Reports to use in filing federal taxes

fejfarad's Avatar

fejfarad

18 Nov, 2020 10:10 PM

2020 will be my first year filing taxes using MoneyDance. Using the 2015 Users Guide, I am stuck. I itemize charitable donations, and cannot find how to report donations multiple times from multiple accounts to the same charity. I can't find a way to do this in the program or the guide. Is three a newer guide that explains this?

  1. 1 Posted by dwg on 18 Nov, 2020 10:18 PM

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    I'm a fellow user.

    Most people use the Income and Expense reports for preparing of taxation information, these report on category information.

  2. 2 Posted by fejfarad on 18 Nov, 2020 10:43 PM

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    Thanks for replying. The guide talks about setting up VAT/GST and
    categories. I never studied these or have any idea what their purpose
    is. It talks about setting a rate for a category.  Charity would never
    have a single rate. I buy several items from a store, and only one or
    more may be Charity,  a total amount, no rate. This was easy with
    Quicken. What am I missing??

  3. 3 Posted by tgilbert666 on 19 Nov, 2020 02:00 AM

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    Hmmm. Dare I suggest the answer to your question is "a global perspective"?
    MoneyDance is used globally and you do not say which "federation" you belong to.

    For instance, I am a fellow user in Australia where GST (Goods & Services Tax) is a federal tax payable by citizens. My understanding is that VAT (Value Added Tax) is a federal tax in the UK (and probably elsewhere).

    If you've not been paying either of those federal taxes in your local federation using Quicken, I don't really understand why would you wish to report on them with Moneydance?? Perhaps if you were to state your Country, a user from a similar /same jurisdiction might be able to give you additional guidance.

    Either way, I suggest dwg has provided the appropriate answer for reporting on GST/VAT if you choose/are required to pay it and report on it.

  4. 4 Posted by fejfarad on 19 Nov, 2020 09:37 PM

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    I am in the USA. I now know what GST/VAT are. Neither of these apply in
    USA. We have income tax, sales tax, and some others. The sales tax
    varies by state, county, and city. Donations have to be detailed. I am
    attaching an old income tax return that shows what I am talking about.
    Schedule A (pgs 34 to 50) show what I need. Not as simple as VAT which I
    experienced in England. Pages 38 and 50 are the best example. Although
    the forms have changed over the years, this detail is still required. We
    have to file no later than 15 April.
    Hope this helps.

  5. 5 Posted by dwg on 19 Nov, 2020 10:26 PM

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    I'm a fellow user.

    VAT and GST are totally different to what you are talking about here, I do not see any use for these.

    This is something you are going to have to do some experimentation with I feel.

    For most Taxation reporting Income and expense reports - both summary and detailed provide the information that is needed, of course this means you have to have suitable categories created.

    For some of what you need this may be a bit too much though so it may mean that the use of Tags with some tag sub-reports may be a better option.

    The Australian tax system does not get into this much detail so just using categories works for me.

    Unless someone in the US has some direct experience you may need to set up a data set with some dummy data and just see the results you get taking different approaches.

  6. 6 Posted by fejfarad on 22 Nov, 2020 01:20 AM

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    I must not be the only IS user who itemizes US Income deductions, Schedule A; For medical and charitable deductions, I need Category subtotaled by payee. How do you do this without another accounting system. It was easy with Quicken, but getting costly, That was the reason I went to MoneyDance. A Report to do this would be straightforward for someone knowing the data base.
    What do USA income tax tilers do?

  7. 7 Posted by dtd on 22 Nov, 2020 02:15 AM

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    just a user

    I create categories that represent the different lines for tax forms

    I do a schedule c - for example, and don't just have a "business expense" category for everything, I have a business expense: inventory, a business expense:just about anything i need.

    the income/expense (detail) report works extremely well when you do this.

    Works for Schedule A as well.

    Of course, it works best if you do this as you go, versus trying to do this after the fact.

    I did the above in the 20 years I used quicken as well. it was very convenient, and items were characterized, and i could also use quicken's methodology of assigning tax categories. Although MD is more "worldwide", it still works well here.

    ps - im not saying that there isn't a report in MD like the one you asked for, i'm just telling you what i do.

  8. 8 Posted by dwg on 22 Nov, 2020 02:30 AM

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    If I remember correctly the transactions reports are the only ones that total by Description (payee) but they do not group by category.

  9. 9 Posted by dtd on 22 Nov, 2020 02:46 AM

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    "I need Category subtotaled by payee. "

    Although I think there were reports in quicken that did this, they always seemed incomplete. I went back to my tax reports out of Quicken from the previous few years, they all were subtotal by category, not subtotal by category AND payee.

    But maybe I just didn't need the secondary subtotal. Re-reading your message, it would have been nice to have my weekly church contributions subtotaled separately from the other charitable contributions, but I never looked up if I could do that in Quicken. I just printed out the report, then used a calculator.

    Again, this is quicken, not moneydance. If you had a better methodology, I should have figured it out.

  10. 10 Posted by mwd on 22 Nov, 2020 04:24 PM

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    Wow, somebody posted their entire tax return with SSN, address income all visible to all.

  11. 11 Posted by fejfarad on 22 Nov, 2020 04:58 PM

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    Thanks for the comments.

    i just did a transaction report, and must have done something wrong
    setting up MoneyDanace account.For a given transaction, I get 2
    transactions. One is with the correct Account and Category with the
    correct negative Amount, and the next one with the Category as an
    Account, and the Account as a Category with the incorrect positive
    Amount.  WHAT  DID I DO WRONG AND HOW DO I FIX IT. The Accounts with
    Transfers and everything else works as expected.

  12. 12 Posted by sprimost on 22 Nov, 2020 05:40 PM

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    From: sprimost [I'm a fellow user.]

    Best not to use "...transfer...." You will then see the single transactions.

    Typically, I will run the report and then export it to a spreadsheet to
    sort within each category (or sub-category). The easiest way is to "copy
    to clipboard" and then paste into a "sheet". I have been doing this for
    years.

  13. 13 Posted by fejfarad on 22 Nov, 2020 06:04 PM

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    I have an attachment on 19 Nov message. Please delete the message with
    the attachment.

  14. 14 Posted by fejfarad on 22 Nov, 2020 06:09 PM

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    Transfer works fine when  paying a CC  form the checkbook. I don't see
    how the transfer connect the transaction to the transfer?  You just do 2
    separate transactions to pay the CC?

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