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Miscincx using _QualDivInc in scheduled transaction group creates 2x the shares owned when executed

cranky

Using quicken 2020 version 26.21.
Upon executing a scheduled investment group with Miscincx and transferring category of _QualDivInc the number of shares owned doubles and the account value changes accordingly. If I edit the transaction, changing nothing, then save the transaction, the number of shares owned returns to the correct number and all is well. Aggravating though it is.....

Is there a 'fix' for this?

I found a similar problem reported here for quicken 2013 that had some sort of fix offered, but the screen shot solution was not readable due to very small text size.

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markus1957

_QualDivInc should not be assigned to transactions. It's not currently functional in Quicken.

NotACPA

markus1957 said:

_QualDivInc should not be assigned to transactions. It's not currently functional in Quicken.

Au Contraire. I use it every quarter in my taxable account.

Image: https://us.v-cdn.net/6031128/uploads/editor/lr/3kxstd4disuo.png

Image: https://us.v-cdn.net/6031128/uploads/editor/aw/djv35bgl073w.png

markus1957

I should have clarified; not functional as it pertains to Tax Planner and the manner in which it rolls up in reports does not conform to 1099 reporting.

cranky

too bad quicken doesn't explain this in their documentation for the user. Thank goodness I quit using the 'tax planner' years ago as it is really not user friendly and incomplete, in my opinion.

Jim_Harman

You can account for qualified dividends in the tax planner but you must record the dividends as ordinary dividends, then enter an estimate of the qualified amount. This matches the way this information will show on your 1099 forms.

On the Interest/Dividend income page of the Tax planner, you can click on Dividends to show the dividend details then enter your estimate of the portion of your total dividends that will be Qualified.

If you enter the dividends as misc income with the _QualDivInc category, they show up in the Qualified section of the planner but they are not included in the ordinary dividend amount.

williamspl

OK! So, how do we get the correct _DivInc and _QualDivInc numbers transferred to Turbotax without having to do adjustments on the other side?

markus1957

Download the 1099s from your broker. Quicken is not a substitute for 1099s.

With most Quicken users having Mutual Funds in their portfolio, trying to get qualified dividends to match a 1099 is a fool's errand and waste of resources for Quicken.