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IRS Sched C line items contain several Expense entries. Trying to match up in Quicken

HollyWS

Schedule C line items contain several reasons for using that line. I am trying to, example, make the tax item travel into lines. Like hotel, air, baggage. All can tell is it all or nothing, but Turbo Tax wants each sub-category listed separately. How do accomplish this in Q?.

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volvogirl

You don't have to split it out in Turbo Tax or Quicken. Only the total goes to the actual schedule C. Just enter one amount for Travel. The Turbo Tax lines are just to help you enter and not forget something. You can enter it all under any line.

Ps56k2

Just wondering - what version of Quicken - Deluxe, Premier, H&B, etc -

... Help --> About Quicken

and I've included Sched C just for visual reference

HollyWS

@ps56k I have the Quicken Deluxe web version and Home and Business (2019) version of Turbo Tax,

HollyWS

@volvogirl However, in Turbo Tax, on Schedule C, for "other expenses" there are line items to enter to show what they are. And I have always had to fill this section out.

volvogirl

So do I. Are you manually entering into Turbo Tax or wanting to import from Quicken? I print a report from Quicken and manually enter it to Turbo Tax. I have 2013 Quicken Premier.

Here's how I set up Quicken. You should set up business categories. Make sure to assign them to a schedule C line item number so they show up as business categories. I don't know what categories you would need but my husband is a Land Surveyor. Here's how I set mine up (I also put the Schedule C line number in as part of the name)...
Survey Income
Survey Expenses
……..11 Labor
……..18 Office Expense
……..20 Equip Rent
……..22 Supplies
……..24a Travel
……..27 Other - Printing
……..27 Other - Small Tools

I made the expenses sub-categories of the main Survey Expense category.

Ps56k2

HollyWS said:

@ps56k I have the Quicken Deluxe web version and Home and Business (2019) version of Turbo Tax,

Unless I don't see it - but in Quicken Deluxe,
there is very little in the Category List
that has an attached Sched C target.... unless you manually edit them.
Maybe things are different in Premier.

So - it would be a totally manual effort to go from Quicken expenses --> Sched C

HollyWS

Thanks @volvogirl , I have always just printed out my categories and tags and manually entered them into TT (been using both for 20 years+) and have my categories.

@ps56k , you can manually assign tax lines to any category you want.

Now my problem is, I just went through and assigned tax form lines to each of my own categories, and now it won't import! UGH! I wanted my life easier, I can't let this thing beat me, so I will be up all might trying to figure it out! Thanks!

HollyWS

Okay, I didn't have to stay up all night, I figured it out! The file I saved, automatically had the extension of .TXF I had to get to the past of the Business Deductions to import the file, rather than doing it from the File drop down menu. Then, instead of using the import from Quicken, I "imported from a financial software. There is was! Then when Q asks you to go through each one to make sure it is right...there they were!

volvogirl

What year Quicken do you have? You can only directly import from certain years like from the current Quicken and the prior year. See this Turbo Tax article
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

HollyWS

I have the current Quicken (web subscription...it better be current) and the 2019 Turbo Tax. But I got it figured out! Thanks