Add Qualified Dividend As Option For Income (Div, Int, etc.) and Income Reinvested Transactions

SomebodyInGNV · January 21

I support the request that Qualified Dividends be addressed in a manner that allows the user to record dividends received as qualified dividends, where appropriate and known. It should be implemented in a manner that they are considered in the estimation of taxes in the tax planner and that the user can see the result.

Any changes implemented in the "Inc - Income(Div, Int, etc.)" transaction form should be reflected in the "Reinvest - Income Reinvested" form.

smutschler · February 6

Having followed this thread since its beginning, I don't believe anyone mentioned tax software export. So I'd like to explicitly add that the categorization of a transaction as Qualified Dividend (_QualDivInc) should not only affect the Tax Planner and Quicken's Tax Reports (Summary, Schedule B, etc.), but should also carry through properly to Schedule B and 1099-DIV fields when transferring data to tax software (such as TurboTax, which imports data directly from Quicken).

NotACPA · April 1

For the 6 stocks that I hold in taxable accounts, that are eligible for _QualDivInc, I edit the downloaded _Div transaction to change it to MiscInc, and record the _QualDivInc in the "Category for Miscellaneous" box.

SO, this suggestion would be helpful, but for only 24 transactions a year that I need to change it's certainly not critical for me.

And, with my change referenced above, and the correct setting of the Tax Line for that category, they do export properly. And they also appear properly on the Tax Schedule, Tax Summary & Investment Income reports

Jim_Harman · April 1

@NotACPA Please note that as discussed above and currently implemented, the amount of Qualified Dividends needs to be included on BOTH the Dividends line and the Qualified Dividends line in the Tax Planner and the corresponding sections of the Tax reports, just the way it appears in the broker's 1099-DIV form. In other words, _DivInc is total taxable dividends received and _QualDivInc is the portion of the total that is Qualified.

It does not appear that your method accomplishes that.

smutschler · April 2

Design recommendation: Add a new check-box to the Security data entity to indicate that any Dividends for that Security should be treated as "Qualified". This would be reasonable since, in most cases, dividends for a specific company (Security) are either all (100%) Qualified or Unqualified. For the odd case (like an ETF with partial Qualified Dividends), I can tolerate the need to enter a year-end adjustment to correct the numbers.

Note: Quicken already has a "Tax-Free" checkbox on the Security record (e.g. for municipal bonds) which causes Interest Income to be separated out into an appropriate Tax category on Tax Reports. A Qualified Dividends check-box would involve similar logic, whereby associated dividends would be tallied into a "Qualified Dividends" Tax category (as well as included in ALL dividends totals) on reports and Tax software exports.

NotACPA · April 2

@Jim_Harman You're correct that my method doesn't properly calc total Divs. But since those are so minor, in my case, that simple addition of the 2 values comes up with the correct Total Div, which is 75% Qual Div

Jim_Harman · April 2

in my case, that simple addition of the 2 values comes up with the correct Total Div, which is 75% Qual Div

I rely on the actual 1099s when preparing my tax returns. For the Tax Planner, I record all dividends as _DivInc and enter an adjustment on the Qualified Dividends line for the amount I expect to receive. The amount is usually quite consistent from year to year.

As discussed above, it certainly would be more accurate to be able to enter a percentage Qualified for each security. and have Quicken enter that amount automatically.

NotACPA · April 2

I have the preliminary cut of my taxes completed on January 1, relying upon my Q data … but i don't file until I've received all of the 1099's/etc.

There's FEW changes required when I get the tax forms from the various sources.

This was the 1st time I've had a QCD to report, and that took a bit of effort, but all in all, my Q tax records are pristine.

Add Qualified Dividend As Option For Income (Div, Int, etc.) and Income Reinvested Transactions

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