If you use QuickBooks Desktop, you can import your tax data into TurboTax Download Home & Business.
First, follow these steps in QuickBooks:
- Select Company from the toolbar and then select Company Information...
- Under REPORT INFORMATION in the window that appears, select the income tax form you'll use. To import into TurboTax, select Personal Income Tax (T1).
- Select OK.
- Review your tax info, making sure it's correct.
- 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.
- After your accounts are mapped to the correct tax lines, QuickBooks will track tax-related transactions as you enter them.
Then, when it's time to file taxes, follow these steps in TurboTax:
- If you have more than one QuickBooks company file, open the data file you want to import in QuickBooks. You can close QuickBooks immediately after. This is because TurboTax imports your most recently opened company file.
- Open or create your tax return in TurboTax.
- Select Forms.
- Select File, then QuickBooks import.
- 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.
- Review the linked accounts to make sure they're the ones you want to import.
- Select Import.
- You'll see the number of items imported.
- Verify the corresponding slip (T2042, T777, T1 General, T2052, etc.) and confirm whether the account balance reflects in the slip.
