In particular, quicken seems to have no flexibility in specifying tax
Here is an example that concerns me. When I left my former employer in late 2003, I continued on in their health insurance program (i.e. COBRA). From my reading of the IRS instructions, I believe that these health insurance premiums (since I am now paying the full amount out of my own money) are tax deductible. Depending on your situation, they can either be claimed on line 31 of your 1040 as a Self-Employed Health Insurance Deduction, or they can be claimed on schedule A as a medical expense. Please educate me here if I am wrong here.
When I set up a new category in quicken for this (a subcategory of Insurance:Medical Insurance that I call COBRA), there was a place in the dialog box to enter the tax line item. Unfortunately, none of the choices that the program lists by default (in either standard or extended list) seems to be the choice that I need. I ended up selecting as the tax line item schedule A:Medical travel and lodging. This is clearly inaccurate, but is the closest thing that I could find.
Is there a better way that I should have handled this?
Is there a way in Quicken to add to the tax line item list? (And it has to work with Turbo Tax, since that is what I am using to do my taxes.)
Or for this situation, would it have been better to not give any tax line item at all? From what I gather from this posting http://groups-beta.google.com/group/alt.comp.software.financial.quicken/browse_thread/thread/a5fc31470c6df15b/16b966cfbd0b1f3a?q=medical+premium#16b966cfbd0b1f3a
at least with older versions of TurboTax, it will ask you in your interview when doing your schedule C about your insurance and then put the amount in the proper place (as a Self-Employed Health Insurance Deduction or on schedule A as a medical expense).