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Perhaps you've been managing a checkbook using Quicken for a while now (at least the past year) and have just now decided that you want to take advantage of the program's tax features for preparing your 2004 tax return. Is it too late? Should you wait until next year? Not at all. Setting up tax information is easily solved using the Quicken Tax Link Assistant. Some procrastinators even wait until they actually begin preparing their tax returns before they use this feature.
To use the Tax Link Assistant, follow these steps:
Choose Taxes, Tax Link Assistant.
The Tax Link Assistant dialog box appears. The left side lists the categories for your checking account. The right side, labeled Tax Form Line Items, lists all the different lines of the 1040 income tax form, as well as any schedules. At the top of the dialog box, you see brief step-by-step reminders as to how to use this dialog box.
Under Category, select the category to which you want to assign a line or schedule of your tax form. Under Tax Form Line Items, select the tax form line or schedule. Click Assign Line Item to Category. Repeat Steps 2-4 for other categories.
You don't have to match up all the categories to tax form line items. You only need to match the ones that you have to report on your tax return.
After you finish, click OK to save your changes.
You can now review the tax information for each category by using the Edit Category dialog box. Choose Finance, Category Transfer List. Select the category you want to review, and click the Edit button.
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