1. Home
  2. Quicken Personal Finance
  3. confused - 1099 vs Quicken vs FI activity history

confused - 1099 vs Quicken vs FI activity history

Have been experimenting with various ways to get our 1099 type data into Turbotax. Since I'm still on Q2009 - I can't directly Import - do have experimented with the other 2 ways

#1 - Export a Tax Export File from Q2009 - yeah it works.... but not really, since all the amounts are lumped together based upon Q2009 activity

#2 - Import into TT directly from the FI's - this was pretty slick, and may actually use it

However - I now have a couple of issues of not seeing things balance. Comparing the Quicken activity for a given mutual fund vs the Activity shown on the FI website vs the actual 1099 received in the mail.

here's a sample TRowe mutual fund - with a just the usual payout at end of year 12/16/2011

1099 - box 1 ord divs = $451 box 1b qual divs = $334 box 2a cap gains = $4,973 box 6 - foreign tax = $178

Now the Quicken account and the mutual fund activity history both show this - LT cap gains = $4,973 divs = $273

SO - the only thing that matches up is the LT cap gains. Where is the $273 reflected from the history ? On the flip side, where does the box 1 & box 1b get reconciled with the activity ?

Reply to
ps56k
Loading thread data ...

There are things that are reportable on a 1099 that may/may not show up in your FI download into Q.

For example, I've got some funds that have foreign (non-US) holdings, which pay foreign taxes. Typically, my Q FI download provides the NET dividend, after those taxes have been paid. In actuality, my dividends are higher (by the tax amount) & I have a deductible (or creditable, if you meet the criteria) expense for the foreign taxes.

My FI download shows me net, but my 1099 shows net + foreign tax that was used to pay taxes, & then shows the foreign tax in Box 6.

I no longer use TT (I use a CPA), but I was never happy w/ the Q->TT interface. There were too many nuances that didn't make it to TT correctly. Try as I may & try as I might to tweak my data in Q, it took me at least as long to straighten out in TT as it would have had I just entered the info from the 1099s.

I've never encountered a situation where my 1099 was wrong. Not to say that can't happen, but I've never experienced it.

My recommendation is to download 1099s where possible, & manually enter into TT.

--------- yup - I was always entering the 1099 manually, and one year I actually tried the Quicken -> Turbotax import feature, but for me, it was messed up and posted to a proxy area that I couldn't edit, so I went back to just simply typing in the numbers...

This year - I was wondering about it again, and just tried some things on a test 1040. The import from the financial vendor seems like it will work great... creates the 1099, puts the boxed values into the correct places, and it leaves everything unlock for editing, or whatever.

Reply to
ps56k

"ps56k" wrote in news:jh7c2q$gr0$ snipped-for-privacy@dont-email.me:

I use the 1099 to QA my quicken data prior to importing. But some stuff doesn't import, qualified dividends, % of dividend or interest from US govt obligations, % of assets in fund from US gov't obligations, various foreign source data for funds.

But I do always recompute my gross dividends when Q only downloads the net.

Importing from Q works well for me for sked C, D, and E. A and B are OK but I usually need to check the data some. Import has never worked for foreign taxes on investments for me. I don't think there is any way to tell Q to assign taxes to the 1116 form.

scott s. .

Reply to
scott s.

BeanSmart website is not affiliated with any of the manufacturers or service providers discussed here. All logos and trade names are the property of their respective owners.