Import quickbooks

1. After setting up your company file, select Company from the toolbar and then select Company Information...

2. Under REPORT INFORMATION in the window that appears, select the income tax form you'll use. To import into TurboTax Standard, select Personal Income Tax (T1)

3. Select OK to close the window

4. Confirm that all your tax-related (usually income and expense) accounts are mapped to the correct tax lines

   • When you set up your company, if you selected a tax form for your company to file and let QuickBooks set up your Chart of Accounts for you, most of your accounts should already be mapped correctly

   • If you set up your Chart of Accounts before selecting a tax form for your company, or you added any new accounts to your Chart of Accounts, you'll have to assign tax lines manually. See the QuickBooks in-product Help

5. After your accounts are mapped to the correct tax lines, QuickBooks tracks tax-related transactions as you enter them. When the time comes to file your return, you can start your tax software and import your tax data into it

Tip: The TurboTax import looks for the data file last opened in QuickBooks. If you have more than one QuickBooks company file, you must have most recently opened the company file you wish to import. QuickBooks doesn't need to be running during the import process.

1. Open or create the tax return that you want to import information into. If you plan to transfer data from your prior year TurboTax return, do this before importing data from QuickBooks

2. If you're in EasyStep mode, select Forms from the menu

3. Select File from the toolbar, then QuickBooks import. The QuickBooks import Options window appears

4. Select Import options and then Continue. The TaxLink window appears with four tabs:

   • Setup displays the tax year dates, the QuickBooks file being imported, and an overview

   • All Accounts displays all accounts, including those linked to lines in your tax return, and those not linked. Linked accounts show both the tax form and line

   • Linked displays accounts that are linked to lines in your tax return. Note: Only transactions that relate to a business or rental property will import from QuickBooks

   • Unlinked displays accounts that aren't linked to lines in your return

5. Review the linked accounts to make sure they're the ones you want to import

6. To link a previously unlinked QuickBooks account to your return, select the account(s), and then select Link Selected Accts. A TaxLink window appears with: You are about to change the tax line assignment in QuickBooks for the selected item(s)

   • You can also unlink accounts by selecting Unlink Selected Accts

   • Generally, you should change tax line assignments from within QuickBooks, rather than from within TaxLink, as it's more effective

7. Select OK. The Link to Tax Form/Line window appears

8. Select the TurboTax destination, and then select Link. The TaxLink window appears with all linked accounts listed in the Linked tab

9. To import the linked accounts, select Import. Unless you selected Import All linked Items in the QuickBooks import Options, the QuickBooks import Filter appears. Select Import or Skipdepending on whether you want to import the accounts or not

10. When you've imported the QuickBooks accounts, a window appears with the number of items imported. The QuickBooks data is imported into input fields assigned to each account, and appears as an itemization attached to that input field

11. Verify the corresponding slip (T2042, T777, T1 General, T2052, etc.) and confirm whether the account balance reflects in the slip

Thank you for choosing TurboTax.