Qualified Dividends versus plain Dividends

[Kenneth Workman]

I'm using 2004 Quicken for the Mac and there does not appear to be a
way to differentiate between "plain" Dividends and Qualified Dividends
which are taxed at different rates.

How can I solve this problem?

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[JMC]

Kenneth Workman wrote: I'm using 2004 Quicken for the Mac and there does not appear to be a way to differentiate between "plain" Dividends and Qualified Dividends which are taxed at different rates. How can I solve this problem? -- To respond by email please remove "mypants"! (;oD

Speaking from WIN version.

I created a new category for qualified dividends and assigned tax line
item 'Schedule B: Qualified dividend' - this is available in the tax
line assignment list. The dividends must be entered in the register as
a miscellaneous income item to permit assigning this custom category.

I also created a new category for ordinary dividens with tax line
assignment 'Schedule B: Dividend income' - could have used existing
dividend income category but new category includes discriptor
'Ordinary' for ease in interpreting.

QW's Tax Schedule Report subtotals these separately for ease in
entering in tax prep software.

I doubt that this info will import directly into the tax software - but
haven't tried it for other reasons.

[Kenneth Workman]

In article <1128001524.052749.27510@f14g2000cwb.googlegroups.com>, JM
<zado_38@yahoo.com> wrote:
Kenneth Workman wrote: I'm using 2004 Quicken for the Mac and there does not appear to be a way to differentiate between "plain" Dividends and Qualified Dividends which are taxed at different rates. How can I solve this problem? -- To respond by email please remove "mypants"! (;oD Speaking from WIN version. I created a new category for qualified dividends and assigned tax line item 'Schedule B: Qualified dividend' - this is available in the tax line assignment list. The dividends must be entered in the register as a miscellaneous income item to permit assigning this custom category. I also created a new category for ordinary dividens with tax line assignment 'Schedule B: Dividend income' - could have used existing dividend income category but new category includes discriptor 'Ordinary' for ease in interpreting. QW's Tax Schedule Report subtotals these separately for ease in entering in tax prep software. I doubt that this info will import directly into the tax software - but haven't tried it for other reasons.

JM:

Thank you for the workaround. Dioesn't it seem strange that Intuit
would ignore this rather basic part of the tax code? I think your
suggestion will work in the Mac version also.

Again that you!

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[JMC]

<snip>
JM: Thank you for the workaround. Dioesn't it seem strange that Intuit would ignore this rather basic part of the tax code? I think your suggestion will work in the Mac version also. Again that you!


I too wish QW was more versatile on tax issues. I have expnded a lot of
effort on work-arounds for the various types of investment income -
other than the standard interest and dividends.

An alternate work-around for the Ordinary/Qualified dividend issue goes
as follows; assign classes, Qualified or Ordinary, to the '_DivInc'
category. You have to enter the dividend as a 'Misc Inc' transaction in
order to access the category field. Then assign 'Copy No.s' to each
class. QW will then subtotal the two classes separately in the Tax
Schedule Report.

Have got to wonder if some concepts, like 'Qualified Dividends', might
be caught up in the on-going debate over making the 'tax cuts'
permanent. Must be quite a challenge for a software co. to keep up with
something as volatile as tax codes.

[Mike Blake-Knox]

In article <1128272607.442173.312750@o13g2000cwo.googlegroups.com>, Jm
wrote: I too wish QW was more versatile on tax issues. I have expnded a lot of effort on work-arounds for the various types of investment income - other than the standard interest and dividends.

It would really be nice if Quicken allowed you map a category into a "tax
line item" in each of the IRS forms and in the Turbotax worksheets. It
would be even better if it allowed you to map to a line item that might
not have even existed when the Quicken version was released.

When was the Qualified Dividend tax break finalized? It might have been
after Q2004 was finished in mid 2003.

Mike

[JMC]

Mike Blake-Knox wrote: In article <1128272607.442173.312750@o13g2000cwo.googlegroups.com>, Jm wrote: I too wish QW was more versatile on tax issues. I have expnded a lot of effort on work-arounds for the various types of investment income - other than the standard interest and dividends. It would really be nice if Quicken allowed you map a category into a "tax line item" in each of the IRS forms and in the Turbotax worksheets. It would be even better if it allowed you to map to a line item that might not have even existed when the Quicken version was released.

Amen!! Have you looked at the three files, TAX.PRI, TAX,SCD, & TAX.THP,
in the QW program directory? Looks like you could create new tax line
items with some editing here. Am going to sit down and experiment with
it one of these days. Highly unlikely it would interface with tax
software, but could at least generate a QW Tax Schedule Report that
summarized data in a format for ready entry in the tax forms.

Have had some success in other areas - e.g., have four accounts that
pay interest and each gets a separate 1099-INT report at Y-E. QW does
not differentiate between payees in the Tax Sched Rpt. I use classes,
with Copy No's, for each account and the result is that each payee is
subtotaled separately in the Tax Schedule Report. This helps.

On the other hand, struggled thru a K-1 for a limited partnership last
year. Don't see any way that QW could handle that one - it's tough
enough in TTax!!
When was the Qualified Dividend tax break finalized? It might have been after Q2004 was finished in mid 2003.

Think you are right - find first references to it in late 2003.
Mike

[Mike Blake-Knox]

In article <1128345588.947647.318060@g49g2000cwa.googlegroups.com>, Jm
wrote: Amen!! Have you looked at the three files, TAX.PRI, TAX,SCD, & TAX.THP, in the QW program directory?

No, but I had looked into Turbotax a bit. It has tax.scd and tax.thp files
that must be involved in reading the import.

Maybe you can enter data in Turbotax worksheets by playing with these
files.

Mike

[scott s.]

Mike Blake-Knox <mikebkdontspam@Intrex.net> wrote in
news:VA.000001bb.08406a2f@intrex.net:
In article <1128345588.947647.318060@g49g2000cwa.googlegroups.com>, Jm wrote: Amen!! Have you looked at the three files, TAX.PRI, TAX,SCD, & TAX.THP, in the QW program directory? No, but I had looked into Turbotax a bit. It has tax.scd and tax.thp files that must be involved in reading the import. Maybe you can enter data in Turbotax worksheets by playing with these files.

I believe you are right that those files are required for importing into
turbotax. In the past I have edited them, but not recently. I
would be surprised if import worked correctly if they are edited.

scott s.
..

[Mike Blake-Knox]

In article <Xns96E562073FABC752703703acsicom@207.217.125.201>, Scott s.
wrote: I would be surprised if import worked correctly if they are edited.

That's my concern too -- Especially as Quicken seems to be pretty
sensitive to changes in its environment.

Mike

[Kenneth Workman]

In article <VA.000001ba.031d5c05@intrex.net>, Mike Blake-Knox
<mikebkdontspam@Intrex.net> wrote:
In article <1128272607.442173.312750@o13g2000cwo.googlegroups.com>, Jm wrote: I too wish QW was more versatile on tax issues. I have expnded a lot of effort on work-arounds for the various types of investment income - other than the standard interest and dividends. It would really be nice if Quicken allowed you map a category into a "tax line item" in each of the IRS forms and in the Turbotax worksheets. It would be even better if it allowed you to map to a line item that might not have even existed when the Quicken version was released. When was the Qualified Dividend tax break finalized? It might have been after Q2004 was finished in mid 2003. Mike


Mike:

That may be true. However it seems the 2006 version still doesn't
include Qualified Divedends.

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