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Could I use Quicken Premier to file taxes?

Chiquito

I use Q to track income, expenses, stock, dividends, etc. Could I file my taxes using the reports?

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Accepted answers

Greg_the_Geek

You can file manually using reports from Quicken.

All comments

Greg_the_Geek

You can file manually using reports from Quicken.

GeoffG

Yes and no. While the reports are available and can assist in filing, they are not the final word in terms of the IRS. You must use W2's, and various financial statements from your financial institutions. Any variance between what you report and what the financial institution reports will raise a flag with the IRS.

You can also export data from Quicken into Turbo Tax for tax estimating.

Chiquito

Thanks GeoffG! I'd definitely use the W2 and 1099's information. All of which will be in the hands of the IRS. I don't think that there will be a variance there.
I am trying to understand what Turbo Tax can do. Print the filing reports? File directly? Until last year I use an expensive tax preparer but my information is now much simpler and I am only dealing with the W2 from SS and two financials institutions (Bank and Investment Co) 1099's.

Greg_the_Geek

TurboTax can get your financial information from Quicken, generate the correct tax forms and efile.

Chiquito

Thanks
Ch

volvogirl

Yes check out Turbo Tax. You can either use the Online web version or buybthe Desktop CD/Download program. The Desktop program has more features and advantages over the online version. The Desktop programs will be available sometime in November here,

https://turbotax.intuit.com/personal-taxes/cd-download/

And the Online will open in December here, https://turbotax.intuit.com/personal-taxes/online/

Turbo Tax forum
https://ttlc.intuit.com/community/file-with-turbotax/discussion/03/303

NotACPA

What I tell people is that the worst part about doing your Federal taxes is writing the check.

The NEXT worst part is collecting all of the data to be able to fill out the IRS forms.

Q spreads out this collection process over the entire year ... thus making it much less painful.

THEN TurboTax can import your Q data file and do the initial filling of the forms.

NOTE that you still need to verify what was imported (mostly to see if you recorded things properly in Q).

TTAX can then either file electronically for you, or print your return to be mailed or file electronically AND print (for your records).

TTAX can also prepare your state return, if needed.

volvogirl

You can import from Quicken (the newest 3 versions) directly into TurboTax Desktop (CD or Download) software for Windows. How to import Quicken to Turbo Tax

https://ttlc.intuit.com/community/entering-importing/help/how-do-i-import-from-quicken-into-turbotax-cd-download-basic-deluxe-premier-or-home-business-for/00/26389

Jim_Harman

Quicken can help you collect some but not all of the data you need to file your taxes, particularly information you need for taxes that is not reported to you on W2s, 1099s, etc that you receive at tax time:
-- Real Estate and Personal Property taxes paid
-- Estimated taxes paid
-- Charitable contributions
-- Medical expenses
-- Home improvements when you sell your house

There is other data that is generally available only on the forms you receive:
-- Qualified vs non-qualified dividends
-- Federally tax exempt interest that is taxable on your state return

When it comes to actually filling out and filing the forms, you need TurboTax or other tax prep software, or of course you can fill out the forms by hand.

q_lurker

While many of us do use TurboTax in coordination with Quicken, TTax is not the only game in town. Quicken will generate a TXF file for transferring tax-related information to any of the major (and minor?) tax software packages. As others have offered, what Quicken does is provide a central gathering place for a lot of possibly relevant information.

Ps56k2

The basic answer is NO -
since you either have to E-File or send in paper printed forms,
and Quicken can't do either of those....

As mentioned, Quicken can help with the "numbers" and either you take them and enter them onto paper, or into a TurboTax product, or whatever.
The issue is the nits - as Quicken may give you some overall numbers, it can't tell you certain aspects of 1099 info with respect to Divs and Qual Divs, and other amounts in the various "boxes"....

I tend to use Quicken as a forecasting guide - but use the real 1099 data and input those numbers into TurboTax - plus - you still need to file State taxes and some states want a copy your Fed forms..