How do I look for deductions?
About looking for deductions
Quicken offers two tools to help you find tax deductions that you may not know about or may not think apply to your tax situation.
- The Deduction Finder contains a list of available deductions and helps you determine if you might qualify for them. It also maintains a list of the deductions for which you could be eligible, describes the deductions, tells you which tax form or schedule to use for each deduction, helps you create new categories so you can track expenses that you might later be able to deduct, and explains the types of records you should keep for tax time.
- The Itemized Deduction Estimator helps you determine the actual impact taking these deductions might have on your tax bill. Once you identify deductions you might take using the Deduction Finder, you can use the worksheets in the Itemized Deduction Estimator to enter the amounts you spend in these areas and determine how much you could deduct.
Be sure to investigate any deduction thoroughly before you take it. The deduction tools in Quicken can only help you identify deductions you may have missed or haven't considered; it can't confirm that you're indeed qualified to take the deduction. Check with the Internal Revenue Service or your tax professional for complete details and information.
Click a link below for more information.
Use the Deduction Finder to look for deductions
- Click the Planning tab.
- Click the Tax Center button.
- Choose Tax Tools > Deduction Finder.
- In the Choose a deduction type field, select a deduction type.
- In the Choose a deduction field, select a deduction.
- Answer the questions Quicken displays to see if you're eligible.
- For more information about a particular deduction, click More Information.
- To create a category to track a deduction you may be eligible for, click Create Category, and then click OK to have Quicken create the proper category.
- Click the Summary tab to see a summary of the number of deductions available for each deduction type, the number you answered questions for, and the number you may be eligible for.
- Click the Action Plan tab for information about each deduction you may be eligible for and the steps you should now take.
- Click Print to print the information on a selected tab. (Optional)
Use the Itemized Deduction Estimator to estimate how much I can deduct
- Click the Planning tab.
- Click the Tax Center button.
- Choose Tax Tools > Itemized Deduction Estimator.
- Select a worksheet from the list on the left.
Which worksheet did you select?
Medical, Taxes, Interest, Charitable Contributions, Miscellaneous, Other
- Click the Planning tab.
- Click the Tax Center button.
- Click the Tax Tools button and choose Itemized Deduction Estimator.
- On the left side of the page, in the Deduction Ideas list, select the appropriate deduction.
- Enter the appropriate values in the worksheet's fields. If a field doesn't apply to you, leave it blank.
- Click any place in the worksheet to calculate the totals.
- In the Tax Projection Data area on the right, view the deductions Quicken finds.
- To have the Tax Deduction Estimator worksheets revert back to your Tax Planner data, click Reset to Tax Planner Values. (Optional)
Adjust Basic Information
- Click the Planning tab.
- Click the Tax Center button.
- Click the Tax Tools button and choose Itemized Deduction Estimator.
- On the left side of the page, select Adjust Basic Information.
- In the Adjust Basic Information worksheet, in the Filing Status field, enter a new filing status. (Optional)
- In the Dependents field, enter a new value. (Optional)
- In the Adjusted Gross Income field, enter a new value. (Optional)
- Click any place in the worksheet to calculate the totals.
- In the Tax Projection Data area on the right, view the deductions Quicken finds.
- To have the Tax Deduction Estimator worksheets revert back to your Tax Planner data, click Reset to Tax Planner Values. (Optional)
Tax Payments
- Click the Planning tab.
- Click the Tax Center button.
- Click the Tax Tools button, and choose Itemized Deduction Estimator.
- On the left side of the page, select Tax Payments.
- In the Tax Payments worksheet, in the Tax Payments field on the left, make any necessary adjustments to the total amount of federal tax the Itemized Deduction Estimator currently believes you will have paid by the end of the year.
- Click any place in the worksheet to calculate the totals.
- In the Tax Projection Data area on the right, view the deductions Quicken finds.
- To have the Tax Deduction Estimator worksheets revert back to your Tax Planner data, click Reset to Tax Planner Values. (Optional)
Assign Tax Line Items
If necessary, you can link tax-related categories to tax line items.
Notes
The data and calculations in this What if feature don't affect your Quicken data or other tax tools.
Notes
If you've purchased Quicken Home & Business, Quicken identifies incomplete business transactions that are potentially deductible so you can resolve them by tax time.
Note for our Canadian Customers
The following terms will be different in the Canadian releases of Quicken.
Canada: "Cheque" / United States: "Check"
Canada: "Colour" / United States: "Color"
Canada: "Centre" / United States: "Center"
Canada: "Realise" / United States: "Realize"
Canada: "Behaviour" / United States: "Behavior"
Canada: "Analyse" / United States: "Analyze"
This feature requires Quicken Premier, Home, Business, & Rental Property. Learn how you can upgrade Quicken in minutes.