Quicken to TurboTax Transfer and Odd Appearance of Copy #'s in Tax Schedule Report

In importing Quicken data to TurboTax I noticed that instead of bringing my income in as one entry it was using two. I traced this back to the fact that in some cases I used the form created with the paycheck creation option and in other cases where the amount hadn't matched directly I had entered the paycheck as a simple split.

It appears that Quicken treats the paycheck form as another "copy" of each category so that, for instance, all of the income entered on the form was summed and the ones entered as splits were summed and there were two possible import options in TurboTax.

I had previously setup a separate class for each of my children so that when they received income there would be a separate tax form copy. This seems to work correctly i.e. each class generates its own copy of each form.

On further investigation I found yet another interesting development. In the Tax Schedule Report there were two Medical items labeled with a [5] copy number. Each of these transactions were transactions with Spits where the Payee was "Deposit". I copied and repasted the transactions but it still occurred. Interestingly enough if I changed the Payee to "DepositX" or "Deposits" the categorization of the [5] copy number disappeared.

Anyone else see a similar behavior or could shed light on how Quicken is truly using the copy number attribute.

Thanks in advance for any help.

Ron

Reply to
Ron Nicol
Loading thread data ...

Questions similar to this are popping up on this and other QW forums.

Have experimented with the issue of income reporting on two lines. Found that a very slight change in the description [e.g., inserting an extra space in the company name] would trigger this - QW [correctly] thinks this represents a different source of income.

In your case, would double check that description for the two types of entries are exactly the same - interested in what you find out.

Have been involved in a discussion on another forum with someone observing similar behavior with a tax-deductible expense category - have not reached a conclusion/resolution as yet on this one.

Reply to
JM

Thanks for the suggestion. Slight changes in the Payee eliminates the problem. It occurs when the Payee is "Deposit" and there are split transactions and the tax line is Schedule A: Medical Expenses. It appears that there is a separate problem with the income allocation. Quicken seems to creating a separate income "copy" for the same category. I'd understand this if it were different classes but it's happening in the default class. It does correctly set up additional copies for different classes.

Reply to
RonN75

With further experimentation I found out that all Payees have to be exactly the same to be counted as the same income source and therefore show up on the same W2. Still not sure why "Deposit" as a Payee was a special case. By changing it to all caps (i.e. DEPOSIT) the problem went away.

Reply to
RonN75

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.