Q07 TurboTax import

Hi, Dick.

This is one we hear every year about this time. And it is NOT Intuit's fault. It's just the way the world works. At least, as far as the US Congress is concerned. That's who writes the Internal Revenue Code, of course, not the Internal Revenue Service, which gets all the blame.

Anyhow, there is a basic difference between Quicken and TurboTax.

Quicken is based (loosely, sometimes) on generally accepted accounting principles, which evolve slowly over years, even centuries. Except for online access and the GUI (graphical user interface), there's no reason you can't still use the 1999 or earlier versions of Quicken to keep your books for 2006.

But TurboTax is based on tax rules, which change every day. It prepares the

1040 and other tax forms which are revised every year. So there's no way to use the 1999 TurboTax to prepare your 2006 return - or even your 1998 or 2000 return. Each year's TurboTax is incompatible with any other year. And it's not Intuit's fault.

I haven't run Quicken versions other than Basic for the past few years, but I don't recall that we ever were able to Import TurboTax files into Quicken. When I click File | Import in Q2006 Basic, the only choices offered are Web Connect file and QIF file. On the charts showing features of the different versions of Quicken 2007, I don't see any mention of Imports from TurboTax. Is this new in Q2007?

Which version of Quicken 2007 are you running? HOW are you attempting to import?

RC

It's a feature of all versions above Basic and has been for a long time. It imports data for the tax planner.

Running QW07 Dlx - was able to import 05 TTax file with no problem.

Did not have a password set for the TTax file. Based on this, suggest you remove the password from TTax [if you can] and try again.

Hi, Charlie.

Thanks for the reminder. ;^)

Still, should the 2007 version of Quicken be able to import from the 2005 version of TurboTax? Or only from the 2006 TurboTax - when it becomes available over a year from now? In other words, should any version of Quicken be able to import from any version of TurboTax other than the one for the most-current year?

Now that you've reminded me, I do recall that THAT was the form of the annual discussions here. It still comes down to the annual nature of TT, versus the multi-year nature of Q. But the Tax Planner feature of Q IS annual - and good only for the current year. To make the Tax Planner multi-year, it would need to include multiple tables of tax rates, standard deductions, etc., which could be done pretty easily. But it would also have to remember (and predict) the changing rules on charitable contributions, capital gains, sales tax deductions and lots of other factors that I can't think of right now.

And, now that I think about it, Q2007 should be able to import from TT2005 so that we can plan stock sales and other discretionary transactions before December 31, 2006. Otherwise, we have to continue to run Q2006 and not update to Q2007 until January 2007, at least.

Hmmm... Do you suppose Quicken's marketing VP has discussed this with the programming VP?

RC

Update... Contacted Quicken Online chat support Sunday. They worked with me for about an hour and then gave up, they said they had to have a tier 2 support guy help me but there wasn't anyone working. I should contact them Monday and talk to specialist. I haven't yet tried to contact them yet today I don't have the time right now (I expect a long session ). I report back after the next session I have with them.

RC

Just ran a test - QW07 imports TTax files for 2005 and 2004. Would not import 2003 - message says something to effect 'tax year not supported'.

Meant to add - QW seems to use the TTax imported info in the Tax Planner feature. Have tinkered a bit with it but don't find it useful - e.g., treats SocSec income as 100% taxable and does not differentiate between qualified and non-qualified dividends. The planner obviously errs on the conservative side - much too conservative in that I would be way over on with-holding.

A new wrinkle in QW 07 Deluxe - the 'canned' reports now include Sched's A, B & D. The Sched D Cap Gains report includes the loss-carry-forward figures - obviously introduced from the imported TTax data. The Sched A report offers nothing new not already available in the long-standing Tax Schedule Report - it is a summary of the raw data input - without the AGI adjustments.

Tuesday 8/22/06 Update to problem. I just spoke to the Quicken support person at 800-811-8766 and after 20 minutes of questions he came back and said that they are aware of the TTax import problem and are working on it.