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Importing 2023 Quicken data into TurboTax 2023 - not working ?

Richard Roberts

I am doing year end planning, and have always been able to import Quicken Premier data (tax related) into TurboTax, and to do this automatically.

I have tried to access the Quicken 2023 tax data using TurboTax and my Quicken program data, but I get a TT error window with: "There seems to be some issue in importing the Quicken Data". It suggests going back and selecting option to use "Other Financial Software" and upload the .TXF file to TT…..I tried this but doesn't work….it can't find any .TXF file!

I have used Quicken and TT for over a decade, have always done year end planning, and have never had this problem before. How can I accomplish this….what am I missing?

Thanks in advance for help!

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Ps56k2

just for clarification - which year/version of TurboTax -

Richard Roberts

Ps56k2,

I should have made that clear, thanks for asking:

It is TurboTax 2023, for this calendar year's Quicken Classic Premier: R53.16

Chris_QPW

This is something that has to be updated every year to work, and Quicken Inc isn't going to do that update until at least the beginning of next year.

EDIT: I also bought TurboTax 2023 (should waited a bit more to get a better price on the 24th). I normally don't load TurboTax data back into Quicken, but as it sits right now TurboTax 2023 is useless to me because some of the forms I need can't be used because they have yet to be updated. Which is ironic because they probably haven't changed from last year, and so I'm forced to go back to TurboTax 2022 to continue making entries to predict my tax of 2023.

That is a long description to basically say, given that TurboTax 2023 isn't even "complete" yet, it probably is a bad idea to read its data into Quicken even if it could be done.

volvogirl

If you need to enter a 1099R or SSA you can do it in Forms Mode.

Chris_QPW

https://community.quicken.com/discussion/comment/20399227#Comment_20399227

I'm trying to remember which part it needed that it didn't have, I think it might have been the fact that I have 1099-NEC ready. I don't want to bring TurboTax 2023 up again because their crazy licensing seems to kill the "activating" for the TurboTax 2022 and I'm getting close to that 5 limit. Doing the predicting in TurboTax 2022 should be close enough.

jl747

If you really want to import the .txf data try the following.

To export .txf - Open Quicken - Go to Reports - then Tax - Pick Capital Gains
pick Report to export file
Do the same with the Tax Schedule report

Make sure the dates are for the current year (2023)
Remember where you saved the .txf file

Now you should be able to manually import them into TurboTax (or the other tax software) one at a time.

Note: try at your own risk.

Change the date on your computer to January 1, 2024 and then try to import into TurboTax.
But, remember to turn the date back.

Hope this helps.

Richard Roberts

Thank you to all for the helpful advice.

I will probably try to mate Quicken/Turbotax for 2023 later in December and just let it all sit right now.

The use of TT 2022 is also a reasonable option….just for approximating my year end info. After the rush of this Thanksgiving time, I think I will try that.

Thanks to all!

Chris_QPW

Oops, I got the "direction" wrong in my first post, I thought this was about importing TurboTax 2023 data into Quicken, not the other way around. As such I'm not sure when they tend to make the "exporting" of Quicken data to TurboTax for the year work right. Hopefully a bit sooner than the other way around.

Personally, I gave up on this long ago. These days it is just easier to get the information directly from the financial institutions in TurboTax and for the data you can't get just enter it. I was always spending hours trying to get the sync to be right, when I could have just typed in a few numbers.

HowardSpindel

https://community.quicken.com/discussion/comment/20399224#Comment_20399224

Waiting until January for a Quicken update is useless for those of us who buy Turbotax in December in order to do tax estimation. This never was a problem until this year.

I did try the TXF export from Quicken workaround and that doesn't work either, because Quicken only exports 2022 data, not 2023.

Chris_QPW

https://community.quicken.com/discussion/comment/20402086#Comment_20402086

If have no problem exporting 2023 data from Quicken so I don't know what the problem is there.

