Overview of tax-related features
You can use Quicken’s tax features to track IRS-reportable transactions, generate reports for review, and export data to tax preparation software. These tools help you organize your financial records by tax category and ensure your information is ready when it’s time to file.
This overview explains how tax categories, tax line assignments, reports, and exports work together.
Categorize transactions for tax reporting
Each time you enter a transaction, you assign it a category, such as Rent, Utilities, or Medical Expenses. Some of these categories are linked to IRS tax lines, which allows Quicken to treat them as tax-related.
If you use a tax-related category, the transaction is automatically included in tax reports and exports.
To categorize a transaction:
Open the transaction in your account register.
In the Category field, select a category linked to a tax line (tax-related categories are marked in the Category List).
Press Enter to save the transaction.
You can review your list of categories by choosing Tools > Category List.
Assign a tax line to a category
You can link any category to an IRS tax form and line by editing the category’s tax reporting settings. This allows Quicken to include the category in tax reports and tax file exports.
To assign a tax line:
Choose Tools > Category List.
Right-click the category you want to edit, then select Edit.
In the Edit Category window, select the Tax Reporting tab.
Select the Tax related category checkbox.
From the Tax form for this category list, choose the IRS form that applies.
From the Tax line item for this category list, choose the line that best describes the tax-related purpose of the category.
Review the Tax line item description to confirm the selection.
Click Save.
If you clear the Tax related category checkbox, the category will be excluded from all tax reports and exports.
Generate tax reports
Quicken provides several reports that organize your tax-related transactions by category and tax line. These reports help you understand where your money is going and prepare documents for tax filing or review by an accountant.
Common tax reports include:
Tax Schedule: Lists transactions by tax line, formatted similarly to IRS tax forms.
Tax Summary: Shows total amounts by category and tax line for a selected time period.
Tax by Category: Displays transaction totals grouped by category and tax relevance.
To create a tax report:
Choose Reports > Tax.
Select a report, such as Tax Schedule or Tax Summary.
Set the date range or customize filters as needed.
Click Show Report.
You can print or export these reports directly from the toolbar in the report window.
Export tax data
You can export tax-related data for use in tax preparation software. The export includes all transactions assigned to tax-related categories and mapped to valid tax lines.
This feature creates a TAX file that many tax preparation programs can import, saving time and reducing manual data entry.
To export your tax data:
Choose File > Export > Tax Report (TAX file).
Follow the prompts to select the tax year and the accounts to include.
Save the file to your computer.
Import the file into your tax software when prompted.
The TAX file includes only transactions with tax line assignments. Uncategorized or non–tax-related transactions are excluded.
Before you export
Review your data before exporting to make sure the correct information is included:
Check that all relevant categories have valid tax lines assigned.
Review your category list to confirm that the correct categories were used.
Use the Tax Schedule report to preview what will be exported.
If a transaction is missing from your export, open the transaction and verify the category. Make sure it is assigned to a category that has a valid tax line.