Student Loan Interest - Quicken XG 2005 (Cdn)

You're right. Line 319 is not included in the tax assignment database in Q05. Hopefully they fixed this in Q06.

If you are actually feeding this data to a tax preparation program, I think you're out of luck.

If you're using the tax planner, you can enter the data manually.

If you are just running reports, you could pick another tax line, so at least it will be summarized on the report.

If you want the title to appear properly in your report, you can actually edit the file which controls the tax assignment. Its name is TAX.SCD and should be in your Quickenw directory.

FWIW to you, QW06 does have a tax line assignment; 'Form 1040:Student loan interest'

My online services license for XG2005 expires in Jan 2008, so I'll have to make a decision:

Use the workarounds suggested by Fred, or upgrade to XG2006? I don't know. For now I'll use the workarounds. I'll have to think about upgrading.

I guess I can always hope Intuit will make an XG2005 R3 release that corrects the omission (I'm not sure I would call it a bug).

Should I keep my fingers crossed?

Thanks for the help.

I've got Quicken XG 2006 (Canadian) and it does not have any tax line assignment for student loan interest. Form 1040 is an American form.

The upgrade to XG2006 won't fix your problem. I have it, and it doesn't have a tax line item for student loan interest.

This would be a good idea. It's not a bug, but it's definitely something that should be included in the tax items.

zado snipped-for-privacy@yahoo.com

So I guess I'll stay with XG 2205.

Quite frankly, I'm a little bit pissed about this. It's not like the Government of Canada and CCRA keep their T1 General and Schedule 1 worksheets a deep dark secret. Not by any stretch.

How the hell can Intuit release a Canadian version of Quicken than hasn't been thoroughly tested against those forms.

Am I wrong here?

So I guess I'll stay with XG 2005.

Quite frankly, I'm a little bit pissed about this. It's not like the Government of Canada and CCRA keep their T1 General and Schedule 1 worksheets a deep dark secret. Not by any stretch.

How the hell can Intuit release a Canadian version of Quicken than hasn't been thoroughly tested against those forms.

Am I wrong here?

Getting "pissed" is childish. Post back when you can demonstrate that you have never made a mistake.

A mistake is one thing, but student loan interest has been deductible in Canada for a LONG time. It's not like this was a one-time error - it has been overlooked in Quicken for a number of years.

That said, it may be something that hasn't been brought to Intuit's attention. Once they are notified of the problem, it should be a simple error to correct.

Sorry John, but I think I'll stay just a little bit pissed even though I like XG a lot. But like the other poster noted, interest paid on student loans has been deductable for a long time in Canada. And again, it's not like Canada Customs and Revenue Agency has been keeping their Schedule 1 worksheet a secret.

In fact, here's a link for Intuit's quality assurance people to download a copy for themselves. There's even a braille version available in case they're blind.

Please take note of line 319.

Sorry John, but I think I'll stay just a little bit pissed even though I like XG a lot. Like the other poster noted, interest paid on student loans has been deductable for a long time in Canada. It is not some arcane tax deduction. It is very common.

And again, it's not like Canada Customs and Revenue Agency has been keeping their Schedule 1 worksheet a secret. Very likely every tax paying Canadian has seen it (with the possible exception of Quicken XG software developers and QA people)

Just in case, here's a link for Intuit's Canadian employees to download a copy for themselves.

Please take note of line 319.

Once they

It really should not have to be brought to their attention. It's actually a significant oversight. Any quality testing they do in Alberta for their XG product's tax features should be done with respect to Canada Revenue Agency's tax forms.

Sorry John, but I think I'll stay just a little bit pissed even though I like XG a lot. Like the other poster noted, interest paid on student loans has been deductable for a long time in Canada. It is not some arcane tax deduction. It is very common.

And again, it's not like Canada Revenue Agency has been keeping their Schedule 1 worksheet a secret. Very likely every tax paying Canadian has seen it (with the possible exception of Quicken XG software developers and QA people in Alberta)

Just in case, here's a link for Intuit's Canadian employees to download a copy for themselves.

Please take note of line 319.

And PLEASE, PLEASE be sure that the people working on QuickTax get a copy of it.

1. In fact, it's only been recently that student loan interest is deductible on Canadian tax returns. Line 319 is a relatively new addition to the tax return.

1. If you're going to get pissed off, you should be equally pissed at CRA. By putting student loan interest in line 319, it's treated as a Non-Refundable Tax Credit. This means your tax savings is only at the lowest tax rate, regardless of your income. It should really be a tax deduction and included in line 221.

2. Line 319 isn't the only line item missing from Quicken's tax assignment table. As you continue to do tax returns, you'll have many other opportunities to get pissed off at Intuit.

1. The real failure of Canadian Quicken is not the missing tax line assignments. It would be virtually impossible to include all possible assignments. What we need, however, is the ability to add our own assignments to the tax schedules. Then we wouldn't be having this conversation.

I agree. I don't recall anyone saying they had attempted to bring it to Intuit's attention.

I believe it was introduced in the 1998 budget. No? Long enough. Certainly long enough that Intuit Canada made changes in XG's Tax Planner tool to allow for it.

Neither here nor there. This is a discussion group for Intuit's Quicken software.

I think this is now the third time I've brought this up. I'm not talking about seldom or infrequently used tax assignments. I'm talking about items that appear on CRA's Schedule 1 form. When preparing their annual release of XG, you would think Intuit Canada would review all the tax related tools and features of XG with respect to the latest tax changes. At least those changes that will have the widest impact. Certainly the non-refundable tax credit for student loan interest was one of those changes. There are many many people in Canada paying off student loans, including myself

The most common tax assignments should be included. Certainly those that appear on the Schedule 1 document.

All good points. None of which are directed to solving your problem, though it's a good rant.

If you would rather solve your problem, I see two workarounds:

1.If your requirement is a categorized report, so you can post the total amount into a tax program, then pick any unused tax assignment code. You'll get the total you want, and ignore the description.

1. If you really want a line 319 to appear on the report, modify the TAX.SCD file.