Tax-Prep Friendly?

monica0713

Are there reports that I can provide to my CPA thru Quicken?

Boatnmaniac

Tax reports available in Quicken Premier include:

• Tax Schedule: W2, 1099-R, 1040, Sch A, Sch B
• Tax Summary: The same as the Tax Schedule report except that the data is sorted/summarized by category instead of by Tax Schedule.
• Sch D / Cap Gains
• Maximum Account Balances (FBAR)

There are some additional business related tax reports available with Quicken Home & Business but I am not real familiar with which ones.

I have found these Tax Reports to be very valuable in my tax planning and reporting processes.

As mentioned above, the accuracy of these reports depends on the accuracy of the data that is input into Quicken.

Ps56k2

depends… only as good as the transactions entered & how they are assigned categories … also of course depending upon any bank or brokerage data downloaded.
Lastly, if you are looking to download all of 2022 data and magically create reports for the tax filing in April …

It Depends

Jon

However, this would be a real good time to start using Quicken to get a handle on this year's expenses in anticipation of doing taxes next year. You are very likely to still be able to download data from your banks & other financial institutions going back to the beginning of 2023.

Boatnmaniac

Tax reports available in Quicken Premier include:

• Tax Schedule: W2, 1099-R, 1040, Sch A, Sch B
• Tax Summary: The same as the Tax Schedule report except that the data is sorted/summarized by category instead of by Tax Schedule.
• Sch D / Cap Gains
• Maximum Account Balances (FBAR)

There are some additional business related tax reports available with Quicken Home & Business but I am not real familiar with which ones.

I have found these Tax Reports to be very valuable in my tax planning and reporting processes.

As mentioned above, the accuracy of these reports depends on the accuracy of the data that is input into Quicken.

Jim_Harman

The data in Quicken's tax reports will be a good start for tax prep but you will probably find that it is incomplete. It is a good check on the data in your 1099 and W2 forms, but those forms are what the IRS will be comparing your return to.

In particular, Quicken does not do a good job of tracking regular vs. qualified dividends, federal vs. state tax exempt interest, or the details of any income reported on a K-1 form.