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Estimated Tax Refund in Quicken 2017 H&B WAY OFF from what TurboTax Desktop 2016 Self-Employed State

Quicken Home and Business 2017 for Windows shows around a $5K total refund due. When all my information is imported directly and manually to TurboTax Desktop 2016 Self-Employed for Windows the refund is only valued at $2K. (Mind you, both products are by Intuit) I get that estimates are just that, estimates, but still, I'm only getting less than HALF? Could anyone help out a confused soul?

Thank you.

Comments

  • alphabetaalphabeta Member ✭✭
    edited May 2017
    Intuit spun off or sold Quicken last year. Totally separate companies. That said, TurboTax is a tax program and should give you a better estimate. It's just a fringe toy with Quicken and is highly dependent on how you set up the tax attributes of your accounts and categories.
  • UnknownUnknown Member
    edited December 2016
    alphabeta said:

    Intuit spun off or sold Quicken last year. Totally separate companies. That said, TurboTax is a tax program and should give you a better estimate. It's just a fringe toy with Quicken and is highly dependent on how you set up the tax attributes of your accounts and categories.

    I see that now. If they wanna use the Intuit name then they should have better service to the degree that Intuit does. What is the point of paying $100+ for software that can't even estimate my taxes within the same thousand-degree as TurboTax...?
  • alphabetaalphabeta Member ✭✭
    edited December 2016
    alphabeta said:

    Intuit spun off or sold Quicken last year. Totally separate companies. That said, TurboTax is a tax program and should give you a better estimate. It's just a fringe toy with Quicken and is highly dependent on how you set up the tax attributes of your accounts and categories.

    There are plenty of reason to be dissatisfied with Quicken, but TurboTax or TaxCut or an other tax program is not an alternative to Quicken as a personal asset/liability management software package.
  • UKRUKR SuperUser ✭✭✭✭✭
    edited October 2018
    Cyrus,
    go into the Tax Planner and, with a fine-tooth comb, go
    through every page and every item and ensure that Quicken is pulling the
    proper info.
    Look at the "Data Source" and select what Tax Planner should use for this item: TurboTax info from last year, Quicken data from this year or User entered amounts.
    If Quicken is, for whatever reason, making the wrong assumptions, your numbers will be off.
    They'll never be spot on with proper tax software, but they should at least be in the ballpark.
  • UnknownUnknown Member
    edited December 2016
    UKR said:

    Cyrus,
    go into the Tax Planner and, with a fine-tooth comb, go
    through every page and every item and ensure that Quicken is pulling the
    proper info.
    Look at the "Data Source" and select what Tax Planner should use for this item: TurboTax info from last year, Quicken data from this year or User entered amounts.
    If Quicken is, for whatever reason, making the wrong assumptions, your numbers will be off.
    They'll never be spot on with proper tax software, but they should at least be in the ballpark.

    Along these same lines.  What I have found the Tax Planner are both what you might say "not its fault", and "its fault" (bugs).

    The "not its fault" limitations of the data it computes.  Now that the year is done if you are predicting this year, this one shouldn't come up, but I will state if for future predictions.  The prediction is going to be only as good as the scheduled reminders.  If your income isn't continuous (and the same) throughout the year, the paycheck reminder won't get it right.  And as such the tax planner won't get it right.

    Also if you have certain kinds of investment income it doesn't take into account then it will of course be off.

    On the "bugs" side.  Even though I haven't used TurboTax in many years I catch the Tax Planner selecting the last TurboTax import from time to time.

    Also from time to time, it "forget" which data source I have selected in some settings.

    And also I have seen it do things like when I have it selecting data from the transactions and reminders, add say current $10,000 + reminders $5000 = $20,000.
    I switch the data source and back and then it gets the right amount.  Only to find that when I come back to it, it has the wrong number again.  So I end up overriding it current + manual entered value.  Which usually "sticks".

    The Tax Planner is VERY old.  It has changed little since it was put in back in the day that Microsoft was push the "desktop is the web", somewhere around 1998.  It uses ActiveX to transfer the settings/data from an embedded web page GUI to main part of Quicken.  These kinds of loss of settings and such have been reported for many years.
  • Rocket J SquirrelRocket J Squirrel SuperUser ✭✭✭✭✭
    edited April 2017
    UKR said:

    Cyrus,
    go into the Tax Planner and, with a fine-tooth comb, go
    through every page and every item and ensure that Quicken is pulling the
    proper info.
    Look at the "Data Source" and select what Tax Planner should use for this item: TurboTax info from last year, Quicken data from this year or User entered amounts.
    If Quicken is, for whatever reason, making the wrong assumptions, your numbers will be off.
    They'll never be spot on with proper tax software, but they should at least be in the ballpark.

