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Tax Report - Brokerage account transactions excluded

rayhooker

I currently use traditional quicken to track taxable income from dividends and sales in my brokerage account. I add the account to my Simplifi money, and I see the transactions. They are not showing up in the tax report, despite the fact that I edited the account to remove the exclusion from reports. Is there are way to get these to appear in the tax reports, otherwise it is useless to me at this point.

Thanks,

Ray

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Reports

Investment Transactions

Taxes

Comments

Coach Natalie

@rayhooker, thanks for posting your inquiry to the Community!

The only type of Investment Transactions that can be included in Reports is 'Payment/Deposit'. If you go to Investments > Transactions, locate the transaction in question, and open it up:

The Type needs to be Payment/Deposit
The Category used needs to have a Tax Line Item assigned to it.
The 'Exclude from Reports' checkbox needs to be unchecked.

I tested this myself, and see the item in question in my Taxes Report —

Let us know how this works for you!

rayhooker

Natalie, I am little confused or at least in need of confirmation. I have dividend income and sales in my investment accounts with a broker that generate taxable income. In my regular Quicken, I have added the brokerage account, and Quicken dutifully downloads those transactions into the register. Because the broker service categorizes the transactions, I can run a tax report to share generated taxable income for tax planning. So the good news is that it appears that this new tax report can show dividends if they are deposited into my regular checking or savings, but are you saying that unlike classic Quicken, Simplify Money even with the new tax report cannot report on them?

Ray

Coach Natalie

@rayhooker, thanks for the reply!

If the Type is set to Income Dividend, then no, you will not be able report on it in Quicken Simplifi, which is why the 'exclusion' checkboxes are unable to be unchecked —

You will need to edit the transaction to make it a Payment/Deposit to include it in Reports. Here is our support article on using Investment Transactions: https://support.simplifi.quicken.com/en/articles/6540220-managing-investment-transactions

rayhooker

Natalie, I do see where the investment activity generally should not be used for the Spending Plan. I can also see where you might not want to include it in reports normally since they are often used for budgeting or the cash flow in checking and savings. To exclude them from a tax report makes them pretty much useless for anyone with a brokerage account. Do you think they might align this tax report more closely with the classic Quicken? It is designed to provide tax planning for both regular and brokerage accounts. They could simply pull those taxable transactions into the totals for dividends or for the gain when selling a security but not for regular reports. Has this been requested?

Ray

SRC54

Ray, I use both Classic and Simplifi and yes, Classic does include them in the tax report. It ignores my IRA as does Simplifi since these are all reinvestments. But I also exclude my IRA from Reports/Spending Plan for good measure.

But what I do in Simplifi for the Brokerage Account is what Coach Natalie says. I created income categories in Simplifi for Dividends, Tax-Free Dividends and Capital Gains. Each month when I get my dividend payments, they are recorded as payment deposits. Fidelity does this automatically but if they don't, I change them. My core account gets recorded first as a payment that is classified as dividend and then as a reinvestment that is ignored in reports and spending plan.

You just have to check these each month. But it doesn't take that long. Simplifi does a good job of "learning" them. Like you I used these as income so I want them in the Spending Plan. Here are a few of my January entries.

Hope this helps. @rayhooker

Coach Natalie

@rayhooker, you can also add your vote and feedback here:

https://community.simplifimoney.com/discussion/5312/ability-to-include-any-all-investment-transaction-in-reports-and-the-spending-plan-edited

Thanks!