Tax Reports Should Contain current 1040 tax schedules, such as 1, 2 and 3
bbethke Member ✭✭✭
Quicken still does not have tax schedule report for 1040 schedules 1, 2 and 3. Since Quicken does not accommodate Foreign Tax Paid users can fix Quicken's shortcomings by adding a Foreign Tax Paid category, but we are still unable to enter the correct tax reporting category since the tax schedule list provided is so old. Quicken should add line items from 1040 schedules 1, 2 and 3. And Quicken should also allow users to add their own tax reporting schedule line items for tax categories not listed since Quicken has not kept them updated.
I'm having the same frustration. Quicken has Form 8829 as a Tax-Related Category and includes *most* of the Tax Line items... but not Line 19 "Rent."
It's a real head-scratcher as Form 8829 is specifically for "Business Use of Your Home."
Insurance, Repairs & Maintenance, Utilities all have their own Lines. But the only option for Rent is to stick it in Other Expenses. Far from ideal.
Rent has been on the IRS form for years... why hasn't Quicken added it? Or why can't they allow us to edit these Tax-Line Item categories ourselves?
I get that keeping up with the tax code and all the form changes is a big task. Line 19 was Line 18 a few years ago. I don't expect Quicken to necessarily be on top of that, but "RENT" as a general category, SHOULD BE THERE.
In my case, I don't need it to sync up or export to TurboTax either... I just need to accurately print a Tax Schedule report to send to my accountant and the basic line items that are on those IRS forms YEAR AFTER YEAR should really be in the Quicken category list or we should be able to add them ourselves.0
So frustrating year after year, when foreign taxes paid can't get categorized or even listed in the tax planning area. Why can't a manual entry for a new tax line for credits be done? Actually I don't see any tax lines available for credits listed.0
Jim_Harman SuperUser ✭✭✭✭✭Note: in making these changes, I think it is much more important to match the current layout of the tax forms than those of previous years, and it is not necessary for Quicken to have different layouts depending on which year is shown in the report.QWin Premier subscription0
Working with TurboTax, is a big part of why I use Quicken. Otherwise, I could just use a fancy spreadsheet. Up to date Schedules and tax categories and appropriate mapping between the programs is critical.1
Quicken Home and Rental Property should be able to Tag / Copy more than 15 properties to export to schedule E.0
Suggest update your list to include Sched to IRS 1040.
For business owners, there's no provision for assigning a tax line to Health Ins Premiums paid (Reported on Sched 1).
You do offer "Schedule C: Insurance, other than health". Seems reasonable to include a line for health insurance IAW IRS guidelibes.
This is a great idea, good suggestion!1