The Tax Schedule and Tax Summary reports do not include capital gains & losses.

BoatnmaniacBoatnmaniac Member ✭✭✭
edited November 2018 in Investing (Windows)
Capital gains and losses from the sale of taxable investments are not included in the Tax Schedule and Tax Summary reports.  Quicken Help confirms this but does not explain why this is.  It says to get this information I need to run a Schedule D or Capital Gains report and that data is shown there (which it is).

Does anyone know what the logic is for not including realized gains/losses in the Tax Schedule report?  They are, after all, tax related events.  It seems odd that I would need to run a different report, export the data from both reports and then manually merge them to get an accurate Tax Schedule or Tax Summary report.

(BTW, I am running QW 2016 Premier on Windows 10.)

Comments

  • Jim_HarmanJim_Harman SuperUser ✭✭✭✭✭
    edited November 2018
    The Sched D info is probably not included in the Tax Sched report because there is more detail in the Schedule D report - it needs basis and long/short term info.

    In QWin 2018, the Tax Summary report does include realized gains
    -- Jim QWin Premier subscription
  • BoatnmaniacBoatnmaniac Member ✭✭✭
    edited August 2018

    The Sched D info is probably not included in the Tax Sched report because there is more detail in the Schedule D report - it needs basis and long/short term info.

    In QWin 2018, the Tax Summary report does include realized gains

    Re Sched D Info in the Tax Sched report:   I'd thought of that, too, but I'm also guessing that all those calculations were previously done when the sale transactions were completed and that the ST/LT gains/losses are just data points in the database.  If that is the case, then it's just a matter of pulling those data points into the report.  Even if they are not simple data points Quicken already has the formulas for quickly calculating the gains/losses so it's not like it would complicate the program.  It just doesn't make sense to me.  I'm not complaining, just trying to understand so I can make sense of it.

    Re the Tax Summary report:  Good to know.  I'll probably upgrade when QW 2016 support ends.  I look forward to seeing the realized gains/losses being included there.
  • MarcATLMarcATL Member
    edited October 2018
    In Quicken Premier 2018 on Windows 10 the realized gains are NOT included in the schedule D reports. Details of the capital gains distributions are, but of realized gains are not. Details are included in the Capital Gains report but those details are not consistent with the transaction.
  • Jim_HarmanJim_Harman SuperUser ✭✭✭✭✭
    edited November 2018
    @MarcATL,

    Here is what I am seeing:

    -- The Investing > Investing Activity report has a Capital Gain/Loss (Realized) section. This report includes tax deferred accounts by default, so if you had sales in an IRA or 401k, those gains or losses are included. If I customize the report to exclude the tax deferred accounts, the numbers are consistent with the tax reports.

    -- The Sched. D report includes the impact of any capital loss carryover, as it should, and by default only includes taxable accounts.

    -- The Capital Gains report also only includes taxable accounts, and does not include the capital gains carry-over.

    Note that you can double click on any of the numbers in these reports to see the details.

    Do these situations explain what you are seeing? If not, please provide more detail on "not consistent with the transaction."

    Also make sure you have resolved any Placeholders associated with securities you have sold, so that your tax lots and cost basis are correct. 
    -- Jim QWin Premier subscription
  • MarcATLMarcATL Member
    edited October 2018
    There are two related problems. The second problem was discovered while investigating the first problem.
     1) the reporting of security sales in the transaction is correct but does not match the capital gains report (details) or the summary in the tax center. This the problem I posted separately.
    2) when requesting the tax reports (to get details on capital gains) in the tax center, schedule D does include capital gain distributions details, but does not include realized gains details.
    When verifying a single transaction on a single day in a taxable account the reporting in the transactions and in the capital gains report are different.
  • Quicken SarahQuicken Sarah Administrator, Moderator ✭✭✭✭
    edited October 2018
    MarcATL said:

    In Quicken Premier 2018 on Windows 10 the realized gains are NOT included in the schedule D reports. Details of the capital gains distributions are, but of realized gains are not. Details are included in the Capital Gains report but those details are not consistent with the transaction.

    Duplicate post, merging w/original post.


    Please reference the new conversation here: Moving to merge
  • Jim_HarmanJim_Harman SuperUser ✭✭✭✭✭
    edited October 2018

    The Sched D info is probably not included in the Tax Sched report because there is more detail in the Schedule D report - it needs basis and long/short term info.

    In QWin 2018, the Tax Summary report does include realized gains

    Marc, your answer above appears to be in response to a question I asked in this conversation.
    https://getsatisfaction.com/quickencommunity/topics/incorrect-cost-basis-in-capital-gains-report-and...

    I will copy your answer and paste it in that conversation, then continue my reply there. 
    -- Jim QWin Premier subscription
  • Quicken SarahQuicken Sarah Administrator, Moderator ✭✭✭✭
    edited October 2018
    MarcATL said:

    There are two related problems. The second problem was discovered while investigating the first problem.
     1) the reporting of security sales in the transaction is correct but does not match the capital gains report (details) or the summary in the tax center. This the problem I posted separately.
    2) when requesting the tax reports (to get details on capital gains) in the tax center, schedule D does include capital gain distributions details, but does not include realized gains details.
    When verifying a single transaction on a single day in a taxable account the reporting in the transactions and in the capital gains report are different.

    Merging w/original thread on this topic.


    Please reference the new conversation here: Moving to merge
  • Quicken SarahQuicken Sarah Administrator, Moderator ✭✭✭✭
    edited October 2018

    @MarcATL,

    Here is what I am seeing:

    -- The Investing > Investing Activity report has a Capital Gain/Loss (Realized) section. This report includes tax deferred accounts by default, so if you had sales in an IRA or 401k, those gains or losses are included. If I customize the report to exclude the tax deferred accounts, the numbers are consistent with the tax reports.

    -- The Sched. D report includes the impact of any capital loss carryover, as it should, and by default only includes taxable accounts.

    -- The Capital Gains report also only includes taxable accounts, and does not include the capital gains carry-over.

    Note that you can double click on any of the numbers in these reports to see the details.

    Do these situations explain what you are seeing? If not, please provide more detail on "not consistent with the transaction."

    Also make sure you have resolved any Placeholders associated with securities you have sold, so that your tax lots and cost basis are correct. 

    Moving to merge


    Please reference the new conversation here: Merging
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