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Change Category for Investment Actions

unknown

When I download data in Quicken 2018 Business for an investment account and it is a dividend, the category is automatically assigned as _div. I need this data to be a business category, so....

(a) is there a way to change the category from _div when the action item on an investment account download is DIV,

or

(b) can I assign the _div category as a business category...

thanks...

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mshiggins

Did you create the account as a business account?

unknown

No it is a built in account _divinc

volvogirl

It might help if you explain why it is a business transaction. Do you file a separate Business tax return? Investments are usually personal.

NotACPA

It might help if you explain why it is a business transaction. Do you file a separate Business tax return? Investments are usually personal.

And IF your business files a separate tax return ... then it doesn't belong in the Q data file with your personal info. The business, in that scenario, should have it's own Q data file.

The general principal is that a Q data file should contain ALL of the financial info for a single tax entity and NOTHING but the financial info for that entity.

If the business files it's own tax return, then it's a separate tax entity.

And, there's no way to switch the category used for Dividends. You'd need to delete that downloaded transaction, and manually input a Deposit transaction into the investment account that uses your desired category.

Lastly, if your business files it's taxes on Schedule C of YOUR tax return, then there's no place on Sched C to report "business dividend" ... because it's NOT business dividend. It would be your personal income because you and the business would be a single tax entity.

Jim_Harman

To answer your question, if you want to assign a transaction downloaded as a dividend to a different category, you can edit the transaction and enter the same amount as Miscellaneous. There is a place on the dialog to enter the category you want to use.

If you are receiving income from a trust for example, you might want to have an income Category called Trust income with a tax category of Schedule K-1 Dividends.

As others have noted above, this may interfere with Quicken's ability to accurately track your taxes.

jr7107

Set up your own category.

I don't use Q for taxes, I just use the 1099's. Suggesting something like the pictures. Test it after backing up the data file.

NotACPA

Set up your own category.

I don't use Q for taxes, I just use the 1099's. Suggesting something like the pictures. Test it after backing up the data file.

This won't cause Q to actually USE that _DivBusiness category that this process is creating.

To use it, you need to follow the recommendations above.

jr7107

Additionally, you could use your new category modifying a downloaded transaction to "Misc" from "Div" and select your category.

jr7107

Set up your own category.

I don't use Q for taxes, I just use the 1099's. Suggesting something like the pictures. Test it after backing up the data file.

Just trying to solve a problem with the capability the software has.

jr7107

To answer your question, if you want to assign a transaction downloaded as a dividend to a different category, you can edit the transaction and enter the same amount as Miscellaneous. There is a place on the dialog to enter the category you want to use.

If you are receiving income from a trust for example, you might want to have an income Category called Trust income with a tax category of Schedule K-1 Dividends.

As others have noted above, this may interfere with Quicken's ability to accurately track your taxes.

I missed this comment when I was answering. Agree on this method, modify the downloaded transaction to the category of user preference.

q_lurker

The other possible relevant direction you can explore is in the reporting. If you consider this investment account a 'business' account and want such business income, customize the report to include this account and other business accounts and exclude your personal investment accounts.

mshiggins

From C. D. Bales:

Unless there has been a very unexpected change starting in Q2018:

(a) No.

(b) No

Where were you planning on reporting this "business" income on your Schedule C?