Does Moneydance work with Turbotax

Giri Bogavelli's Avatar

Giri Bogavelli

09 Dec, 2021 01:49 PM

This comment was split from the discussion: Re: Giri Bogavelli, here is your receipt for the order INFINITEKIND201130-2955-53280

Hi there!

I am considering switching from Quicken to Moneydance on my Mac. One of the features of Quicken that forced me to keep my subscription with them was its ability to export to Turbotax (come tax time this was a huge time saver for me) despite their flaws and issues with syncing etc…and not to mention their subscription fees.

(1) Does Moneydance work with Turbotax? (2) Do a lot of your customers use this feature for doing their taxes with Turbotax?

Thanks and regards,

Kas

  1. 1 Posted by mhoggie on 09 Dec, 2021 06:16 PM

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    just a user,

    I just mark the categories related to Tax as "Tax Related" and run reports for the year to use in my tax preparation.

  2. 2 Posted by sprimost on 09 Dec, 2021 06:59 PM

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    From: sprimost (not IK support, just a long-time user)

    I mostly use it for documenting deductions by running a transaction
    report (detailed) I have, for instance, Medical broken into
    sub-categories, so filling in the prompts is easy. On the income side,
    it is easier just to connect to the Brokerage firms and banks and let
    that update into TT. The issue being solved was the organizing of the
    information prior to entry, and not the entry itself.

    Just some thoughts.

    /sprimost

  3. Support Staff 3 Posted by Ethan on 12 Dec, 2021 08:32 PM

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    We haven't had a reliable way to directly export data that could be imported into TurboTax for some time. I think most users do something like the suggestions described above, where they run reports that generates the data needed for entering information into programs like TurboTax. Usually things like the Income and Expense report are the most useful, since that provides totals of income/expense categories. But if you're looking for some specific information, let us know what and we can perhaps offer suggestions.

    Ethan
    Infinite Kind Support

  4. 4 Posted by Cindy on 27 Jan, 2022 11:20 PM

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    There used to be an extension that you could create a TXF file and then import into HR Block or Turbo Tax. It that not available anymore?

  5. 5 Posted by dwg on 27 Jan, 2022 11:32 PM

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    The extension is still around but it has not been maintained and Moneydance has changed quite a deal since when it was developed so how effective it would be is questionable.

    My observation is that while the question comes up periodically it is probably not often enough to warranted spending any time on it when there are other activities with a higher priority.

    That being said if a user wanted to develop it as a user maintained extension I believe the code would be available or could be made available.

  6. 6 Posted by Cindy on 28 Jan, 2022 04:17 PM

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    That is odd that you would say that it isn't important since it is the only way to import tax information directly into a tax program. I can run reports as said before for each tax related item, then enter manually into the program , but this isn't nearly as quick. Why would there be a choice to choose to make the category tax related when there isn't a way to even run a decent report for those items or export? If I choose tax related on the income and expense report, there still isn't and option to total by each category which isn't helpful at all. And on the transaction filter reports there isn't an option to choose just tax related. Please consider this a higher priority.

  7. Support Staff 7 Posted by Ethan on 29 Jan, 2022 11:32 PM

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    Hello,

    I can confirm that we used to have a TFX export extension, but this never left beta, and I don't think it would be useful for current versions. I'll pass your feedback on to our developers, but I don't think this is a current priority. Most people seem to be using the reports to generate relevant tax-related information as the above users explained, and copy that information into one's tax-filing service.

    I don't think the 'tax-related' option is particularly relevant to most people, although it depends on how complex one's financials are. Usually running something like the Income and Expenses report provides most of the data one needs for most general tax categories. Again, if there's something specific you're having trouble figuring out how to generate, please let us know and we can offer suggestions.

    Ethan
    Infinite Kind Support

  8. 8 Posted by brebro on 05 Feb, 2022 06:50 PM

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    I agree. I use H&R Block every year, and this is the first year in decades I have not been able to import a TXF file to start off my return, after importing last year’s return. I came here to see why the TXF extension I used previously now just creates a useless, file that is 0K, but I see now that it doesn’t seem to be a big enough deal for anyone to bother looking into, which I also find strange, but good to finally know it’s not just something I’m doing wrong on my end.

  9. System closed this discussion on 07 May, 2022 07:00 PM.

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