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Quicken 2009 The Official Guide
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Figure 19-1 The Category List window shows the tax information provided for each category.
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Auditing Your Tax Line Assignments
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Quicken can audit the tax line information associated with categories and tell you where there may be problems with the assignments. This feature helps ensure that you have properly set up your categories to take advantage of Quicken s tax features. Choose Tax | Tax Category Audit. Quicken quickly reviews all your categories. If it finds potential problems, it displays them in the Tax Category Audit window (see Figure 19-2). You have three choices for working with the items Quicken finds:
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To accept Quicken s suggested correction for the category, click the Change link in the Action column on the category s line. Then click OK in the Edit Selected Tax Audit Category dialog that appears. (This dialog looks and works just like the Set Up or Edit Category dialog, shown earlier in this chapter.) To ignore the possible problem, click the Ignore link in the Action column on the category s line.
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19 / Simplifying Tax Preparation
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Figure 19-2 The Tax Category Audit window lists categories that may have incorrect tax line assignments.
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To change the tax line assignment manually, click the category name link and make the desired changes in the Edit Selected Tax Audit Category dialog that appears, and then click OK. (This dialog looks and works just like the Set Up or Edit Category dialog shown earlier in this chapter.)
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If Quicken doesn t find any problems with your categories, it displays a dialog that tells you so. Keep in mind, however, that this doesn t necessarily mean that your tax line assignments are error-free. You should review them the oldfashioned way by looking them over yourself before relying on them.
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Tax Reports
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Quicken offers several tax reports that can make tax time easier by providing the information you need to prepare your taxes. All of these reports are based on the tax information settings for the accounts and categories in your Quicken data file. You can learn more about Quicken s reporting feature in 9.
Quicken 2009 The Official Guide
To create a report, select Reports | Tax and choose the name of the report from the submenu:
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Capital Gains summarizes gains and losses on the sales of investments, organized by the term of the investment (short or long) and the investment account. Schedule A Itemized Deductions summarizes the itemized deductions that appear on Schedule A of a 1040 tax return. Schedule B Interest And Dividends summarizes interest and dividends income that is reported on Schedule B of a 1040 tax return. Schedule D Capital Gains And Losses summarizes the capital gains and losses from the sale of investments that are reported on Schedule D of a 1040 tax return. Tax Schedule summarizes tax-related transactions, organized by tax form or schedule and line item. Tax Summary summarizes tax-related transactions, organized by category and date.
Online Tax Tools
The Online Tax Tools submenu under the Tax menu offers access to a number of tax-related features and information sources on the TurboTax.com Web site that can help you with your taxes. All you need to take advantage of these features is an Internet connection. Here s a quick look at the online tax tools. The next time you re thinking about taxes, be sure to check these out.
Tax Calculators The Tax Calculators command displays the TurboTax Free Tax
Calculators & Tax Tips page. You can find links to various online tools for making tax and other financial calculations in the Calculators box on the left side of the page. You can also follow links to get tax tips and learn more about TurboTax.
Common Tax Questions The Common Tax Questions command displays the
Tax Help page on TurboTax.com. This page includes dozens of links to taxrelated topics.
Tax Forms The Tax Forms command displays the Tax Forms page on
TurboTax.com (refer to Figure 19-3), which offers links to various categories of tax forms. Click a link to display additional information and links to forms.
19 / Simplifying Tax Preparation
Figure 19-3 The Tax Forms page on TurboTax.com offers links to federal and state tax forms.
When you click a form link, Quicken downloads the form as an Acrobat PDF file that appears in either a Web browser window or an Adobe Acrobat Reader window. (You must have the freely distributed Adobe Acrobat Reader software to open and use these forms.) Print the form to fill it out manually.
Federal Tax Publications The Federal Tax Publications command displays the IRS Publications page on TurboTax.com. This page is full of links to IRS publications available on the Web. You ll find these publications extremely helpful when trying to figure out tax laws provided you can understand the publications!
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