2025 Tax Planner Standard Deduction
I use Intuit TurboTax to compute my taxes and it is showing the Standard Deduction for 2025 as $31,600. Quicken is using $30,000. I think it was wrong for 2024 as well where Quicken has $29,200 and TurboTax uses $30,750.
----Quicken User since 1998 ----
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Gee, I plan on using TurboTax but haven't begun to get all my paperwork together thus far; so I don't know about the Standard Deduction quotes in TurboTax yet. I agree that Quicken and TurboTax should have identical numbers, why shouldn't they? Anyone reading this. Can TurboTax 'automatically' import from Quicken, certain critical information needed on Tax Forms, such as medical expenses, total and gross income, etc.? And if so, how accurately will it be done? Or would it be best to 'manually' transcribe all the information yourself from Quicken to TurboTax for improved accuracy?
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Ooops!! My mistake. In both Quicken and TurboTax I failed to checkbox that myself and spouse are over 65. That changes the numbers. Now both TurboTax and Quicken agree on the Standard Deduction of 33,200 for 2025.
----Quicken User since 1998 ----
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Can TurboTax 'automatically' import from Quicken, certain critical information needed on Tax Forms, such as medical expenses, total and gross income, etc.?
Yes, but …
And if so, how accurately will it be done?
That is the key. The automatic transfer is only as good as you make the entries in Quicken. It will be 100% accurate if you are 100% complete with your Quicken data. The tangential question is how complicated is your tax return? Simpler return makes for simpler transfer makes for simpler Quicken data requirements. The first checkpoint there is standard deduction or itemized. Itemized obviously complicates the process.
Or would it be best to 'manually' transcribe all the information yourself from Quicken to TurboTax for improved accuracy?
That is what I do, but I would categorize my return as complex. I’d actually characterize my use as transcribing from the 1099s and supported by the Quicken data (particularly for the deduction side of it).
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My returns are fairly simple, but I also don't transfer data from Quicken to TurboTax. The very fact that my returns are simple means that manual entry is easy. But if I wasn't so impatient for the most part there would have been an even easier way, and one that is much more likely to be correct. Importing the tax data from the financial institution directly into TurboTax. Chase made the 1099s available in PDF format about a week before they made them available for downloading into TurboTax. My wife's paycheck could also be downloaded directly. My consulting income (one company, one 1099 with one line on it) is too trivial not just enter it. And for business expenses, I just run a schedule tax report in Quicken and pick transfer the couple of numbers.
Way back, I tried doing the importing of Quicken data into TurboTax. What I was finding is that this number or that number was wrong (a lot time it was the interest on savings accounts, because the only way Quicken had to separate it out was the payee, and with renaming rules that don't have account filters and multiple accounts having "Interest Paid", it was just a mess). I would import, and then see something wrong and want to "get it right". So, I would go back into Quicken and try to get it done so that the import would be clean and such. Wasted hours on that, for what I could have typed in, in seconds.
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Thanks @q_lurker, @Chris_QPW and @Philip107 👍️ My primary concern. If Quicken could export Tax Information, would it be accurate? I do keep individual paperwork on all my needed tax related expenses, income, etc. So based on my inclination and your advice will use my paperwork, then refer to Quicken as counter-balance, to ensure final tabulations are correct.
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