To get the most out of the Tax Planner and to ensure that the information you are using to estimate and plan for this year's taxes is as accurate as possible, you can import your TurboTax file from a previous year. However, because tax codes change frequently, Quicken allows only the current year or the previous year's tax files.
If you do not use TurboTax to file your taxes, you can manually enter your tax information in Quicken and still benefit from using the Tax Planner. Whether you import the information or enter it manually, the first thing you should do before using the Tax Planner, which is covered a little later in this chapter, is set up your tax information.
You can also export information from individual accounts in Quicken to use in TurboTax, such as transaction information that you can use when itemizing your taxes.
Import TurboTax Information
- Click File, Import, TurboTax.
- From the Import TurboTax File dialog box, locate the TurboTax file you want to import. The file should have a .tax extension (for example, tax2006.tax). A message appears asking if the file is the one you want to import and telling you that any tax information you've previously imported will be overwritten.
- If the file is the one you want to import, click Continue. Otherwise, click Change File to locate the correct file.
- When the file is finished importing, click OK. Quicken automatically updates the Tax Center with the tax information you imported.
For Your Information
The messages you see when you import your tax information may differ from what you see here, depending on your filing status and the tax filing form you use.
Export TurboTax Information
- Choose File, Export, and then select QIF File.
- Click Browse to specify where you want to save the file.
- From the Save In drop-down menu, locate the folder where you want to save the file.
- Click in File Name and type the name of the file. Then click OK.
- From the Quicken Account to Export From menu on the QIF Export dialog, select the account you want to export.
- From the Include Transactions in Dates section, type or select the date range for the account transactions you want to export in the Quicken file.
- In the Include in Export section, select the type of information you want to export.
- Click OK. The information you just exported is now located in the folder you selected and has a .QIF extension (for example, 2005Taxes.qif).