Schedule D missing on Tax Schedule Report

James Tonn

I am running Quicken Classic Deluxe (v. 8.0.1) and managing 4 different accounts for family. On one account, Schedule D showing long-term capital gains is included on the Tax Schedule Report, but on another account, it doesn't show up even though there are long-term capital gains. I suspect that there's a check box somewhere that needs to be checked, but I can't seem to find it. Can anyone help?

jacobs

@James Tonn A year ago, the Quicken Mac developers revamped some of the tax reports. Prior to version 7.5, the old Tax Schedule report as well as the Schedule D report subset, were based on the very old Quicken reports engine which was developed for the 2010-era Quicken Essentials for Mac, the predecessor to the modern Quicken Mac. Over time, the developers have created a more modern reports engine and rewritten most, but not yet all, of the reports. Schedule D is one they haven't re-written yet. Tax Schedule, however, was re-written using the modern reports engine in the 7.5 release, and as a result, it can't include the Schedule D data which is only available in the old Schedule D report. 

Last year at this time, they added a dialog box to alert users to this issue when opening the Tax Schedule report:

I'm guessing they either took this dialog box out after last year's tax season, or there is a saved setting that you have already opened the tax schedule report and seen this dialog sometime before.

In any case, the Schedule D report needs to be run separately to collect Schedule D data.

Boatnmaniac

I'm a QWin user, not a QMac user, so I can't give you a specific answer. However there is one generic comments I can make: Is the account in question a tax deferred or tax exempt account (i.e., IRA, 401K, Roth, HSA)? If so, Sch D is not applicable to them. Sch D applies only to taxable brokerage accounts.

James Tonn

Thanks. However, both accounts have taxable long-term cap gains (i.e., they are not tax deferred investments).

MontanaKarl

Not on my computer right now and will post later if nobody has addressed this…. But just a caution to anyone that the Quicken Schedule D should only be used to review your brokerage 1099 Composite and not to file your taxes. There are classifications of gains and losses that Quicken has no info/knowledge of… and for certain investments, there can be cost basis amortization that affects gains and losses that, also, Quicken has no way to “know”.

Quicken is great for itemized deductions, business expenses etc but the actual 1099s received are what should be used for tax filing.

@James Tonn you can generate just the schedule D report from the tax reports group…or are you saying that for the account in question even generating a solo D fails?

James Tonn

One possibility is that the account that does show schedule D was migrated from the old Mac Quicken 2003, whereas the account that doesn't show schedule D was created from scratch a couple of years ago. It makes me wonder if there is an internal setting on the old 2003 version that is not visible on the current version?

James Tonn

@MontanaKarl Yes, I can see the LTG on the separate Schedule D report. It's just puzzling that one account shows it on the Tax Schedule report and the other doesn't. I do send the 1099s to the accountant. I like to verify that both the report and the 1099s match.

UKR

Just like @Boatnmaniac , I'm a Q Windows user, too.
For me, the question is: Did you select the correct account type for the account in question? Is the account defined as Brokerage or as Retirement account (IRA, Roth, etc.)?
If you do need a Schedule D for this account, it should be defined as a taxable Brokerage account.

James Tonn

@UKR Yes, the account is set as a Brokerage.

Boatnmaniac

In QWin we can customize our reports where we can select/deselect accounts (and categories, securities, transfers, savings goals, etc.) as we wish. I would imagine that QMac reports can be customized, as well. In QWin the customization options show up by clicking on a Gear icon at the top right of the report that looks like this:

Do QMac reports have something like this? If so, check through the Accounts that are listed there and make sure the account that you are missing the Sch D information for is selected for inclusion.

James Tonn

@Boatnmaniac Yes. Checked.

MontanaKarl

@James Tonn If it makes you feel any better (??!!) my "Tax Schedule" report does not include any Schedule D info at all - from either of two taxable brokerage accounts.

This seems wrong - since the Schedule D related categories are in the report list - but I don't think generating a separate Schedule D report is a big deal. All of my D items are actual sales. I don't hold any funds that reported gain/loss distributions - which is its own category. I wonder if those fund-related categories do appear on the Tax Schedule?

My separate Schedule D report generates 3 pages.

Seems like a bug/oversight by Quicken in any case since they have individual reports for each schedule/form … and presumably the "Tax Schedule" report is supposed to report all of that info in a single report.

NotACPA

Curious, because my "Tax Schedule" report for 2024 DOES show Sched D … for 2 LT losses totaling less than $70. Which is accurate.

I'm running QWin, but this issue sounds to me like a bug in QMac.

James Tonn

@MontanaKarl I'll try reporting it to Quicken then. It just seems odd that it works on one account but not others. Thanks!

MontanaKarl

https://community.quicken.com/discussion/comment/20475857#Comment_20475857

Not sure why you would report QWin behavior in a thread trying to diagnose a QMac issue?

NotACPA

https://community.quicken.com/discussion/comment/20475865#Comment_20475865

Re-read my last sentence. That it's in QWin, but not QMac (and should be) is a bug.

MontanaKarl

https://community.quicken.com/discussion/comment/20475888#Comment_20475888

Let me try again… why would we even care if QWin can do this? The issue and this area of Community is entirely about QMac functionality. Saying something works in QWin adds nothing to any QMac discussion.

NotACPA

https://community.quicken.com/discussion/comment/20475922#Comment_20475922

And exactly HOW MANY times have you NOT seen QMac users demanding parity. And, are you claiming that only QMAC users can identify QMac flaws/bugs. Astounding!

And why are you not challenging the participation of @UKR or @Boatnmaniac, other QWin users, in this thread?

jacobs

@James Tonn A year ago, the Quicken Mac developers revamped some of the tax reports. Prior to version 7.5, the old Tax Schedule report as well as the Schedule D report subset, were based on the very old Quicken reports engine which was developed for the 2010-era Quicken Essentials for Mac, the predecessor to the modern Quicken Mac. Over time, the developers have created a more modern reports engine and rewritten most, but not yet all, of the reports. Schedule D is one they haven't re-written yet. Tax Schedule, however, was re-written using the modern reports engine in the 7.5 release, and as a result, it can't include the Schedule D data which is only available in the old Schedule D report. 

Last year at this time, they added a dialog box to alert users to this issue when opening the Tax Schedule report:

I'm guessing they either took this dialog box out after last year's tax season, or there is a saved setting that you have already opened the tax schedule report and seen this dialog sometime before.

In any case, the Schedule D report needs to be run separately to collect Schedule D data.

James Tonn

@jacobs That explains a lot. However, I'm puzzled as to why one account still generates the Schedule D on the Tax Schedule Report. It may be that I had run the report on that account prior to v. 7.5? Other accounts were likely imported from the Quicken 2003 after v. 7.5. That would make sense.