Re: Import TurboTax into Quicken

On Monday, March 6, 2023 at 4:10:55 PM UTC-6, Andrew wrote:
> On 03/06/23 5:00 PM, Jeffrey wrote: 
> > On Sunday, March 5, 2023 at 10:54:36 AM UTC-6, Jeffrey wrote: 
> >> On Sunday, March 5, 2023 at 10:41:38 AM UTC-6, John Pollard wrote: 
> >>> On Saturday, March 4, 2023 at 4:37:38 PM UTC-6, Jeffrey wrote: 
> >>> 
> >>>> Has anyone tried to import TurboTax 2022 into Quicken without getting any errors. 
> >>> I don't use TurboTax. 
> >>>> I have gotten Error 2 & 5. 
> >>> You're not alone: https://tinyurl.com/bd6n9swc 
> >> Thanks John. 
> >> I will do a Report a Problem via Quicken and possibly do a Chat just to see what Support says. 
> >> Since it is a new month they (Quicken) should be sending out a new update any day now. 
> >> Maybe they will apply a fix to it. 
> > 
> > Well here is an update. 
> > Just got through with almost a 2 hour Chat. 
> > A lot of the time was spent waiting the the Support person to pass along the info I gave him to whomever he was talking to. 
> > I gave them a screenshot of the error(s). 
> > I set up a new Quicken file which also produced the same error(s). 
> > At one point I had to tell him the process of importing the file from within Quicken. 
> > I wondered if he even used Quicken by some of the questions he was asking. 
> > At one point he asked me to upload a TurboTax file. 
> > I said no way. Not even a phoney file. 
> > I said Quicken and TurboTax (Intuit) have a should have a liaison and they should figure out the problem. 
> > I even gave him one of the url's that showed others with the same problem. 
> > Lets see what happens now. 
> > 
> >
> A serious question, and I have asked this before, but I like to see 
> anyone that might have differing answers. 
> 
> The basic question - "Why do you upload anything from Quicken into 
> TurboTax?" 
> 
> The reason I ask is as follows: Many (most now)? large firms (be it for 
> W2s, 1099s (including 1099-Bs)) one can d/l directly from their website 
> AND THE 1099 DATA supersedes whatever Quicken data you might have had in 
> terms of what the IRS is expecting. 
> 
> The largest hassle I have with Q (And to be honest, I haven't tried 
> this) was for charitable contributions since TurboTax asks a lot of 
> questions that I don't think can be imported directly from Q anyway 
> because of the format that Q maintains vs. why TurboTax asks (MONEY, 
> GOODS, AMOUNTs, etc.) 
> 
> Anything that you receive in the mail from F/Is will always be more 
> accurate as far as the IRS is concerned. 
> 
> So what does uploading from Q buy you? What am I missing. 
> -- 
> ----------------------------------------------------------- 
> Regards - 
> 
> - Andrew

The only thing I would upload into TT is my Expenses.
But I definitely will double check the import.
Can be used to estimate what your taxes may be. 
It will never be accurate.
Best way to estimate your taxes for me at least is to take for example this years return 
and increase some if the numbers by x%.
You can also add any Gains/Loss in anything may have sold.
Plus if you had 1099-R's you can enter those entries and get a What If estimate.
Especially useful if you have to pay Estimated taxes.