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Quicken 2014 Essential Training
Illustration by Neil Webb

Using the Tax Center


From:

Quicken 2014 Essential Training

with Sally Norred

Video: Using the Tax Center

Quicken's tax planner uses the data and transactions you've entered into quicken You should import your previous year's TurboTax To import a TurboTax file.
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  1. 47s
    1. Welcome
      47s
  2. 10m 45s
    1. What is Quicken 2014 Premier?
      2m 45s
    2. Defining common Quicken terminology
      2m 58s
    3. Touring the Quicken interface
      5m 2s
  3. 36m 42s
    1. Setting up your Intuit ID
      2m 54s
    2. Using the Account Bar
      2m 46s
    3. Understanding account types
      3m 59s
    4. Adding your first account
      3m 11s
    5. Updating your accounts
      3m 44s
    6. Setting up your Password Vault
      2m 55s
    7. Adding other spending and savings accounts
      5m 15s
    8. Adding investing and retirement accounts
      4m 45s
    9. Adding property and asset accounts
      2m 44s
    10. Adding loan and debt accounts
      4m 29s
  4. 42m 13s
    1. Understanding spending account registers
      4m 59s
    2. Searching, sorting, and filtering transactions
      2m 31s
    3. Downloading transactions for a specific account
      1m 53s
    4. Entering spending transactions manually
      2m 15s
    5. Understanding transaction categories
      2m 42s
    6. Categorizing transactions
      4m 37s
    7. Customizing the Category List
      3m 54s
    8. Recording split transactions
      3m 31s
    9. Transferring funds between accounts
      1m 21s
    10. Saving time with memorized payees and QuickFill
      4m 30s
    11. Reconciling accounts
      4m 8s
    12. Using the Spending tab
      2m 28s
    13. Creating and understanding spending reports
      3m 24s
  5. 20m 8s
    1. Using the Bills tab
      4m 6s
    2. Setting upcoming bill reminders
      5m 11s
    3. Setting upcoming income reminders
      4m 6s
    4. Projecting future account balances
      2m 54s
    5. Using Quicken Bill Pay
      3m 51s
  6. 24m 39s
    1. Using the Planning tab
      2m 34s
    2. Creating a budget
      5m 48s
    3. Creating a debt-reduction plan
      3m 53s
    4. Using the Lifetime Planner
      3m 32s
    5. Using the Tax Center
      3m 29s
    6. Creating savings goals
      5m 23s
  7. 18m 11s
    1. Using the Investing tab
      4m 22s
    2. Viewing your portfolio
      4m 45s
    3. Tracking your portfolio performance
      3m 10s
    4. Monitoring asset allocation
      3m 46s
    5. Creating and understanding investment reports
      2m 8s
  8. 10m 58s
    1. What is the Quicken mobile app?
      2m 51s
    2. Installing the Quicken mobile app
      3m 59s
    3. Quicken mobile app overview
      4m 8s
  9. 33s
    1. Next steps
      33s

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Quicken 2014 Essential Training
2h 44m Appropriate for all Jun 19, 2014

Viewers: in countries Watching now:

Remove the mystery from your finances with Quicken 2014, the one-stop shop for managing your money and charting your financial future. In this course, Sally Norred takes you on a tour of this powerful personal finance tool, showing how to connect with your bank, and integrate your savings, retirement, loan, and credit card accounts to see the big picture of your financial health. Learn how Quicken automatically tracks and categorizes your spending, and then see how to customize this tracking to suit your needs. Walk through setting up bill and income reminders to stay on top of important payment dates and developing a budget that gives you the information you need to make sound financial decisions. Once you understand the basics, discover Quicken's tools for helping you get out of debt as soon as possible and create savings goals for your next big purchase. Last, see how to get the most out of your investments and check out the Quicken mobile app, which allows you to track purchases using photos of receipts taken with your mobile device.

Topics include:
  • Touring the interface and setting up an Intuit ID
  • Understanding account types
  • Adding and updating accounts
  • Tracking spending
  • Searching, sorting, and filtering transactions
  • Categorizing transactions and customizing categories
  • Reconciling accounts
  • Creating and understanding spending reports
  • Projecting future balances
  • Using Quicken Online Bill Pay
  • Creating a budget
  • Creating a debt reduction plan and savings goals
  • Using the Lifetime Planner and the Tax Center
  • Tracking investments
  • Viewing your investment portfolio
  • Creating and understanding investment reports
  • Using the Quicken mobile app
Subjects:
Business Productivity Home + Small Office Finance
Software:
Quicken
Author:
Sally Norred

Using the Tax Center

Quicken's tax planner uses the data and transactions you've entered into quicken to help you estimate and analyze your tax situation for the current year. It works best, if you can import data from TurboTax, tax planning software. Note that the tax planner tool, is not a substitute for tax return preparation software like TurboTax. Rather, it's a way of estimating your tax owed, or the size of your refund, based on the information you've entered into the Quicken software. Quicken can base your tax estimate on transactions you've entered or have scheduled or numbers you estimate.

It can also pull data, from a tax return created with another software product from Intuit, TurboTax. You can enter all of the data by hand. But that takes a long time. If you use TurboTax, I'd recommend importing the data to the Tax Planner from your previous year's tax return in TurboTax, to save a lot of data entry time. You should import your previous year's TurboTax data file prior to using the Tax Planner. Let me show you how to do that. To import a TurboTax file. Select File > File Import, and select >TurboTax File.

Locate the TurboTax file, on your computer and click okay. You'll need to make sure that you've categorized all your transactions for the tax year you're estimating, in order to get an accurate estimate from Quicken. Before you start entering data into the Tax Planner, you'll need to assemble all of your tax related information. Make sure you have your income records, your itemized deductions and tax credits, any relevant tax publications and your previous tax returns easily accessible. Let's walk through this steps for getting started with the Tax Planner tool. Start by clicking the Planning tab.

Now click the Tax Center tab. The first thing you want to do, is click the Show Tax Planner button. This is where you're going to need to do a lot of data entry for each of these sections. It's a lot like filling out tax form. If you've imported a TurboTax file, data will appear in all these fields, and you can just revise based on this year's data. Use the Next button, or click on the left-hand menu, to go through and fill out this information. Continue to click to the menu and enter as much data as you can. The tax planner is going to be able to estimate more accurately, if you input as much current data as possible.

When you're done entering the data, you'll see the projected text screen. If any line has a red flag to it, it means you'll only need to enter more data for this line to get an accurate estimate. There is a handy tax calendar here in the middle, that shows due dates for things like quarterly estimated taxes and extension dates. You can also setup alerts here. One of the best features here is the tax related expenses area. You can assign tax categories in your registers, and keep track of tax related expenses here. For instance, you may want to add a category for business expenses that you will deduct here.

Finally, the tax planner shows you your taxable income from your paychecks here. Note that Quicken by default tracks your net pay, the amount you deposit. If you want to track your gross pay, you can set that up under the Options button here. To see a printable tax report, click Show Tax Summary Report in the bottom-left corner of the window. Select the date range you'd like to see and click Print to print the report. The text planner is a robust tool, but it can take a lot of time if you're entering data manually. Ideally, use TurboTax and import last year's data so that your data entry time is minimized.

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