How can i en-masse change all ReinvInt transactions to ReinvDivs?

singerslp

One of my investment accounts incorrectly downloads dividend reinvestments as interest reinvestment (ReinvInt). Since interest income is taxed differently from dividend income i'd want to properly fix all these mis-categorized transactions in this one account register, and somehow change them to ReinvDiv.

But there are MANY - way too many to do it manually. I tried using FIND/REPLACE, perhaps i used it incorrectly, but couldn't find a way to do it.

Chris_QPW

There isn't any way to do this.

Rocket J Squirrel

The good news is you don't have to change the transactions prior to tax year 2022. (Assuming you're current with your taxes.)

Chris_QPW

Rocket J Squirrel said:

The good news is you don't have to change the transactions prior to tax year 2022. (Assuming you're current with your taxes.)

Or you could totally ignore what Quicken says and just get the data directly into your tax program from the broker.  

volvogirl

And dividends are not taxed differently than interest.  Well they do go on different tax lines.  Unless part of the dividend was a capital gain distribution.  What account is downloading them wrong?  Did you ask the investment company?  Are you sure it's really not interest?  For the future, maybe there is something you can do to fix it when you download.

Jim_Harman

T Rowe Price downloads ReinvDivs as ReinvInts in my 401(k) account. Of course that really doesn't matter because the distributions are not taxed.

It would be nice to have them in the correct Category though.

Boatnmaniac

Changing a category in a spending account transaction is simply swapping one category out for another within the same data field.  The Find/Replace tool works quite well in doing that.

But ReinvDiv (and Div) and ReinvInt (and Int) entries are done in different fields Find/Replace cannot be used for this. 

BTW, Quicken does not differentiate between Qualified Dividends (taxed at the cap gains tax rate) and Ordinary Dividends (taxed at the normal income tax rate) in Reinvest-Income Reinvested in the Enter Transactions dialog.  They are all entered as Ordinary Dividend transactions because that is how the brokerages download the data.  So, in Quicken all ReinvDiv and ReinvInt transactions will both be captured and used in calculations as Ordinary Income.

While there is no field for Qualified Dividends in the Reinvest-Income Reinvested dialog you could try entering that data into the Long-Term Cap Gain fields, instead.  I have not tested it out so I do not know how that will be captured in the Tax Reports and Tax Planner.

Also, there is a _QualDivInc category option you might want to consider.  They would need to be entered as Deposit transactions.  Then you would need to enter security Buy transactions to get the shares added.  So if you are really positive that your Dividends are Qualified I suppose you could manually enter them as such.  They will show up correctly as such in the Tax Schedule and Tax Summary reports and in Tax Planner.  But in the Schedule B - Interest and Dividends report they are wrongly captured as Ordinary Interest.  So it looks to me like the logic for this option is not fully fleshed out.

Bottom line is that no matter which option you choose it will require manually entering the changes....no way around that.  And in the end, when it comes time to file taxes it is what is on the 1099-B form that the brokerage will provide that must be used, not what has been entered into Quicken.

If you do decide to manually change those ReinvInt transactions, I would recommend changing them to ReinvDiv transactions.  While it won't capture the lower tax rate for Qualified Dividends they will at least be captured as Dividends and not Interest and that can be helpful during tax season.

Jim_Harman

This is getting a little off topic, but there was a discussion some time ago about entry of qualified dividends here
https://community.quicken.com/discussion/7409871/qualified-dividends-entry

What I do is to enter all the dividends using the standard dividend entry form and then enter an estimate of the Qualified portion of the dividends on the Qualified Dividends line in the Interest/Dividend Inc section of the Tax Planner.