Enter deductions

1. Click the Planning tab.

2. Click the Tax Center button.

3. Click Show Tax Planner.

4. On the left side of the page, select Deductions.

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    Quicken displays the Standard and Itemized Deductions page.

5. In the Medical and Dental Expense field, enter medical expenses incurred in 2013 (or 2014) for yourself, your spouse, and your dependents for which you weren't reimbursed.

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    You may usually deduct what you paid for prescription medicines and drugs, medical doctors, hospital care, ambulance and travel costs to get medical care, health insurance premiums, X-ray and lab fees, nursing fees, and the supplemental part of Medicare insurance (Medicare B). Cosmetic surgery that doesn't serve a medical purpose isn't deductible.

6. In the Allowable Medical Deduction field, verify excess medical expenses over 7.5 percent of your adjusted gross income amount (in the Income area). The Tax Planner calculates this automatically for you.

7. Click the State & Local Income Tax link, and enter payroll information for yourself and your spouse (if appropriate), and then click Previous.

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    • Withholdings (or Withholdings to Date): The accumulated amount of state and local tax withheld to date. If you have the Tax Planner calculate your data based on recorded Quicken transactions, scheduled transactions, or year-to-date data, the Tax Planner displays a total for the entire year.
    • Next Pay Date: The date you'll receive your next paycheck. If you have the Tax Planner calculate your data based on a scheduled paycheck transaction, this date is filled in for you. If not, the Tax Planner attempts to choose the next appropriate date based on your selection in the Pay Period list.
    • Pay Period: Select the appropriate pay period (Every two weeks, Twice/month, Monthly, or Weekly) from the Pay Period list. If you've specified Quicken Data as your data source, then this date is filled in for you.
    • Withholding per Pay Period: The amount of state and local taxes withheld each pay period. If you've set up your paycheck as a scheduled transaction, this field is prefilled with Sched: Included. If not, and the Tax Planner's projection of your income is an estimate based on the year-to-date amount, this field is prefilled with Proj. Included.
    • Estimated Taxes Paid to Date plus Projected Payments Through Year-End: If you have made estimated tax payments throughout the year (typically made quarterly), include that amount, plus any amount you plan to pay in estimated taxes by year's end.
    • Tax Payments this Year for Last Year's State Tax: This is last year's (or earlier) state tax payment you paid or will pay this year. For example, if you owed $200 in state taxes on your 2006 tax return and filed your 2006 tax return in April 2007, you may currently deduct that $200 on your 2007 federal tax return. This is the amount you enter here.
    • Total Tax Payments to Date plus Projected Withholding Through Year-End: This field is calculated automatically.

8. In the Real Estate and Other Taxes field, enter the taxes you paid on real estate you own that wasn't used for business.

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    Often, your mortgage payment includes amounts allocated to real estate taxes. If so, your bank usually provides you with a year-end statement of the payments made to the taxing authority during the year on your behalf.

9. In the Deductible Investment Interest field, if you have investment interest expense, enter the allowable investment interest deduction you calculated on IRS Form 4952.

10. In the Mortgage & Other Deductible Interest field, enter the amount of interest paid on a home mortgage loan that is secured by your main home or your second home.

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    Include first and second mortgages, home equity loans, and refinanced mortgages. Refer to your IRS publications for other allowable interest you may include here.

11. In the Charitable Contributions field, enter the entire amount of your charitable contributions (100 percent). The deduction limitation of 50 percent of adjusted gross income for charitable contributions is handled by the Tax Planner. In some cases 20 percent to 30 percent limits may apply.

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    All cash donations require written documentation. Refer to IRS Publication 526, Charitable Contributions, or see your tax professional.

12. In the Deductible Casualty Losses field, enter the value you calculated on IRS Form 4684.

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    You must reduce each casualty or theft loss on nonbusiness property by $100. You must further reduce the total of your casualty and theft losses for the year on nonbusiness property by 10 percent of your adjusted gross income. If these amounts are more than your losses, you don't have a casualty or theft loss deduction

13. In the Misc. Deductions field, enter the employee business expenses you calculated on federal Form 2106

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    These include items such as tax preparation fees, union dues, uniform expenses, and investment fees and expenses. (Only the amount over 2 percent of your adjusted gross income is allowable. The Tax Planner generally applies this limitation automatically.)

14. In the Less Income-Related and Misc. Deduction Limitations field, verify the value.

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    This amount includes a phaseout amount for itemized deductions if your adjusted gross income is more than $1156,400 ($78,200 if you're married and filing separately) in 2007. Also included here is the 2 percent of adjusted gross income limitation for miscellaneous deductions.

15. In the Misc. Deductions (No Limit) field, enter miscellaneous deductions not subject to the 2 percent limit.

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    For example:
    • Gambling losses (up to the amount of your gambling winnings)
    • Casualty and theft losses from income-producing property
    • Amortizable premium on taxable bonds acquired before 10/23/86
    • Impairment-related work expenses if you have a disability

    For more information, see IRS Publication 529.

16. In the Total Itemized Deductions field, verify the amount. If this amount is larger than your standard deduction, it is used as the Deduction amount.

17. In the Standard Deduction area, to enter your standard deduction, select any of the check boxes that apply.

  • Taxpayer can be claimed as a dependent on another return: Select this check box if your parent, or another person, is claiming you as a dependent on their tax return.
  • Blind: Select the appropriate check boxes if you or your spouse is blind.
  • 65 or older: Select the appropriate check boxes if you or your spouse will be 65 years of age or older on January 1 of next year.
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      Your standard deduction is automatically calculated and shown in the Deduction field. It is set by law and based on your filing status. The amount is adjusted depending on which check boxes you select.

18. In the Deduction field on the Itemized (Schedule A) and Standard Deductions page, view the amount of your total itemized deductions or your standard deduction, whichever is larger (resulting in a lower tax liability).

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    The total itemized deductions amount is compared to your standard deduction amount, and the larger amount is used in the Deduction calculation.


Use this page to enter itemized deductions and to specify standard deduction conditions (blind and/or over 65). You can itemize your actual deductions or take the standard deduction amount. Typically you itemize deductions for items such as medical expenses, charitable contributions, and mortgage interest.

If you don't enter itemized deductions, the standard deduction is used in the deduction calculation.