    Also, make sure to import your 2015 TurboTax data into Quicken. This will help in some areas where Quicken guesses poorly.
    Quicken user since version 2 for DOS, now using QWin Premier Subscription on Win10 Pro.
  • markus1957markus1957 SuperUser, Windows Beta ✭✭✭✭
    edited January 2019

    Quicken for
    Windows 2016 R8 Tax Planner Errors Identified

    (Examples use
    Married Filing Jointly tax status but also apply to other filing statuses)

    1.    
    Deductions

    1.1.  Scheduled State
    tax quarterly estimated payments made in the following year are included in
    this year's tax planner deduction. Q1 (last payment due) scheduled estimated
    payments made in following year should not be included in the current year
    estimated state tax deduction amount. They should be assigned in the year they
    are paid by utilizing the “last year's taxes paid this year” input box.

    2.    
    Capital
    Gains

    2.1.  Beginning with
    2015, Quicken began correctly calculating Long-term capital gains (LTCG) by
    applying 0% tax for the balance of regular TI remaining in the 10% and 15%
    brackets and 15% thereafter. But in 2016, Quicken is incorrectly using the 2015
    tax table value ($74,900) rather than the 2016 value ($75,300) for the 25% tax
    bracket threshold value to begin applying the 15% LTCG tax rate.

    3.    
    Alternative
    Minimum Tax (Other Tax, Credits)

    3.1.  AMT Long-term
    capital gains (LTCG) are incorrectly taxed as regular AMT income rather
    applying 0% tax for balance of regular TI remaining in 10% and 15% brackets and
    15% thereafter.

    3.2.  The AMT excluded
    deductions value incorrectly incorporates a 2.5% add-on to the medical and
    dental expense value shown in the Schedule A regular tax screen. This is a
    left-over from when the regular tax medical expense deduction was greater than
    7.5% AGI and the AMT deduction was greater than 10%. They are both now greater
    than 10% AGI.

    4.    
    No
    provision is made in Tax Planner for the 3.8% Medicare surtax on investment
    income for AGI >$250K.

     

     

    Tips and Work-Arounds

    General-

    • Read
      the Tax Planner topics in the Help Menu.
    • Diligently
      assign Categories with appropriate tax-lines to income and expense
      register entries.
    • Use
      Scheduled Transactions- Review the screens in Tax Planner and for each
      input box you expect to accrue tax category values, consider setting up a Scheduled
      Transaction at an appropriate frequency with the appropriate tax-line
      assigned to the Category to estimate the Projected Amount for the year-end
      total. This usually provides a more accurate estimate than the YTD daily
      average, even for categories like capital gains, interest and dividends.

    Qualified
    Dividends-

    • Quicken
      treats QDI like ordinary income. If your dividend income stream is fairly
      predictable, you can use a Scheduled Transaction(s) and assign to it the
      Long-Term Capital Gain Distribution (LTCG) tax line in the Category (I
      created a QDI category and an annual scheduled transaction in late
      December).  Tax on LTCG is the same
      as QDI and is computed correctly in Tax Planner except as noted above. In
      the Planner Dividend screen, set it to a User Entered value of zero.
      Monitor your actual dividend stream and make adjustments as necessary to
      the scheduled transaction to keep the tax estimate reasonably close. Also
      for any non-QDI dividends received, re-assign them to the Interest
      category.

    Scheduled
    State tax quarterly estimated payments-

    • Enter
      an adjustment in the appropriate Planner Details screen equal to the
      negative value of the Q1 estimated State Tax payment.

    Capital
    Gains-

    • As
      noted above Quicken is incorrectly using a 2015 tax bracket value in the
      calculation. It introduces a relatively small error and not much can be
      done regarding a work around. It does indicate Quicken still has some
      quality assurance deficiencies to work out regarding capturing and
      verifying all of the inflation indexed values in the tax code.