Rocket J Squirrel

The issue arises when doing File > File Export > Export TurboTax …

You get this.

Richard Roberts

I did follow Chris_QPW's suggestion, and was able to export Tax Schedule and Capital Gains from Quicken to a file, and then import those files into TT 2023. This seems to have worked, but still does not address the inability to "Import Files" from Quicken that I have been able to do in all previous years. And yes, to do end of the year tax planning, it is necessary to be able to take current Quicken 2023 data (as far into the year as possible) to do that year end/tax planning. Why this does not work this year, as compared to previous years has not been answered here.

Thanks to everybody for their insights!

Chris_QPW

I was only addressing the statement that the tax format couldn't be exported from a report.

I fully expect Quicken not to be able to export directly to TurboTax at this time. From what I can see the importing direct from Quicken into TurboTax is an API call, and as such something that probably has to be changed each year on both sides.

Ps56k2

not really an answer - but here is one of the TTax forum threads -
You point at your QDF file and TTax is supposed to open, read, and import the file - without opening Quicken -
BUT - I seem to recall in previous years, that TTax would cause Quicken to open and maybe save or export the file ?

https://ttlc.intuit.com/community/taxes/discussion/re-import-from-quicken-not-working-in-turob-tax-2023-premier-for-windows/01/3114793#M1141105

Rick8

Some years Ttax specifically wanted Quicken to be open to import. Later years Ttax opened quicken and imported. This year neither works for the first time in years. I have used this feature to do early tax planning to sell stocks for cap gains/losses etc. This failure eliminates one of the main reasons I purchase Ttax. Very disappointed!🤬

Richard Roberts

Rick8..... my experience exactly!

The download/upload of the txf files does work, but a pain compared to my previous experience.... which sounds like yours.

Rick8

Yes, Export, from Quicken "Tax Schedule Report" and "Capital Gains Report" as txf files. Import them into TTax and it works, but is not what I paid for! Don't forget to manually enter any Distributions such as RMD's, etc. which do not import.

Chris_QPW

Personally, I gave up on exporting from Quicken to TurboTax many years ago when I found that I was spending way more time trying to get the export/import to work right than either just entering the information or by directly importing it from the financial institutions.

To top that off, I bought TurboTax 2023 early for the same reason to use it to predict my taxes, and then found that I can't do that at all because some of the forms I need "aren't ready yet", even though they haven't changed since last year and are available in TurboTax 2022. So, I'm just using TurboTax 2022 and by already long created file for this prediction. I doubt that the tax changes are going to be all that different for 2023.

The bottom line for this exporting/importing is that I have no idea what side has "updated yet" and it might even be both of them, but also don't trust either of them to be "proactive".

sharon miranda

The TXF file has to be exported from within the tax report in order to get current year. However, Turbotax 2023 does not 'see' it in the browsed directory.

heatherusty

Just leaving a comment that I'm having the same issues that others here are listing. Likewise doing this for planning only. When I do the "real" return I'll import most directly from banks and brokerages.

Seems like they could do better.

HowardSpindel

Latest update: I followed the directions to export within Quicken to txf format and then import to TT. It doesn't work right - TT doesn't see the latest transactions.

For example, I created a dummy stock sale transaction in Quicken to see what effect there would be on Schedule D and my overall tax liability. Exported Quicken capital gains. Imported to TT. TT doesn't see the dummy stock sale transaction at all.

There is no reason for me to buy TT if I can't use it for planning in December.

Chris_QPW

There is no reason for me to buy TT if I can't use it for planning in December.

People's "mileage may vary", but basically, I have come to the same conclusion at least for buying TurboTax early for trying to use if for predicting next year (I might have still bought it early for a price reduction).

They basically cripple the next year's version saying that this or that isn't available. In my case, that is getting a get a 1099-NEC.

And it just gets worse if you think you are going to be able to easily transfer information between Quicken and TurboTax (both ways).

