Tax Line Item Assignment for Pension Gross distributions

My wife and I retired with a pension from the same employer. Almost all income and tax tax line items in Quicken have either a blank designation or self and then also a spouse. However, for 1099-R:Total pension gross distribution there is only one tax line item for it. There is no breakdown to self and spouse. This presents a problem importing income into tax software as it cannot seem to differentiate unless it is using some other criteria. The tax software then asks questions on the total pension income instead of being able to answer the questions based on individual's pension income. What is a solution or workaround for this problem?
1
1 votes

New · Last Updated

Comments

  • garysmith87
    garysmith87 Member ✭✭✭✭
    Manually enter your wife's pension income tax form into your tax software.

    Why Quicken users insist on trying to import data from Quicken into TurboTax or other tax software is beyond my imagination.  I'd never trust Quicken to be accurate enough to export a report and then import it into another software.

    I enter all tax reporting forms emailed or snail mailed to me manually...and then enter all other info such as deductions from an income/expense report created in Quicken.  

    You'll have to enter all the pertinent tax reporting info anyway from W-2's and 1099's such as FEIN, address, etc.  So I don't see where there's any time saving involved by importing your data into tax software.  

    Let the blowback start.  
  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    IRS Form 1040, Line 5a *Pensions and Annuities" has only 1 space for an amount.  Both my Pension and my Annuity are reported in that space.
    So, why do you believe that you need 2 tax lines in Q?
    Q user since DOS version 5
    Now running Quicken Windows Subscription, Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • Rocket J Squirrel
    Rocket J Squirrel SuperUser ✭✭✭✭✭
    Why Quicken users insist on trying to import data from Quicken into TurboTax or other tax software is beyond my imagination.  I'd never trust Quicken to be accurate enough to export a report and then import it into another software.
    Agreed. I performed a complete import of my Q data into TT Desktop for Windows just for fun. The results were not even remotely accurate despite my Tax Line Items being as correct as possible in Q. There just isn't a proper correspondence between Q's TLIs and TT's forms and worksheets and never has been.
    I believe the only thing worth importing from Q are charitable contributions. This provides enough (minimal) detail to populate TT's Charitable Organization Worksheets. (Of course, you have to delete the prior year's worksheets first to avoid duplicates because TT wants to helpfully carry them over.)
    All 1099 data gets downloaded directly from the FIs.
    All other data I gather from Q's reports and manually enter into TT. Q's tax reports are still useful for this.
    Quicken user since version 2 for DOS, now using QWin Premier Subscription on Win10 Pro.