    Alternative
    Minimum Tax (Other Tax, Credits)

    • AMT
      Long-term capital gains (LTCG) are incorrectly taxed as regular AMT
      income. If Quicken shows you are subject to AMT, it is incorrectly
      applying a 26% tax to your LTCG and QDI rather than 15%. Entering a value
      in Credits to compensate is often the easiest workaround but it can get a
      little complicated to figure the credit when the high AGI AMT exemption
      reductions come into play or if you fluctuate between No AMT owed (credit
      should be zero) and AMT owed status (credit needs to be calculated).  The AMT LTCG workaround for those whose
      AGI remains below the threshold for the AMT exemption reduction
      ($159,700 for married filing jointly) and that also have regular income
      low enough (<25% tax bracket) to allow for 0% tax of a portion of LTCG
      and QDI; subtract the sum of regular income amount (Earnings, INT, STCG,
      other) from the $75,300 25% bracket amount. Insert that as a negative
      value in the "Other Adjustments and Tax Preference Items" box in
      the AMT section of Tax Planner. This additional step will negate having to
      use the tax credits box until AMT clearly becomes the primary factor for
      determining the overall tax obligation.



      Once AMT begins to be owed under this workaround, the complexity of
      further Tax Planner error corrections increases dramatically as mentioned
      above, e.g.; reduction of the AMT exemption and credit for LTCG/QDI
      tax rate (15% or as appropriate based on income) versus the AMT tax rate
      incorrectly applied to LTCG (26% or 28%) need to be taken into account.
    • The
      AMT excluded deductions value incorrectly incorporates a 2.5% add-on to
      the medical and dental expense value shown in the Schedule A regular tax
      screen. If you itemize medical deductions, multiply your AGI by 0.025 and
      enter the negative value of that in the Medical Expense Adjustments box in
      the AMT section of Tax Planner. If your AGI fluctuates, you will need to
      update the value entered.
  • markus1957markus1957 SuperUser, Windows Beta ✭✭✭✭
    edited December 2016

    Quicken for
    Windows 2016 R8 Tax Planner Errors Identified

    (Examples use
    Married Filing Jointly tax status but also apply to other filing statuses)

    1.    
    Deductions

    1.1.  Scheduled State
    tax quarterly estimated payments made in the following year are included in
    this year's tax planner deduction. Q1 (last payment due) scheduled estimated
    payments made in following year should not be included in the current year
    estimated state tax deduction amount. They should be assigned in the year they
    are paid by utilizing the “last year's taxes paid this year” input box.

    2.    
    Capital
    Gains

    2.1.  Beginning with
    2015, Quicken began correctly calculating Long-term capital gains (LTCG) by
    applying 0% tax for the balance of regular TI remaining in the 10% and 15%
    brackets and 15% thereafter. But in 2016, Quicken is incorrectly using the 2015
    tax table value ($74,900) rather than the 2016 value ($75,300) for the 25% tax
    bracket threshold value to begin applying the 15% LTCG tax rate.

    3.    
    Alternative
    Minimum Tax (Other Tax, Credits)

    3.1.  AMT Long-term
    capital gains (LTCG) are incorrectly taxed as regular AMT income rather
    applying 0% tax for balance of regular TI remaining in 10% and 15% brackets and
    15% thereafter.

    3.2.  The AMT excluded
    deductions value incorrectly incorporates a 2.5% add-on to the medical and
    dental expense value shown in the Schedule A regular tax screen. This is a
    left-over from when the regular tax medical expense deduction was greater than
    7.5% AGI and the AMT deduction was greater than 10%. They are both now greater
    than 10% AGI.

    4.    
    No
    provision is made in Tax Planner for the 3.8% Medicare surtax on investment
    income for AGI >$250K.

     

     

    Tips and Work-Arounds

    General-

    • Read
      the Tax Planner topics in the Help Menu.
    • Diligently
      assign Categories with appropriate tax-lines to income and expense
      register entries.
    • Use
      Scheduled Transactions- Review the screens in Tax Planner and for each
      input box you expect to accrue tax category values, consider setting up a Scheduled
      Transaction at an appropriate frequency with the appropriate tax-line
      assigned to the Category to estimate the Projected Amount for the year-end
      total. This usually provides a more accurate estimate than the YTD daily
      average, even for categories like capital gains, interest and dividends.

