{"id":3685,"date":"2023-02-03T11:20:00","date_gmt":"2023-02-03T19:20:00","guid":{"rendered":"https:\/\/qa.simplifimoney.com\/blog\/?p=3685"},"modified":"2023-02-03T11:25:00","modified_gmt":"2023-02-03T19:25:00","slug":"get-the-most-out-of-tax-reporting","status":"publish","type":"post","link":"https:\/\/www.quicken.com\/blog\/get-the-most-out-of-tax-reporting\/","title":{"rendered":"Getting the Most Out of Quicken\u2019s Tax Reporting"},"content":{"rendered":"\n<p>Quicken is a powerful financial management tool that can help you keep track of your finances, including your taxes. With its advanced tax reporting features, Quicken can help you understand how your income and expenses are affecting your taxes and make sure you&#8217;re taking advantage of all the deductions and credits you qualify for.<\/p>\n\n\n\n<p>For customers on our <strong>Windows <\/strong>platform, Quicken<strong> <\/strong>assists at every level, adding built-in features for each tier.&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>In <strong>Quicken Starter<\/strong>, you can view your<strong> Tax Schedule<\/strong> and <strong>Tax Summary<\/strong><\/li>\n\n\n\n<li><strong>Quicken Deluxe<\/strong> adds a report on capital gains and losses<\/li>\n\n\n\n<li>At the <strong>Quicken Premier<\/strong> level, reporting extends to<strong> <\/strong>Schedule A:<strong> Itemized Deductions<\/strong>, Schedule B:<strong> Interest and Dividends<\/strong>, Schedule D:<strong> Capital Gains and Losses<\/strong>, and<strong> Foreign Bank Account Report <\/strong>(<strong>FBAR<\/strong>)<\/li>\n\n\n\n<li>Customers with<strong> Quicken Home &amp; Business<\/strong> can also view reports for <strong>Schedule C: Small Business<\/strong> and <strong>Schedule E: Rental Property<\/strong><\/li>\n<\/ul>\n\n\n\n<p>For customers on our <strong>Mac <\/strong>platform:<\/p>\n\n\n\n<p><strong>Quicken Starter<\/strong> includes a general <strong>Tax Schedule<\/strong> report. Customers with <strong>Quicken Deluxe<\/strong> can also view reports for individual tax schedules. If you have <strong>Quicken Premier,<\/strong> you can additionally view the <strong>Foreign Bank Account Report <\/strong>(<strong>FBAR<\/strong>).<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Using categories for tax reporting<\/h2>\n\n\n\n<p>Except for<strong> Investing Capital Gains<\/strong> (or losses) reports, tax reporting in Quicken is driven by categories. There are automatic tax-related categories built in, but you can also assign a tax schedule to any individual category, including preset Quicken<strong> <\/strong>categories or categories you\u2019ve created on your own.\u00a0<\/p>\n\n\n\n<p>For example, you can mark income as tax related for categories such as <strong>Salary<\/strong>, <strong>Dividend Income<\/strong>, and <strong>Interest<\/strong>. You can also mark expense categories as tax related, such as <strong>Charity<\/strong>, <strong>Doctor<\/strong>, <strong>Dentist<\/strong>, or <strong>Daycare<\/strong>.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.quicken.com\/sites\/default\/files\/EditCategory.png\" alt=\"\"\/><\/figure>\n\n\n\n<p>To include a transaction in your tax reports, give it a category that\u2019s linked to a tax line item. If you\u2019re using <strong>Windows<\/strong>, you can see those categories in your <strong>Category List<\/strong> (under <strong>Tools<\/strong>) in the column marked <strong>Tax Line Item<\/strong>. If you\u2019re using a <strong>Mac<\/strong>, you can access the <strong>Categories <\/strong>under the <strong>Window <\/strong>menu. For existing tax categories, there will be a checkmark under<strong> Tax-Related<\/strong>. To see the related tax schedule, double-click the category.<\/p>\n\n\n\n<p>Quicken supports all US tax schedules, so you can add categories for any schedule even if Quicken isn\u2019t displaying any categories for that specific schedule. To do so, you may wish to consult the IRS website for <a href=\"https:\/\/www.irs.gov\/forms-instructions\">Forms &amp; Instructions<\/a> to be sure you match your categories to the correct schedules.\u00a0<\/p>\n\n\n\n<p>To select a schedule for a category in <strong>Quicken for Windows<\/strong>, edit that category (or create a new category) and select the<strong> Tax Reporting<\/strong> tab. In <strong>Quicken for Mac<\/strong>, when you edit a category (or create a new category), select the <strong>Tax-Related<\/strong> checkbox to bring up a list of schedules.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Creating custom tax reports<\/h2>\n\n\n\n<p>To access your tax reports in <strong>Quicken for Windows<\/strong>, go to <strong>Reports <\/strong>\u2192 <strong>Reports Center<\/strong> and select <strong>Tax<\/strong>. You will see a selection of tax<strong> <\/strong>reports. You can also generate a custom report from any existing reports by editing the categories to show only the tax categories you want to see.&nbsp;To access your tax reports in <strong>Quicken for Mac<\/strong>, select the <strong>Reports<\/strong> tab, then select <strong>Tax <\/strong>on the <strong>Reports <\/strong>sidebar. You can also create any custom tax report you like by clicking <strong>New <\/strong>on the <strong>Tax <\/strong>tab and selecting the report type and the tax categories you want to see.