Which version of Quicken produce Tax Schedule D report?

AndrewCA

As I understand from the Video in the following link:

https://www.quicken.com/content/quicken-windows-how-run-tax-schedule-d-report-capital-gains-losses

Quicken will produce the reports for Capital Gains, as well as for Tax schedules A, B, and D. However. for my Quicken Deluxe version that I recently purchased at Bestbuy, the Tax schedule D does not show up on the Tax Report menu. Does this mean I need to upgrade to a "higher" version of Quicken to get the Tax schedule D to be reported? If so, which higher version, Premier or Home and Business? Thanks.

q_lurker

Premier and above has the Schedule D tax report

Jim_Harman

Note that the Capital Gains report is very similar to the Schedule D report and in some ways is more flexible.

AndrewCA

Thanks, Jim, for your response. I agree that the Capital Gains report is more flexible than the Schedule D report. For example, from the Capital Gains report, I can export it to the TXF format, from which I can import into my Turbo Tax for a prior year. However, I noticed that the Capital Gains report does not take into consideration of Wash sales. So, a question for you, Jim, and it's an important question: does the Tax Schedule D report produced by Quicken Premier takes into consideration of Wash sales? If it does not then the report (Schedule D) is not very useful.

q_lurker

The Schedule D Report does NOT consider wash sales.  It is basically the Cap Gains report with an added one-line summary of LT Cap Gain distributions from mutual funds and other securities (REITS, etc.).  

Jim_Harman

The Sched. D report does not cover wash sales. That might be a nice enhancement, however, since I think Quicken has all the info it needs, but it is not that simple.

See this FAQ
https://community.quicken.com/discussion/7229139/faq-a-wash-sale-solution-for-quicken

AndrewCA

Thanks, Jim and q. So, for my purpose, I don't see a need to upgrade to the Premier or higher version just to get the Schedule D report produced.

NotACPA

I import, into TTAX, the info from my brokerage, Fidelity Investments and then compare that info to Q's various tax reports.

The wash sale info,  thus, comes from Fido and Q doesn't need to product it also.

AndrewCA

@NotAPCA. For my tax year 2020, I had TTAX read the info directly from my Schwab Brokerage and I didn't need any help from Quicken. However, I'm also doing tax for a previous year, and TTAX cannot get info from Schwab's server for prior years. That's why I'm going the route of Quicken, hoping to get a Quicken report on Capital Gains/Loss in the TXF that I can feed to TTAX. To my disappointment, the Quicken Capital Gains or Schedule D report does not handle the Wash sales. Someone posted a temporary remedy for this on the Quicken forum, but it seems too manual for me, as I have more than a thousand stock and stock options sale entries in the report, and many would be considered Wash sales.

Quicken does get one kudo from me for being able to access info from my Schwab brokerage for the prior years. That's a good first step. As for the procrastination in the tax filing of the prior year, I'm recovering from the stupidity disease. It's a long story. The only consolation for me is that I had prepaid the estimated tax and I should be able to get back some money for that prior year.

Jim_Harman

Can you get a report from Schwab and enter the bottom line into TTax then file the report instead of entering all the details into TTax?

AndrewCA

@Jim. That's what I did initially while preparing a preliminary return for the tax year 2019 so that I can have good numbers for "carry-over loss" that I can bring over to the TY 2020. From the Schwab's PDF report for TY 2019, I manually entered the major bottom lines, one for short term gain/loss, one for long term gain/loss, and so on, to get the carry-over loss from 2019. After being done with filing for TY 2020, I'm going back to finishing the job for TY 2019. Being a technical guy, I decided to deal with this problem head-on instead of just filling in the bottom lines. Currently, I'm looking at readily available tools for converting a CSV file (that I got from Schwab) into a TXF file that I can feed to TTAX. I was looking at the Schwab's CSV file and it does handle the Wash sales. So, if the conversion is successful then my problem is solved. I can use the human-readable PDF file to judge the end results produced by TTAX.

Jim_Harman

Sound like a plan. Good luck!

AndrewCA

Thanks, Jim. It's good to run into people like you and other folks who are willing to give helps and advices.

q_lurker

AndrewCA said:

... Currently, I'm looking at readily available tools for converting a CSV file (that I got from Schwab) into a TXF file that I can feed to TTAX. I was looking at the Schwab's CSV file and it does handle the Wash sales. So, if the conversion is successful then my problem is solved. I can use the human-readable PDF file to judge the end results produced by TTAX.

You might look at the EasyTXF.com.  Have used that successfully for basic cap gains conversions.
It does concern me a bit that I am sending the CSV to their site and they are returning the TXF file immediately, but fundamentally, there is nothing of real confidentiality in the csv file I am sending ... or so I tell myself.