    Qualified
    Dividends-

    • Quicken
      treats QDI like ordinary income. If your dividend income stream is fairly
      predictable, you can use a Scheduled Transaction(s) and assign to it the
      Long-Term Capital Gain Distribution (LTCG) tax line in the Category (I
      created a QDI category and an annual scheduled transaction in late
      December).  Tax on LTCG is the same
      as QDI and is computed correctly in Tax Planner except as noted above. In
      the Planner Dividend screen, set it to a User Entered value of zero.
      Monitor your actual dividend stream and make adjustments as necessary to
      the scheduled transaction to keep the tax estimate reasonably close. Also
      for any non-QDI dividends received, re-assign them to the Interest
      category.

    Scheduled
    State tax quarterly estimated payments-

    • Enter
      an adjustment in the appropriate Planner Details screen equal to the
      negative value of the Q1 estimated State Tax payment.

    Capital
    Gains-

    • As
      noted above Quicken is incorrectly using a 2015 tax bracket value in the
      calculation. It introduces a relatively small error and not much can be
      done regarding a work around. It does indicate Quicken still has some
      quality assurance deficiencies to work out regarding capturing and
      verifying all of the inflation indexed values in the tax code.

    Alternative
    Minimum Tax (Other Tax, Credits)

    • AMT
      Long-term capital gains (LTCG) are incorrectly taxed as regular AMT
      income. If Quicken shows you are subject to AMT, it is incorrectly
      applying a 26% tax to your LTCG and QDI rather than 15%. Entering a value
      in Credits to compensate is often the easiest workaround but it can get a
      little complicated to figure the credit when the high AGI AMT exemption
      reductions come into play or if you fluctuate between No AMT owed (credit
      should be zero) and AMT owed status (credit needs to be calculated).  The AMT LTCG workaround for those whose
      AGI remains below the threshold for the AMT exemption reduction
      ($159,700 for married filing jointly) and that also have regular income
      low enough (<25% tax bracket) to allow for 0% tax of a portion of LTCG
      and QDI; subtract the sum of regular income amount (Earnings, INT, STCG,
      other) from the $75,300 25% bracket amount. Insert that as a negative
      value in the "Other Adjustments and Tax Preference Items" box in
      the AMT section of Tax Planner. This additional step will negate having to
      use the tax credits box until AMT clearly becomes the primary factor for
      determining the overall tax obligation.



      Once AMT begins to be owed under this workaround, the complexity of
      further Tax Planner error corrections increases dramatically as mentioned
      above, e.g.; reduction of the AMT exemption and credit for LTCG/QDI
      tax rate (15% or as appropriate based on income) versus the AMT tax rate
      incorrectly applied to LTCG (26% or 28%) need to be taken into account.
    • The
      AMT excluded deductions value incorrectly incorporates a 2.5% add-on to
      the medical and dental expense value shown in the Schedule A regular tax
      screen. If you itemize medical deductions, multiply your AGI by 0.025 and
      enter the negative value of that in the Medical Expense Adjustments box in
      the AMT section of Tax Planner. If your AGI fluctuates, you will need to
      update the value entered.
    If after reviewing your category assignments and tax line assignments for the categories, you identify errors in the planner in addition to those listed above, please provide a detailed description of the error. Quicken is currently working on improving the tax planner so now is a good time to bring forth reproducible errors.
  • UnknownUnknown Member
    edited February 2017
    UKR said:

    Cyrus,
    go into the Tax Planner and, with a fine-tooth comb, go
    through every page and every item and ensure that Quicken is pulling the
    proper info.
    Look at the "Data Source" and select what Tax Planner should use for this item: TurboTax info from last year, Quicken data from this year or User entered amounts.
    If Quicken is, for whatever reason, making the wrong assumptions, your numbers will be off.
    They'll never be spot on with proper tax software, but they should at least be in the ballpark.

    The above is good information. I have the same issue. the problem for me  stems from the fact that Quicken assumes that I am using part of my home for business. It calculated over 20 K in deductions for that alone. When I put a 0 in that portion of the tax planer, it showed very nearly the same amount TT showed for what I owe. Add to that the fact that Quicken is not stable and will not keep information you enter all the time. I had to re-categorize my checking account in the tax planner. I also had to constantly correct my income amount from my business. It looks like Quicken has a long way to go before their act is fully together. 
This discussion has been closed.