This report lists transactions from all accounts in the current file with tax-related categories assigned to tax schedule line items. When you want a report that lists the exact figures you need to fill in on your Form 1040 tax form and most schedules (with the qualifications listed below), create a Tax Schedule report. (Click Expand All in the upper-left corner of the report to see the transactions for each tax line item grouped by tax schedule.) If you plan to export tax information to tax software, this is the report to use.
If you've purchased Quicken Business & Personal, this report includes transactions with rental property tags.
If you've entered rental property transactions that Quicken needs more information about, Quicken displays these transactions in the Unspecified Rental Expense and Unspecified Rental Income sections of the report so you know to resolve the unspecified transactions either in the report (see the note below) or on the Profit/Loss page on the Rental Property tab (only in Quicken Business & Personal). Quicken does not export unspecified values, so you should resolve them before you export your Quicken data to another program.
After you've assigned categories to line items correctly, you're ready to transfer the data from this report to tax preparation software that uses the tax schedules. Or you can use this report to fill in the exact figures on your Form 1040 tax form and schedules, with these two qualifications: (1) Check the figures against any limits defined by the IRS, such as the maximum deduction allowed for IRA contributions (the Quicken Tax Schedule report gives your personal totals, not the IRS limits); and (2) be sure you've already recorded all relevant transactions in Quicken (Quicken comes with the investment categories _DivInc and _IntInc assigned to Schedule B, and the Tax Schedule report subtotals the amount for each category by investment account, but not by security).
The initial report excludes tax-deferred accounts (you can customize the report to include them). If you exclude an account for which you defined tax form information, the report still lists transfers made into or out of the account if the account at the other end of the transfer is included.
Keep in mind that the Tax Schedule report does not include capital gains. To see realized gains or losses, loss carryovers, and long-term capital gains distributions for securities, you can run a Schedule D report if you purchased Quicken Premier, Quicken Business & Personal. Otherwise, you need to run the Capital Gains report for your Schedule D information, and then transfer the information from the Capital Gains report to your Schedule D form.
Notes
If you have Unspecified Rental Expense or Unspecified Rental Income transactions in a version of Quicken besides Quicken Rental Property edition, you probably need to modify the category or tax line item to resolve the transactions. When you're done, the transactions should not use the Not Sure Rental Expense category, and they should not use a category with the Schedule E:Unspecified Rental Expense or Schedule E:Unspecified Rental Income tax line items.
