Tip: Importing Capital Gains (only) into TurboTax from Quicken

I've been using Turbotax for years, but when it came to Capital Gains I've always had to attach a separate printed Quicken Report to my return that listed all the transactions, because there were too many to enter manually. This also meant that I couldn't file an electronic return because I didn't know how to 'attach' that statement to the Turbotax file.

(I've posted to this and other forums several times asking if someone knew how to import capital gains from Quicken into Turbotax, but have never gotten an answer. Maybe it's so obvious, nobody bothered to answer...?)

Anyway I discovered the following simple tip the other day so I thought I'd share it.

All you do is create a Capital Gains report in Quicken. Then you can 'export' that report to a tax file format, and next 'import' that file while running TurboTax! Turbotax then adds as many extra pages of capital gain transactions as required to get them all into your return.

I haven't tried, but I'd guess you can use this same trick to import many other types of tranactions that can be captured in a Quicken Report.

Enjoy...

Reply to
Auburn Bob
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This is only as good as the report. I don't have a lot of confidence in the accuracy of Q's numbers. They are a good barometer of where you stand, but I would be careful as to how precise the numbers are....

Reply to
Hank Arnold

I agree completely with your point about the validity of the Quicken data.

In my case this is the report I use for the IRS whether it's printed or imported, so I do my best to check its accuracy.

For better or worse I use Quicken to keep track of all my stock transactions and have for over 10 years. Each year I compare my stock sales TOTAL as computed by Quicken and reported by each brokerage house, it has always agreed to the penny. In cases where the brokerage also has a good record of my cost basis I check that against Quicken also, and again it's always agreed to the penny. In case the TOTAL didn't agree I would go into the body of the report and reconcile the difference.

I should also mention to anyone who is following a similar procedure to make sure to periodically print out your entire portfolio and basis and put it in a safe deposit box so if either Quicken or your computer pack it in, you have a hard copy backup for future tax returns!

Reply to
Auburn Bob

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