Just copy the figures onto your tax forms, or, if you prefer, send the reports to your accountant. Just open TurboTax and respond that you want to import your Quicken data when prompted.Įven if you don’t use tax-preparation software like TurboTax, you can still use Quicken to print reports that consolidate a year’s worth of information into a few pages. Other than assigning categories to your transactions (see above), there’s nothing you need to do in Quicken to facilitate this process. TurboTax can read and import your data directly from Quicken. Schedule E: Displays income or loss from rental real estate.
This report is added in Quicken Rental Property Manager:
Schedule D: Displays realized gains or losses, loss carryovers, and long-term capital gains distributions for securities in investment accounts.Schedule B: Displays interest and dividend income in all accounts.Schedule A: Displays itemized deductions only.These reports are added in Quicken Premier: Tax Summary: Displays tax-related transactions subtotaled by category.Tax Schedule: Displays tax-related transactions subtotaled by tax form line item.Capital Gains: Displays short- and long-term sales that are subject to capital gains tax.These are the reports available in Quicken Deluxe: The tax reports available to you depend on the version of Quicken you have. Click the name of the report that you want to run.Ĥ. Select a date range or tax year, as necessary. Click Tax to see a list of available tax reports.ģ. Choose Reports menu > Reports & Graphs Center.Ģ. Until you become familiar with reports in Quicken, the best place to see what’s available and create tax reports is the Reports & Graphs Center. To go to the Tax Center:Ĭlick the Planning tab, and then click the Tax Center button.įor a more detailed look at where you stand with your taxes, run tax reports. You can also launch important tax tools like the Tax Planner. In the Tax Center, you can view snapshots of the current year's projected taxes, tax calendar, and year-to-date tax-related expenses and income. To take a quick look at where you stand with your taxes, use the Tax Center. For example, Employee > Car Expense-Lease.Ĥ. Answer the questions to see if you're eligible for the deduction.ĥ. Click Create a Category to track a deduction you may be eligible for.Ħ. Click the Action Plan tab for information about the type of tax records you need to keep. Select a deduction type, and then a specific deduction. Click the Planning tab, and then click the Tax Center button.ģ. To use the Deduction Finder (requires Quicken Premier or above):ġ. It also explains the types of records you should keep for tax time. And if you are eligible, it helps you create the categories you’ll need to track your expenses. Tip: If you don’t know which tax line item to assign, you can come back later and select it.Īre you missing deductions? The Quicken Deduction Finder helps determine whether you're eligible for over 100 common tax deductions. Select the tax form line item to link the category to. On the Details tab, name the category and specify if it is an income or expense category.Ĥ. Choose Tools menu > Category List, and then click New.Ģ. For example, if you subscribe to certain periodicals that are related to the production of tax-related income, you may want to create a category to track that information in Quicken. You may find that Quicken doesn’t have all the tax-related categories you need. Tip: If you don’t see the Tax Line Item column, click (the Gear icon) and choose Tax Line Item. The Tax Line Item column shows which categories are tax-related, and the tax line item linked to each. This makes it easy to generate deduction reports at any time of the year, and transferring your data to TurboTax is a snap! To review and change Quicken’s tax-related categories:Ģ. For example, if you’re using a Quicken category like Gifts & Donations: Charity, all of the transaction amounts assigned to that category are tracked and automatically mapped to federal form Schedule A: Cash charity contributions. Right out of the box, Quicken includes most of the categories you’ll need to track your tax-deductible expenses-categories that are already linked to tax form line items. And Quicken takes care of a lot of the work for you! Tracking tax-deductible expenses is easy if you assign categories to your transactions. And you don’t have to wait until your taxes are due to find out where you stand. The more tax information you track in Quicken, the easier your life can be when tax time rolls around.
0 kommentar(er)
