From: Walt Bilofsky on 17 Mar 2010 18:18
If you import data into Turbo Tax from Quicken, and pay estimated
taxes, you should check, and will probably need to fix, the imported
data on the Tax Payments Worksheet.
When importing estimated tax payments, Turbo Tax can cost you money in
GOTCHA #1: ESTIMATED TAX PAYMENTS IN JANUARY. Turbo Tax 2009 will not
import estimated tax payments made after December 31, 2009. Most
people required to pay estimated tax will make a payment in January
If you don't enter the January payment by hand on the Tax Payments
Worksheet, Turbo Tax will overstate the tax due (or understate your
GOTCHA #2: LATE ESTIMATED TAX PAYMENTS. When importing from Quicken,
Turbo Tax 2009 treats any payment made after the due date as if it
were made on the following due date.
For example, I made an estimated tax payment on 6/17/09 (two days
late), and another one on 9/15/09. When the data is imported from
Quicken, Turbo Tax dates both payments 9/15/09, and it asks whether to
disregard one or to combine them.
Even if I accept both payments, it still dates them both as of
9/15/09. This may result in Turbo Tax computing an unnecessary or
excessive penalty for underpayment of tax. It is necessary to fix
this error by hand.
The first gotcha has been around for many years. The second is a new
- Walt Bilofsky