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong><figure><img decoding=\"async\" style=\"margin:0\" src=\"https:\/\/www.quicken.com\/sites\/all\/themes\/custom\/quicken_2014\/images\/windows.svg\"><\/figure>Windows example<\/strong><\/h3>\n\n\n\n<p>How to track your <strong>Gross IRA Distributions<\/strong>:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>Create a category called <strong>Gross IRA Distributions<\/strong> (you can also use an existing category)<\/li>\n\n\n\n<li>Select <strong>Tax Reporting <\/strong>and find the tax line item or form you need to assign to your category \u2014 select the <strong>Extended <\/strong>list to see hundreds of items<\/li>\n\n\n\n<li>In this case, you would choose line item <strong>1099-R: Simple total gross distribution<\/strong><\/li>\n<\/ol>\n\n\n\n<h3 class=\"wp-block-heading\"><strong><figure><img decoding=\"async\" style=\"margin:0\" src=\"https:\/\/www.quicken.com\/sites\/all\/themes\/custom\/quicken_2014\/images\/apple.svg\"><\/figure>Mac example<\/strong><\/h3>\n\n\n\n<p>How to track your <strong>Gross IRA Distributions<\/strong>:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>Create a category called <strong>Gross IRA Distributions<\/strong> (you can also use an existing category)<\/li>\n\n\n\n<li>Select the <strong>Tax-Related <\/strong>check box and find the tax line item or form you need to assign to your category<\/li>\n\n\n\n<li>In this case, you would choose line item <strong>1099-R: Simple total gross distribution<\/strong><\/li>\n<\/ol>\n\n\n\n<p>This makes it easy to create reports for even complex tax forms. For example, if you wanted to create a <strong>Form 8863 \u2013 Education Credits<\/strong> report, find that form in the picker and add the custom categories you need to track your education credits.&nbsp;<\/p>\n\n\n\n<p>Be aware that you can only use one<strong> Tax Line Item <\/strong>per category. There\u2019s a handy description of each <strong>Tax Line Item<\/strong> to ensure you\u2019re assigning your categories to the correct line items.&nbsp;<\/p>\n\n\n\n<p>Once you\u2019ve set up a category, simply choose that category for any relevant transactions. Every time you add a transaction with that category, it\u2019s <strong>automatically included in the existing Tax Schedule report, and you can export that information to TurboTax!<\/strong><\/p>\n\n\n\n<p>Quicken for Windows also provides additional tax planning tools for <strong>Quicken Deluxe<\/strong> and above. You can find them under <strong>Planner<\/strong> \u2192 <strong>Tax Planning<\/strong>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Things to remember<\/h2>\n\n\n\n<p>You aren\u2019t limited by the default reports and schedules in Quicken. Beyond the tax categories that are already built in, you can add categories for most <a href=\"https:\/\/www.irs.gov\/forms-instructions\">IRS Schedules and Forms<\/a>. Transactions that use tax-related income and expense categories will be included in the associated tax reports (such as <strong>Tax Schedule)<\/strong> automatically. You can also create your own custom report to see just the tax forms, schedules, or information you need. Finally, remember that transaction categories with these special tax line items can automatically export to <strong>TurboTax<\/strong>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Make tax prep easy. Generate tax reports with Quicken\u2019s built-in options, or customize reports for your unique needs. Then, export your data to TurboTax!<\/p>\n","protected":false},"author":16,"featured_media":3699,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_seopress_robots_primary_cat":"none","_seopress_titles_title":"Getting the Most Out of Quicken\u2019s Tax Reporting","_seopress_titles_desc":"Make tax prep easy. Generate tax reports with Quicken\u2019s built-in options, or customize reports for your unique needs. Then, export your data to TurboTax!","_seopress_robots_index":"","inline_featured_image":false,"footnotes":""},"categories":[72],"tags":[],"class_list":["post-3685","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-taxes"],"acf":[],"jetpack_featured_media_url":"https:\/\/www.quicken.com\/blog\/wp-content\/uploads\/2022\/09\/102022-TaxReports.gif","_links":{"self":[{"href":"https:\/\/www.quicken.com\/blog\/wp-json\/wp\/v2\/posts\/3685","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.quicken.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.quicken.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.quicken.com\/blog\/wp-json\/wp\/v2\/users\/16"}],"replies":[{"embeddable":true,"href":"https:\/\/www.quicken.com\/blog\/wp-json\/wp\/v2\/comments?post=3685"}],"version-history":[{"count":7,"href":"https:\/\/www.quicken.com\/blog\/wp-json\/wp\/v2\/posts\/3685\/revisions"}],"predecessor-version":[{"id":5468,"href":"https:\/\/www.quicken.com\/blog\/wp-json\/wp\/v2\/posts\/3685\/revisions\/5468"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.quicken.com\/blog\/wp-json\/wp\/v2\/media\/3699"}],"wp:attachment":[{"href":"https:\/\/www.quicken.com\/blog\/wp-json\/wp\/v2\/media?parent=3685"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.quicken.com\/blog\/wp-json\/wp\/v2\/categories?post=3685"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.quicken.com\/blog\/wp-json\/wp\/v2\/tags?post=3685"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}