendar year 2006, does it? It does for my state, but the
payments for Federal State purposes on Sch "A" are for those made in a
*calendar* year I believe. Of course, it still should be included for the
state return as mentioned, so perhaps it is a problem if not included in the
import...but did you check the State return to see if it shows up there?

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

- Andrew


Walt Bilofsky wrote:
> Another tax time reminder:
>
> If you import your data into Turbo Tax from Quicken, and make
> estimated tax payments - Caution: Check your Tax Payments Worksheet.
>
> TTax imported my 2006 payments into the Tax Payments Worksheet. But
> it didn't import any payments I made in 2007.
>
> I had to enter them by hand into the Tax Payments Worksheet.
>
> IMO Turbo Tax should either import these payments, or at least show it
> as a form error to remind you to enter it yourself.

Just checking here to ensure we're not making a misunderstanding about
timing - A "4th quarter" payment made in January doesn't count for Federal
purposes in calendar year 2006, does it? It does for my state, but the
payments for Federal State purposes on Sch "A" are for those made in a
*calendar* year I believe. Of course, it still should be included for the
state return as mentioned, so perhaps it is a problem if not included in the
import...but did you check the State return to see if it shows up there?

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

- Andrew



Posted by Michael Rosen on February 25, 2007, 7:49 pm
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> Walt Bilofsky wrote:
> > Another tax time reminder:
>
> > If you import your data into Turbo Tax from Quicken, and make
> > estimated tax payments - Caution: Check your Tax Payments Worksheet.
>
> > TTax imported my 2006 payments into the Tax Payments Worksheet. But
> > it didn't import any payments I made in 2007.
>
> > I had to enter them by hand into the Tax Payments Worksheet.
>
> > IMO Turbo Tax should either import these payments, or at least show it
> > as a form error to remind you to enter it yourself.
>
> Just checking here to ensure we're not making a misunderstanding about
> timing - A "4th quarter" payment made in January doesn't count for Federal
> purposes in calendar year 2006, does it? It does for my state, but the
> payments for Federal State purposes on Sch "A" are for those made in a
> *calendar* year I believe. Of course, it still should be included for the
> state return as mentioned, so perhaps it is a problem if not included in the
> import...but did you check the State return to see if it shows up there?
>
> --
> -------------------------------------------------------------
> Regards -
>
> - Andrew

But a fourth quarter federal payment made in January would apply to
the 1040 as well. You are correct about the state regarding a
schedule A deduction. It should show up on the state return as a
current year estimated payment.


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