Using Quicken Reports at Tax Time (Windows Product Highlight)
When tax time comes, it’s great to have Quicken as a resource. If you have been diligently tracking your income and expenses over the past year, Quicken’s reports will help you get the information you need to complete your taxes.
It is important to review your transactions for the year before you run reports. This ensures that you have properly categorized your transactions, especially those related to income and expenses, that may impact your taxes.
If you aren’t sure which categories are related to taxes, use Ctrl+Shift+C to bring up the Category List. The Tax Line Item column identifies what categories are used to calculate information for specific tax forms. You can edit an individual category to make changes to the Tax Line Item information.
Quicken offers the following Tax Reports, which you can access by going to Reports → Tax.
Schedule A-Itemized Deduction
Use the Schedule A-Itemized Deduction report if you plan to itemize your deductible expenses rather than take the standard deduction on your taxes.
Schedule B-Interest and Dividends
Use the Schedule B-Interest and Dividends report to review interest income and/or ordinary dividends you have received over the course of the year.
Schedule D-Capital Gains and Losses
Use the Schedule D-Capital Gains and Losses report to review any profits or losses you have incurred due to the sale of assets over the course of the year.
Tax Schedule
The Tax Schedule report shows you all of the transactions and totals that Quicken has recorded that may impact your taxes. it is sorted by the tax form the transactions are assigned to. Review this report carefully. It is the best place to spot any transactions that may have been incorrectly added to a Tax Line Item. You can also export this report in multiple formats, including TXF, which is used by tax preparation software such as TurboTax.
Tax Summary
The Tax Summary report is another way to review your taxes. This report divides information into income and expenses, as well as categories. It is another good report to use to look for misidentified Tax Line Items.
Reviewing your Capital Gains in Quicken for Mac (Mac Product Highlight)
Reviewing and exporting your capital gains in Quicken for Mac can be very useful. To run this report, you must be tracking your investments using Quicken for Mac. You can use your report to help you fill out Schedule D of your tax return.
Select the Realized Gain option.
Select Investing (or a specific investment account) and be sure you are on the Portfolio tab.
Set the date for Price and Holdings as of to 12/31/2020.
Select the Realized Gain option.
You can now view your capital gain or loss. You can use to Print or to Export the information.
You can also review your capital gains as part of your Tax Schedule report:
Select the Reports Tab.
Select Tax.
Double-click Tax Schedule.
Be sure you have selected the right date range. To change the date range:
Select Edit.
From the Date Range menu, select the correct range such as Last Year.
Select OK.
The Tax Schedule report displays all of your tax items. Scroll down to Schedule D. This lists your capital gains or losses.
Quicken has made the material on this blog available for informational purposes only. Use of this website constitutes agreement to our Terms of Use and Privacy Policy. Quicken does not offer advisory or brokerage services, does not recommend the purchase or sale of any particular securities or other investments, and does not offer tax advice. For any such advice, please consult a professional.
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About the Author
John Hewitt
John Hewitt is a Content Strategist for Quicken. He has many years of experience writing about personal finance and payment processing. In his spare time, he writes stories and poetry.
