Capital gains on tax-free securities

[Dick Chimenti]

In preparation for tax-time, I've gone through import of Quicken to
TurboTax and found that Capital Gains Distributions were not imported
for two securities that are declared tax-free.

Although the normal dividends of tax-free securities are, in fact, tax
free; the tax folks tell me that Capital Gains must be declared.

I can find no mechanism in Quicken that will allow this to happen.
Either both divs. and cap. gains are in or out. I suppose I can make
a manual entry, but does anyone know of an automatic way?

Dick Chimenti

[_bruc...@intuit.com]

This is a known bug in TurboTax. Workaround is to export a .TXF file
from Quicken and import the .TXF file into TurboTax.

>Dick Chimenti

--Bruce (Intuit Development)

If you want to respond via e-mail, remove leading
and trailing '_' from the provided return address.

[Bill H]

No this is a bug in Quicken. At least through QWin 98. This is from
the help file "Select the tax-free option if this is a tax-free
security. Tax-free securities are filtered out of capital gains
reports."

Why this was done I have absolutely no idea. It has been reported as a
bug many times.

Why not use MiscInc and then it can be assigned to the appropriate tax
schedule. This is what Intuit used to recommend.

This has several advantages. First it does not have the capital gains
problem. And it allows you select the best tax treatment of single or
double tax free.

Bill

[Dick Chimenti]

Thanks. Do you know if the bug is fixed in this year's TurboTax?

-dick

In article <380cdc0d...@news1.intuit.com>,

_bruce...@intuit.com writes:
|> This is a known bug in TurboTax. Workaround is to export a .TXF file
|> from Quicken and import the .TXF file into TurboTax.
|>
|> >From: chim...@vacuum.stl.ibm.com (Dick Chimenti)
|> >Newsgroups: alt.comp.software.financial.quicken
|> >Subject: Capital gains on tax-free securities
|> >Date: 19 Oct 1999 16:10:28 GMT
|>
|> >In preparation for tax-time, I've gone through import of Quicken to
|> >TurboTax and found that Capital Gains Distributions were not imported
|> >for two securities that are declared tax-free.
|>
|> >Although the normal dividends of tax-free securities are, in fact, tax
|> >free; the tax folks tell me that Capital Gains must be declared.
|>
|> >I can find no mechanism in Quicken that will allow this to happen.
|> >Either both divs. and cap. gains are in or out. I suppose I can make
|> >a manual entry, but does anyone know of an automatic way?
|>
|> >Dick Chimenti
|>
|> --Bruce (Intuit Development)
|>
|> If you want to respond via e-mail, remove leading
|> and trailing '_' from the provided return address.

--

Dick Chimenti chim...@us.ibm.com