Why don't many categories appear in my Tax Summary report?

Peter Colgan

I have Home Office expenses that I'm trying to capture in a tax summary report. While I've selected several categories like "Utilities", they don't show up in the report. This is true even when all tags, accounts, categories and payees are selected. What is limiting the output?

Boatnmaniac

Are the categories you are expecting to see in your Tax Summary report identified as tax line item categories?  Tax Summary and Tax Schedule reports pull in data only from categories that have been identified as tax categories.

Your Category List will show you which categories are associated with tax line items and which are not.  If a category you are missing in your report does not have a tax line associated with it you will need to edit that category by clicking on the button in the Action column of Category List for that category and then click on Edit. 

That will bring up a "New Category" pop-up (don't be concerned with "New"...it should say "Edit Category" instead but it doesn't).  Click on the Tax Reporting tab and then click on "Tax Related Category" to check the box so it will show up in the Tax Summary report.  If you want it to also show up in Tax Schedule reports, you can also assign a specific tax form line item from the drop down menu in that pop-up.  When done, click "Save". 

Repeat for all categories as needed and then pull your Tax Summary and Tax Schedule reports and you'll find those categories should now be included in them.

dm.thompson

I have tried to assign a Tax Category to '_RlzdGain'.

The option to edit it and add the Tax Category is not available. I guess it is a protected category.

Any tips on how to assign a Tax Category?

Boatnmaniac

Quicken's "_XXXXX" categories are not editable.  I'm not entirely sure why they did that but I'm guessing it has something to do with if changes are made to them it could really mess up some of the investments performance and tax reports as well as Tax Planner.

"_RlzdGain" (or Loss) is not a tax related category.  It is important for Investment Income and other income/expense reports but that is too high level for the IRS.  So, it follows that _RlzdGain/Loss does not fit in with Quicken's Tax Summary and Tax Schedule reports.

What is important to the IRS, however, is how realized gains/losses are broken down into long-term and short-term gains/losses.  These reports will take into account the tax implications of a security sell transaction based upon the cost basis you have selected and how long you held that security.

Quicken, unfortunately, does not include short-term nor long-term gains/losses in it's Tax Summary and Tax Schedule reports.  It does include them in the Capital Gains report but that report is only available with Quicken Premier and Quicken Home & Business.

If you don't have Premier or Home & Business you could pull up an Itemized Categories report to see if "_RlzdGain" is shown there (it is shown in mine).  If it is not, customize the report to check the box for that category so it is included.  Just remember that the data for "_RlzdGain" cannot be used in preparing your tax returns and you'll need to make sure to use the data from the 1099-B form you should have received from your brokerage company when you are preparing your tax return.

q_lurker

It does include them in the Capital Gains report but that report is only available with Quicken Premier and Quicken Home & Business.

It has been a while since I used Deluxe, but it certainly used to include a Cap Gains Report (though not the similar Schedule D Report).  I have continued to believe the Cap Gains report is in the current Deluxe edition; I just can't confirm that at this time. 

@dm.thompson  You need to clarify what you are trying to accomplish, and probably start your own discussion as it does not seem to relate to the OP's original question about "Home Office expenses".  I think you issue needs a different 'solution' than assigning tax lines to categories.  

Boatnmaniac

q_lurker said:

It does include them in the Capital Gains report but that report is only available with Quicken Premier and Quicken Home & Business.

It has been a while since I used Deluxe, but it certainly used to include a Cap Gains Report (though not the similar Schedule D Report).  I have continued to believe the Cap Gains report is in the current Deluxe edition; I just can't confirm that at this time.

When I made my comment I was going off memory from many years ago when I had Deluxe.  I'd made an inquiry with Quicken Support and during the course of discussion I asked the guy I was talking with why I couldn't get a cap gains report.  He told me I would have to upgrade to Premier for that.  That was one of the reasons why I'd upgraded to Premier.  But maybe we were just talking past each other.  In my mind cap gains report and Sch D report are essentially the same thing but maybe he was talking about Sch D only.
Maybe @dm.thompson would tell us which version he has and whether or not he can pull either one of these reports?  I would like to know for future reference.

Boatnmaniac

Deleted -- this was a redundant, duplicate comment.