How to Import Data From Microsoft Money Into TaxCut

TaxCut allows users to take advantage of the work they have already done through keeping their financial records with Microsoft Money. Instead of entering summaries of such records manually, you can import the records directly from Microsoft Money into your TaxCut tax files.

Difficulty: Moderately Easy

Instructions

Things You'll Need:

• Microsoft Money financial software
• TaxCut tax-preparation software

Import Data From Microsoft Money Into TaxCut

1. Review the integrity and accuracy of your financial-data files in Microsoft Money before you import these records into your tax files. Accurate records in your data import will save you time later when you prepare your tax return in TaxCut.

2. Create the TaxCut file into which you will be importing Microsoft Money financial data, giving it a distinctive file name that references you as the tax filer, as well as two digits that help to identify the applicable tax year.

3. Click the File pull-down menu in the toolbar at the top of the TaxCut screen, and select "Import Financial Data" to begin importing your Microsoft Money data files into the tax-return file you will use.

4. From the two columns in the "Import Financial Data" dialog box that appears on your screen, select "Microsoft Money," and the year for the data you are importing.

5. Click on the data file for the year of the Microsoft Money data you wish to import and follow all other prompts provided by the TaxCut Import Wizard.

6. Enter the password that you use to access your financial records through Microsoft Money, so that TaxCut will be able to access the appropriate data.

7. Click on the "Import" button to import your data.

8. Finalize the import process by reviewing the on-screen "Import Report" to check data that is about to be imported.

9. Clear the "X" from the checkbox of any item you do not wish to import and edit any incorrect or incomplete items. You will also be able to override imported data later if it should be corrected by a more authoritative source, such as a W-2 or 1099 form.

Tips & Warnings

• Protect the security of your tax and financial-record files by enabling the password-protection features in both software applications. Round out your protection by using security software, such as McAfee Internet Security Suite or Norton 360 All-In-One Security, to establish and manage a reliable security measures.
• Make sure that you install TaxCut on the same computer on which you have previously installed and used Microsoft Money. TaxCut's data-import functions will not work remotely. They can only be used with Microsoft Money if both programs are installed on the same computer.