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Setting up Quicken categories to sync with Turbotax

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?

Related questions: 

-> 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?

Thank you.


2 Replies
Level 15

Setting up Quicken categories to sync with Turbotax

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.


Q Tax Business Category.jpg



Level 15

Setting up Quicken categories to sync with Turbotax

I guess when you enter your phone bill you would have to split it to 2 categories for personal and business.