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Tax Schedule & Tax exempt MM in Quicken for MAC

Concordman

Would like to set up the proper category in QM v4.4.3 so that a tax free MM shows up correctly in the Tax Schedule. Tried the _DivInctaxfree in the categories & the div income simply disappears off the tax schedule. Any ideas sincerely apreciated

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unknown

Is that MM shown in your Securities list? If it is, you can mark it as "Tax Free".

Concordman

I show it as a MM

Concordman

I set up a category ..Tax Exempt MM:schedule B: Div Income, non taxable..The issue I feel is that since this is set up as a MM ( cannot change the type to brokerage/securities). it will not appear in the tax schedule.
If I leave it alone under the Div Inc category it shows up under schedule B along side the taxable Div income

unknown

I set up a category ..Tax Exempt MM:schedule B: Div Income, non taxable..The issue I feel is that since this is set up as a MM ( cannot change the type to brokerage/securities). it will not appear in the tax schedule.
If I leave it alone under the Div Inc category it shows up under schedule B along side the taxable Div income

If the MM is Tax Free, it will not show up on the Tax Schedule which is for taxable income, dividends, donations and other tax related items.

Concordman

The MM is exempt from Federal tax treatment; Received the 1099-DIV associated (box 10) with this MM fund.There is a resultant amount which can be excluded the balance needs to be reported .
The issue is since I have this MM set up under Type as a Money market, not Brokerage the location where the Type is edited for payment/Deposit is hard wired to show check# , hence can't use the custom category set up .

As Rick counseled earlier the best way forward is to import the tax forms directly from the Fi into Turbotax

Concordman

Ok, decided to work on this with my beta file: In order for this to reflect correctly so that the proper category is selected one needs to edit the Type Column in the register; this cannot be done when the account is classified as a saving/mm account.

Decided to do an electronic download from the Fi..discovered that the Fi has this classified as a Brokerage account as the funds are re invested dividends. Subsequently The MM was downloaded as a brokerage account. The register then allowed for Type to be modified and was able to set up the category.

The existing mm account would not allow for the Account type to be changed from MM to brokerage so simpley transferred all the history from the mm account into the newly downloaded account.

unknown

Ok, decided to work on this with my beta file: In order for this to reflect correctly so that the proper category is selected one needs to edit the Type Column in the register; this cannot be done when the account is classified as a saving/mm account.

Decided to do an electronic download from the Fi..discovered that the Fi has this classified as a Brokerage account as the funds are re invested dividends. Subsequently The MM was downloaded as a brokerage account. The register then allowed for Type to be modified and was able to set up the category.

The existing mm account would not allow for the Account type to be changed from MM to brokerage so simpley transferred all the history from the mm account into the newly downloaded account.

I know this is an old thread but...

I have my Vanguard tax exempt money market set up as part of a brokerage account.

Like you, I would like to separate out the tax exempt dividends, as currently they are co-mingled in Quicken Mac 2017 with the taxable dividends.

There is no way to add any sub-categories to the Investments main category, so I created a new main category, as Concordman did above, to Dividend-Tax Exempt and assigned it the proper tax line item in Schedule B:dividends tax exempt.

However, there is NO way to change the category from any of the downloaded tax-exempt transactions. The TYPE is "Reinvest Dividend" (which I could change) and the CATEGORY is "Investments:Reinvest Dividend" (which I can NOT change).

I'm assuming I have to change the TYPE of the transaction in order to change the CATEGORY...but change it to what TYPE? What TYPE will allow me to change the category...but still be accurate as a reinvestment?

Thanks for help with this.

Concordman

Ok, decided to work on this with my beta file: In order for this to reflect correctly so that the proper category is selected one needs to edit the Type Column in the register; this cannot be done when the account is classified as a saving/mm account.

Decided to do an electronic download from the Fi..discovered that the Fi has this classified as a Brokerage account as the funds are re invested dividends. Subsequently The MM was downloaded as a brokerage account. The register then allowed for Type to be modified and was able to set up the category.

The existing mm account would not allow for the Account type to be changed from MM to brokerage so simpley transferred all the history from the mm account into the newly downloaded account.

Go to categories , set up a new category (in my case I have set up a group of categories under Investment inc misc). name the category Tax Exempt MM: Schedule B: interest income, non taxable. Check tax related box. When you decide to modify the transaction you will have to change the transaction Type to payment/deposit in order to access the custom category you have created. .If JM sees this perhaps he can comment as well.

unknown

Ok, decided to work on this with my beta file: In order for this to reflect correctly so that the proper category is selected one needs to edit the Type Column in the register; this cannot be done when the account is classified as a saving/mm account.

Decided to do an electronic download from the Fi..discovered that the Fi has this classified as a Brokerage account as the funds are re invested dividends. Subsequently The MM was downloaded as a brokerage account. The register then allowed for Type to be modified and was able to set up the category.

The existing mm account would not allow for the Account type to be changed from MM to brokerage so simpley transferred all the history from the mm account into the newly downloaded account.

But payment/deposit gives you a cash balance. So, from your description, I'd then have to execute a BUY shares in the money market fund then? Make it a two step process?

Don't quite understand why there is no availability to change the category. Why is it locked to Investments:Dividend Received? And if that's the case, why isn't there an Investments:Tax Free Dividend Received as a "standard" category list item?

And why doesn't checking "Tax Free" for the security automatically get put into a special investment category? Designating it as "Tax Free" does absolutely zero in Quicken Mac 2017.

Using the default Reinvest Dividend gives you more shares...and gives you a zero cash balance. And that's how Vanguard downloads it as. Using Payment/Deposit will NOT do that.

As usual, Quicken Windows has zero problem handling this correctly.

Answers? More suggestions?

unknown

Ok, decided to work on this with my beta file: In order for this to reflect correctly so that the proper category is selected one needs to edit the Type Column in the register; this cannot be done when the account is classified as a saving/mm account.

Decided to do an electronic download from the Fi..discovered that the Fi has this classified as a Brokerage account as the funds are re invested dividends. Subsequently The MM was downloaded as a brokerage account. The register then allowed for Type to be modified and was able to set up the category.

The existing mm account would not allow for the Account type to be changed from MM to brokerage so simpley transferred all the history from the mm account into the newly downloaded account.

So...no other suggestions? Do I need two transactions?

unknown

Ok, decided to work on this with my beta file: In order for this to reflect correctly so that the proper category is selected one needs to edit the Type Column in the register; this cannot be done when the account is classified as a saving/mm account.

Decided to do an electronic download from the Fi..discovered that the Fi has this classified as a Brokerage account as the funds are re invested dividends. Subsequently The MM was downloaded as a brokerage account. The register then allowed for Type to be modified and was able to set up the category.

The existing mm account would not allow for the Account type to be changed from MM to brokerage so simpley transferred all the history from the mm account into the newly downloaded account.

TE income amounts are needed for MAGI