You can use Quicken to simplify
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preparing your federal income tax return.
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To do this,
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assign Tax Line items to your
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and
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throughout the year. Quicken will
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generate the necessary tax reports for you
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.
Track your tax-related transactions
Many categories in Quicken are linked to Tax Line items . These line items come from based on the latest Federal Tax code. Categories associated with the These Tax Line item are used to items help populate the Tax Summary report ( and are used when exporting you your tax report data to TurboTax).
For example, if you're using the Quicken category transactions assigned to the Gifts & Donations: Charity, all the transactions with this category are tracked and automatically mapped to federal form Schedule A: Cash charity contributions on your federal tax return.
In addition to the pre-defined tax-related categories that come pre-populated in Quicken, you can assign a specific , Federal Tax Line item to any category or subcategory--, including any custom categories you have createdcreate.
Assign Tax Line items
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Follow these steps to assign Tax Line items to categories:
In Quicken, choose
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Window
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menu→ Categories to open the Categories window.
Select the category
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you want to
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modify.
Click the
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Edit
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icon.
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Turn on the Tax-Related switch.
Select the appropriate Tax Schedule/Form you will use.
Choose a Tax Line option.
Click Save.
Quicken will use this information to generate the Tax Schedule report and export data to TurboTax or other tax software.