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To: Dale Baker who wrote (3330)1/2/1999 8:07:00 PM
From: Hands Off  Read Replies (1) | Respond to of 19700
 
Quicken - Exactly.

I have been using Quicken & TurboTax for years. When I get a broker confirmation I just enter it into Quicken. Quicken keeps track of my account positions, capital gains and investment performance. I can create reports for specific time periods, selecting both the accounts and investments I am interested in. In fact, Quicken and TT are more tightly coupled than just for investments. In Quicken you can assign a tax schedule/line # to each expense category you establish - ie charity. Then through the year when you make a charitable contribution it will, in theory, be automatically uploaded to TT since TT reads Quicken files. I think the combo is fantastic in theory and good in practice. I pay my bills online with Quicken and I believe, although I have not done it, I can download statements directly from Schwab into Quicken. I do download my credit card statements - both American Express and Quicken VISA allow this - saving entering the transactions manually.

The secret to Quicken is initially setting up the categories the way you want and assigning the correct tax lines. Also, MANDATORY, you must be religious in entering all items that you want to keep track of - otherwise, garbage in and garbage out and importing to TT will be worthless.

However, having said all that, Quicken/TT is not perfect. I use Quicken 98 Deluxe. I started off with Quicken 3 or 4 and keep migrating my base file from release to release. Along the way I seem to have corrupted something that was not fixable and when I tried last year to import from Quicken to TT I crashed Windows 98. Never did figure out the problem and ended up entering everything manually. BTW TT reads last year TT file to get base info like address, dependents, ss#'s etc and that seemed to work. Also, Intuit screwed me once in my business - they sold me tax tables for QuickenBooks that I did not need and refused to make a refund. Be careful with Intuit. But in general I like the products and have not had any problems with the IRS with TT - yet. (Probably get the audit letter tomorrow <g>).

Finally, Backup - Backup - Backup your files. If you get like me, all my records are Quicken and I would hate to think what would happen if I lost my data.

Hope this helps - Marshall