How to Import Data From Quicken Into TaxCut

Like many tax-preparation software packages, TaxCut can save you hours of data entry by allowing you to import your full year's worth of financial records from Quicken or another type of financial software into your TaxCut tax file for the year. The process of importing financial data and importing your previous year's tax return are independent functions that must be carried out separately.

Difficulty: Moderately Easy

Instructions

Things You'll Need:

• Quicken financial software
• TaxCut tax-preparation software

Import Data From Quicken Into TaxCut

1. Start a new TaxCut return, before you import financial data, by clicking on "Start a Return" under the "Welcome" tab on the screen or by clicking on "Create a New Return" on the "File" pull-down menu at the top of the screen. This will ensure that the financial data you are about to import from Quicken will be associated with your specific tax return.

2. Import your financial data from Quicken before you begin entering other data in your TaxCut file. Otherwise, the Quicken data will override your data entry.

3. Click on "Import Financial Data" from the "File" pull-down menu in the toolbar located at the top of the TaxCut screen.

4. Choose "Quicken" from the column to the left of the "Import Financial Data" selection box that appears on your screen and select the year for the data you are importing in the right-hand column.

5. Follow prompts from the TaxCut Import Wizard that appears on your screen, selecting the Quicken file for the year of the data you wish to import. Provide the password, if any, for your Quicken software, so that TaxCut may access its files.

6. Clear the checkbox that appears on your screen for any items that you do not wish to import.

7. Click on "Import," and TaxCut will automatically import your data.

8. Complete the import process by naming and saving your TaxCut return file, so that your Quicken records will be associated with the file.

9. Use the on-screen "Import Report" to alter any incorrect or incomplete items from your Quicken import.

Tips & Warnings

• Don't ignore the accounting rule of thumb that says that "bad data in" always leads to "bad data out." If sloppiness, cut corners or rough estimates have been a problem, you will save yourself time and headaches by sprucing up your records before you import them into TaxCut files.