Category Setup

I've been "getting started" with Quicken since 1995. I am running the latest version for Windows under CrossOver on my new MacMini with M1 chip. I use Quicken for Farm income and expenses, retirement income, and investment sales, and distributions. I keep my data current all year, then use Turbotax. The import feature is just not working for my financial transactions. I am having to enter data manually into TurboTax. Data transfer happens OK for minor stuff like personal information. It sees and retrieves items from last years' return OK -- like net reported income, etc..

But 1099 data shows up in the wrong category. Dividends may show up as capital gains. Results of sales of shares may show up as Dividends.... odd stuff.

I would really like to have some help. I don't know how to talk to Intuit/Quicken. I have tried unsuccessfully several times. Surely there is a way for a loyal long time customer to get help. Any ideas? Thanks .... KYDave2

Comments

  • Chris_QPW
    Chris_QPW Member ✭✭✭✭
    I don't think you are alone in this, especially if you are using Quicken Windows, and Mac TurboTax.

    I personally found trying to get Quicken's data all setup so that it would seamlessly import into TurboTax nearly impossible.  I was spending hours, importing finding it wrong, and going back to Quicken to try to tweak it, and then import again.  So, many years ago I gave up on this.  With the exception of business expenses or charity contributions not recorded anywhere else, Quicken isn't the "authority" anyways.  If Quicken and the 1099 are different, you can't just use Quicken's numbers.  You have to get the 1099 changed.  So, Quicken is a good double check for such, but it is the 1099 that is the authority.

    Bottom line is I find either using TurboTax's importing from the financial institution, or manual entry to be the way to go.  I don't have a business with expenses, if I did that might be the only thing, I would import from Quicken, and that is assuming that Quicken's tax lines are available.  I notice a lot of talk about the tax lines, and therefore the ability to import them into TurboTax haven't been updated in decades.

    And from what I understand you can't even do an import from Quicken Windows any other version of TurboTax other than the Windows Desktop version.

    I suppose you could export a tax report and do it that way.

    But back to the basics.  For any of this to work, the transactions have to be categorized correctly, and even more importantly those categories have to have the right tax lines.

    You mention that Dividends may show up as capital gains.  That points directly at the transaction not being recorded correctly in the first place.

    If there is one thing I know about downloading investment accounts it is that you have to look at every single transaction and make sure they are recorded correctly.  I don't know of a financial institution out there that records every single transaction type correctly.
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  • KYDave2
    KYDave2 Member
    Thanks for your thoughtful comments. I may not have been too clear. I am not talking about trying to import Windows Quicken into Mac TurboTax, even though that Is my situation. I am not trying to import anything other than personal data and a few numbers from last year's return. My main complaint is about the Tax Schedule and Tax Summary reports generated by Quicken without even looking at at trying to talk to TurboTax. I had two dozen lines in those reports with entries from the wrong categories. I also had duplicate entries in the same category when the data was not double entered. The biggest nightmare will be entering the sales and gains or losses from share transactions. I have gone over the Tax form correlation setup and can find nothing wrong. In fact, I find that two similar investment accounts, paired with the proper Tax Form, fail to get their data sent to the same form. One is right. The other is wrong. I'm fully prepared to take the responsibility for my mistakes, but I've looked and I can't find any. That is why I need to find some outside help. Your comments are helpful. Thanks.
  • Sherlock
    Sherlock SuperUser ✭✭✭✭✭
    edited March 19
    Please provide the version of Quicken being used: select Help > About Quicken

    If you haven't already, I suggest you follow the Copy and Validate instructions as described in: https://www.quicken.com/support/advanced-data-file-troubleshooting-correct-problems-quicken-windows
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