I'm using Quicken 2015. This year I purchased Turbotax 2018 to complete my form 1040. I'm a self-employed person. As I'm going through the Turbotax wizard it's asking me about rental income (I rented a bedroom in my home). As I explore how to report this I learn that I can import the information from my account in Quicken 2015. I want to do that properly. My question: How do I set up the categories (and tags?) so that the information in my Quicken 2015 file imports correctly?
-> Is there a document that tells how to do that (or a YouTube 'how to'?)?
-> What do the names of the categories have to be?
-> What if I have a category like 'phones' which is tax-related (because I use the phone for personal and business use)? How do I designate the portion of that expense that is for business and for personal use?
How to import from Quicken 2016 or earlier. You can not directly import older years. Only the last 3 years of Quicken.
It doesn't matter what you call the category. You need to assign your category to a tax line item number.
To check the tax line assignment open the Category list by either clicking on the Category Icon or go to Tools-Category List or Ctrl+Shift+C. Then select the category and right click on it to Edit it. Click on the Tax Reporting Tab and check the box for Tax related and pick a Schedule C: tax line item.
Here is a screen shot of mine. As you can see I named my schedule C categories with the schedule C line number. You can use any name you want. Then you assign each category to the tax line.