Rocket J Squirrel

@Chris_QPW

They basically cripple the next year's version saying that this or that isn't available.

I don't believe they intentionally cripple the software. I think a large portion of the code simply isn't written yet. And in some cases the tax forms aren't final. There's just not enough there for TT to be useful in December. TT continues to evolve into April and beyond every year.

And it just gets worse if you think you are going to be able to easily transfer information between Quicken and TurboTax (both ways).

I find exporting from TT to Q works fine. Importing Q into TT has never worked and probably never will.

Chris_QPW

@Rocket J Squirrel I do believe that they purposely cripple TurboTax, but I definitely understand why.

I don't believe they intentionally cripple the software. I think a large portion of the code simply isn't written yet.

The federal government is very slow to put out the updates to the laws, and then that has to go through all the processing and finally you get the updates from the IRS. Most of the forms probably don't change, but Intuit doesn't know which will and which won't change. So, they purposely disable using a large part of them until they get the final confirmation from the IRS.

The parts I'm talking about have no "code changes", it is "form change" at best. When I look at both TurboTax 2022 and TurboTax 2023 it is very clear that almost none of the actual code has changed.

I find exporting from TT to Q works fine. Importing Q into TT has never worked and probably never will.

Totally agree that Importing from Quicken to TurboTax has never worked properly, at least not for everything. Before I could get buys/sells directly from the broker, I did used this import to get these into TurboTax and for the most part that worked pretty well. And I guess some charity stuff or maybe business would be useful. But if you are OCD and trying to get all of the importing to work you will definitely spend 10 times longer on the import than if just manually entered it or imported it directly from another source.

As for the other direction, I use to import it, but really didn't find it that useful (not that it was wrong or anything), so I just stopped doing it.

Richard Roberts

The discussion has been interesting and informative. I will continue to use TT for my tax filing, and for that process, once all forms/data are available, I always import brokerage/bank data directly from the institutions involved….cleaner and more reliable.

My main reason for wishing to have reliable sharing of data from Quicken to TT in December is to adequately plan for year end actions, including figuring my 4th quarter estimate payments. That's where Quicken to TT data transfer, in the past, has been helpful. Not so much this year. It appears that manually entering the year end estimates for the various quantities may be more effective than trying to "import from Quicken" for year end planning, then wait for the outside institution data for the final and electronic filing.

Quicken has been more user friendly for this plan in the past, and I miss that.

DC Contrarian

Any news on this? I also would like to be able to export my info into TurboTax to make my 4th quarter estimated payments.

Richard Roberts

DC Contrarian,

I have simply waited for my MN state forms to be "done" (which was yesterday), and have used the process as mentioned in my previous note:

Richard Roberts Member ✭✭✭December 2023

Thanks to everybody for their insights!

Did this answer the question? Yes NoFlagQuoteOff TopicUnhelpful1HelpfulLOL

When I do my final/pre-efile calculation, I import the "final" data from my bank and brokerage…which I always have done, to insure accuracy. It is still most disappointing to have to do this crazy "work around" that is different for me from all previous years to get a pretty good approximation of my required 4th quarter Fed/State estimates.

Good luck!

FlyerFran

For as many years as I can remember, I've always had great success in importing Q' data into TT' and it saved me a great amount of time in entering my data into TT. I agree that it is not perfect, as I've always had to check the entries (just as I check my typed in entries) before filing my taxes. I've also found that downloading data from FI's to be a tedious project, as compared to downloading all of it from Q' at one time.

I'm requesting that the Quicken Team work with the TurboTax Team to get this issue fixed for all of us.

Rick8

WILL QUICKEN SUPPORT PLEASE RESPOND TO US ON THIS ISSUE PLEASE!

It is January 23 and import into TurboTax still is not working.

KeithSCDC

It is January 26, and import into TurbTax 2023 still not working.

I am working on being more positive in life, so I want to say something good about the process so far:

Quicken has not altered my data in the failure of not being able to import, yet.