How do I assign tax form line items to a category?

Time To Read 7 MIN READ

Did you know that you can assign tax form line items to specific categories? This can help you easily track expenses with tax implications. Be aware though, that once you assign a tax line item to a category, all expenses in that category will be counted toward that line item. Quicken makes tax information available in calculation tools and tax reports to help you prepare your taxes.

How do I assign tax form line items to a category? (Windows)

Instructions

  1. Choose Tools menu > Category List or use the shortcut Ctrl+Shift+C.
  2. If the Tax Line Assignments fields are not visible on the right, select the Show Tax Line Item from the Options drop-down menu.
  3. Right-click the category to which you want to assign a tax line item, and choose Edit.
  4. In the Tax Reporting tab, the Tax Line Item for this category drop-down menu allows you to select the tax form or tax line item that you want associated with this category. If the tax form you are looking for does not appear in the list, or if you know that it is a less commonly used form, select Extended line item list, and then look again.
  5. When you're done assigning tax forms to categories, click Save.

Forms

  • 1099-G - Used to report certain government payments from federal, state, or local governments.
  • 1099-Misc - Used to report miscellaneous income received and direct sales of consumer goods for resale.
  • 1099-R - Used to report taxable and nontaxable retirement distributions from retirement, pension, profit-sharing, or annuity plans. Use a separate Form 1099-R for each payer.
  • 10999-MSA - Used to report medical savings account distributions.
  • Form 1040 - The main form of your tax return.
  • Form 2106 - Used to deduct unreimbursed employee business expenses. You must file this form if you were not reimbursed by your employer for job-related travel, transportation, meal, or entertainment expenses. Use a separate Form 2106 for your spouse's expenses.
  • Form 2441 - Used to claim a credit for child and dependent care expenses.
  • Form 3903 - Used to claim moving expenses.
  • Form 4137 - Used to compute Social Security and Medicare tax owed on tips you did not report to your employer.
  • Form 4835 - Used to report farm rental income received as a share of crops or livestock produced by your tenant if you did not materially participate in the operation or management of the farm. Use a different copy of Form 4835 for each farm rented.
  • Form 4952 - Used to compute the amount of investment interest expense deductible for the current year and the amount, if any, to carry forward to future years.
  • Form 6252 - Used to report income from an installment sale (in other words, casual sales of real or personal property when you will receive any payments in a tax year after the year of sale).
  • Form 8815 - Used to compute the amount of interest you may exclude if you cashed series EE U.S. savings bonds this year that were issued after 1989 to pay for qualified higher education costs.
  • Form 8829 - Used only if you file a Schedule C, Profit or Loss from Business, and you meet specific requirements to deduct expenses for the business use of your home. IRS rules are stringent for this deduction. Refer to IRS Publication 587.
  • Form 8839 - Used to report qualified adoption expenses.

Schedules

  • Schedule A - Used to report your itemized deductions.
  • Schedule B - Used to report your interest and dividend income.
  • Schedule C - Used to report income from self-employment. Use a separate Schedule C to report income and expenses from different businesses.
  • Schedule D - Used to report gains and losses from the sale of capital assets. If you received capital gain dividends, use the capital gain dividend category found on Schedule B.
  • Schedule E - Used to report income or loss from rental real estate, royalties, and residual interest in REMICs. Use a different copy for each rental or royalty. Use the Schedule K-1 categories for partnership rental income and loss amounts.
  • Schedule F - Used to report farm income and expense. Use a different copy of Schedule F for each farm you own.
  • Schedule H - Used to report federal employment taxes on cash wages paid this year to household employees. Federal employment taxes include Social Security, Medicare, withheld federal income, and federal unemployment (FUTA) taxes.
  • Schedule K-1 - Used to report your share of a partnership's income, credits, deductions, and so on. Use a separate copy of Schedule K-1 for each partnership.
  • W2 - Used by your employer to report the amount of wages and other compensation you earned as an employee, and the amount of federal and state taxes withheld and fringe benefits received. You should use a separate copy of Form W2 for each employer.
  • W-2G - Used to report certain gambling winnings.

 

Get 40% off Quicken now.
It's time to take control of your finances

 

How do I assign tax form line items to a category? (Mac)

Mac Instructions

  1. From the Window menu, select Categories.
  2. Double-click the category you want to assign a tax line item to.
  3. Select the Tax-related checkbox.
  4. In the Tax Form / Schedule list, select the tax schedule or form. For example: Schedule C.
  5. In the Tax Line list, select the line item. For example: Utilities.
  6. Select Save to complete the action.

The tax schedule line items Quicken uses include these forms and schedules:

Forms

You can assign tax line items from the following forms.

  • 1099-G - Used to report certain government payments from federal, state, or local governments.
  • 1099-Misc - Used to report miscellaneous income received and direct sales of consumer goods for resale.
  • 1099-R - Used to report taxable and nontaxable retirement distributions from retirement, pension, profit-sharing, or annuity plans. Use a separate Form 1099-R for each payer.
  • 1099-Q - Used for an individual that receives distributions from a Qualified Education Program.
  • Form 1040 - The main form of your tax return.
  • Form 2106 - Used to deduct unreimbursed employee business expenses. You must file this form if you were not reimbursed by your employer for job-related travel, transportation, meal, or entertainment expenses. Use a separate Form 2106 for your spouse's expenses.
  • Form 2441 - Used to claim a credit for child and dependent care expenses.
  • Form 3903 - Used to claim moving expenses.
  • Form 4835 - Used to report farm rental income received as a share of crops or livestock produced by your tenant if you did not materially participate in the operation or management of the farm. Use a different copy of Form 4835 for each farm rented.
  • Form 4952 - Used to compute the amount of investment interest expense deductible for the current year and the amount, if any, to carry forward to future years.
  • Form 8829 - Used only if you file a Schedule C, Profit or Loss from Business, and you meet specific requirements to deduct expenses for the business use of your home. IRS rules are stringent for this deduction. Refer to IRS Publication 587.
  • Form 8839 - Used to report qualified adoption expenses.

Schedules

You can assign tax line items from the following schedules.

  • Schedule A - Used to report your itemized deductions.
  • Schedule B - Used to report your interest and dividend income.
  • Schedule C - Used to report income from self-employment. Use a separate Schedule C to report income and expenses from different businesses.
  • Schedule D - Used to report gains and losses from the sale of capital assets. If you received capital gain dividends, use the capital gain dividend category found on Schedule B.
  • Schedule E - Used to report income or loss from rental real estate, royalties, and residual interest in REMICs. Use a different copy for each rental or royalty. Use the Schedule K-1 categories for partnership rental income and loss amounts.
  • Schedule F - Used to report farm income and expense. Use a different copy of Schedule F for each farm you own.
  • Schedule H - Used to report federal employment taxes on cash wages paid this year to household employees. Federal employment taxes include Social Security, Medicare, withheld federal income, and federal unemployment (FUTA) taxes.
  • Schedule K-1 - Used to report your share of a partnership's income, credits, deductions, and so on. Use a separate copy of Schedule K-1 for each partnership.
  • W2 - Used by your employer to report the amount of wages and other compensation you earned as an employee, and the amount of federal and state taxes withheld and fringe benefits received. You should use a separate copy of Form W2 for each employer.
  • W-2G - Used to report certain gambling winnings.