Add Qualified Dividend As Option For Income (Div, Int, etc.) and Income Reinvested Transactions

Since a large number of dividends these days are qualified dividends, it would be nice if qualified dividend was an option within the Income (Div, Int, etc.) and Income Reinvested under Enter Transactions. Currently to enter a dividend as qualified, I have to change the download from my broker from Dividend to Miscellaneous and to reinvest that qualified dividend, I have to create a new transaction to buy the shares. It would be nice if qualified dividend was an option, and I was able to select that as my default for downloaded transactions.
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  • markus1957
    markus1957 SuperUser, Windows Beta Beta
    I would suggest adding a QDI checkbox in Security Details like exists for "Tax free" and then handle the income generated appropriately in the Tax Planner QDI section.
  • Jim_Harman
    Jim_Harman SuperUser ✭✭✭✭✭
    The pros and cons of a change like this were discussed at some length here

    One issue is that for many mutual funds you do not know until your 1099 is issued how much of the dividends will be qualified.

    For planning purposes, perhaps entering an estimate in the Tax Planner would be the best apporach. I think just like on the 1040, you enter your total dividends at the top and the Qualified dividends at the bottom in the Tax Planner. 
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  • ChicagoGuy
    ChicagoGuy Member ✭✭✭
    > @Jim_Harman said:
    > One issue is that for many mutual funds you do not know until your 1099 is issued how much of the dividends will be qualified.

    That varies by brokerage firm. My Charles Schwab Account already distinguishes the xaction internally as "Qual Div Reinvest" while Vanguard would only show a similar xaction as "Div Reinvest".

    So, some firms (at least Schwab) can already provide an indication for Qualified when the xaction is posted. Maybe Quicken can create a new transaction category. "If Quicken supports,maybe the brokerage firms will also come"
  • Jim_Harman
    Jim_Harman SuperUser ✭✭✭✭✭
    How does Quicken currently record Schwab's qualified dividends when they are downloaded?

    If a fund distributes a mixture of qualified and regular dividends, are they downloaded as separate transactions?
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  • Jim_Harman
    Jim_Harman SuperUser ✭✭✭✭✭
    This is would still be a good enhancement, and would make the Tax Planner predictions more accurate.
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  • Tommy
    Tommy Member ✭✭
    This is would still be a good enhancement, and would make the Tax Planner predictions more accurate.
  • Jim_Harman
    Jim_Harman SuperUser ✭✭✭✭✭
    edited September 2021
    I agree with @markus1957 that the best way to implement this would be via a checkbox in the Security Details.

    But if we were to get an entry line in the Income and Reinvest dialogs, it could replace the Mid-term Capital gain line, which has not been used since 1997.
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  • tstuma3
    tstuma3 Member
    Get the qualified dividend to work
  • Tweezer
    Tweezer Member
    edited January 2022
    [Removed - Disruptive/Profanity] but make it possible for qualified dividends to be recorded in the correct section of Sch B... as it is now, when I enter into the "MiscInc" as "_QualDivInc" it shows as Taxable Interest in the "Schedule B-Interest and Dividends" report...
  • Aurelius
    Aurelius Member
    edited December 2022
    Many Quicken users would like to use Quicken to do tax planning, but the inability to separate ordinary dividends from qualified dividends makes this very difficult. I think there are several solutions (and probably more).

    I realize that dividends, qualified dividends, and section 199A dividends are not accurately reported until 1099s are issued, but having at least this level of granularity, given the disparate tax treatment of these two types of dividends, would be extremely helpful.

    1). Allow users to indicate that a security receives either ordinary or qualified dividends. Then when the users enters a dividend amount of the Div or Reinv dialogue box, enter the dividend as a _DivInc or _QualDivInc according to the setting under that security.

    2.) Another less automatic approach would to add a "Qualified Div:" entry box in the Div or Reinv dialogue box. This requires user to remember which securities receive qualified dividends and which receive ordinary dividends, which is not as convenient. (This is similar to the work-around suggested by another user where the miscellaneous category is used and assigned to _QualDivInc., but more straight-forward)

    3.) Add "Security" as a sort for Schedule B-Interest and Dividends report. Then the user can at least identify dividends by security and build a spreadsheet to sum ordinary dividends and qualified dividends.

    Many users would really appreciate a better way to track qualified dividends. Thank you for considering this.
  • Quicken Jasmine
    Quicken Jasmine Moderator mod
    edited December 2022

    Hello @Aurelius,

    Thank you for taking the time to reach out to the Community with your request.

    I went ahead and changed your post to an Idea so other users who have the same or a similar request can vote on your idea by clicking the up arrow (see below).

    Ideas are also reviewed by our Development and Product teams in order to improve Quicken and implement new features requested by customers.

    Please, be sure to add your own vote as well.


    -Quicken Jasmine
  • Tom Young
    Tom Young SuperUser ✭✭✭✭✭
    edited December 2022
    There is a Qualified Dividend Category that you're free to use, if you wish.  Simply select the "Inc-Income(Div, Int, etc.) action, enter the divided in the Miscellaneous box, and enter _QualDivInc in the Category box.
  • Quicken Anja
    Quicken Anja Moderator mod

    Hello @Aurelius,

    Thank you for reaching out to the Community with your request.

    Your idea has been merged into this already active Idea thread regarding the same request.

    Thank you!

    -Quicken Anja
  • RA_
    RA_ Member
    The idea above for the Misc option would be OK, but would need to be added as an option on the Reinvest-Dividend transaction as well. It does not currently exist there.