How do I Import a TurboTax data file


If you have your previous year's TurboTax data file, you should import it into Quicken before you begin using the Tax Planner. Importing TurboTax data gives you a head start in developing your tax estimate and can save you a lot of data entry time.

Notes

Importing data from TurboTax doesn't bring over alternative minimum tax (The tax laws generally give special treatment to some kinds of income and allow special deductions and credits for some kinds of expenses. Taxpayers who benefit from the law in these ways may have to pay at least a minimum amount of tax through an additional tax called the alternative minimum tax (AMT). Consult a tax professional or the IRS Web site for complete details.) adjustments and preferences. If you paid alternative minimum tax last year with your federal income tax return, you may want to update the alternative minimum tax calculation on the Other Taxes and Credits page in the Tax Planner.

1. Choose File menu > File Import > TurboTax File.

  • Tell me more
    If the Tax Planner doesn't have any Quicken data or data you entered manually, it uses this TurboTax information to fill in projections so that it can calculate your projected tax. The Tax Planner also projects this information for the current tax year by applying a preset inflation factor.

2. Select the TurboTax data file you want to import.

  • Tell me more
    You can import tax data files with the file extension .TAX. You should import your TurboTax data file for the year immediately preceding the year for which you're planning taxes. For example, if you're planning taxes for tax year 2013, you should import your 2012 TurboTax data file.

3. Click OK.

  • What happens next?
    Quicken displays a dialog giving you the name of the TurboTax data file you're about to import, the tax year of the data file, and the taxpayer and spouse names in the TurboTax data file.

4. Choose the appropriate option:

  • Click Continue if this is the correct TurboTax file.
  • Click Change File if you want to select a different TurboTax file.

5. If your TurboTax data file contains the filing status Married - Filing Joint, Quicken displays a dialog showing that the taxpayer on federal Form 1040 in TurboTax is the same person as self in Quicken. (You can't switch the names for Self and Spouse in this dialog.) Click OK.

6. Click OK to close the confirmation message that Quicken displays when the TurboTax import is complete.

7. After importing the TurboTax information, view the TurboTax source information in the Tax Planner and update it where necessary.

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Tip: To find out which version of Quicken you are using, open Quicken go to Help menu and select About Quicken.