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I thought I was filling out a 1040 for business and instead filled out 1040-SR. How do I transfer my tax form data into small business 1040?

 
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3 Replies
rjs
Level 15
Level 15

I thought I was filling out a 1040 for business and instead filled out 1040-SR. How do I transfer my tax form data into small business 1040?

There is no such thing as a 1040 for business. Form 1040 is a personal tax return. Is your business a sole proprietorship, qualified joint venture, single-member LLC, multi-member LLC, partnership, S corp, or C corp?


If it's a sole proprietorship, qualified joint venture, or single-member LLC (in most cases), you report it on Schedule C in your personal Form 1040 tax return. A multi-member LLC, partnership, S corp, or C corp has to file a separate tax return for the business, but it would not be a 1040.


The tag below your question says you are using TurboTax Deluxe Online. You cannot enter business income and expenses in Deluxe Online. You have to upgrade to Premium or use any version of the CD/Download TurboTax software. Also note that TurboTax Online will only be available for a couple more days. You cannot use TurboTax Online after October 15.

 

I thought I was filling out a 1040 for business and instead filled out 1040-SR. How do I transfer my tax form data into small business 1040?

And FYI -

The 1040SR is EXACTLY the same as the regular 1040 just larger type so it goes on 3 pages with the Standard Deduction chart on page 4. But it has the same line numbers. You automatically get the SR if you or your spouse is 65 or older. It doesn't matter which one you file.


In the Online version it will show the regular 1040 on the screen but if you print it out or save the pdf it will be the 1040-SR.

I thought I was filling out a 1040 for business and instead filled out 1040-SR. How do I transfer my tax form data into small business 1040?

And if you need to file a separate Business return (1065 or 1120) from your personal 1040 return you need to use Turbo Tax Business which is a separate program from the Home&Business personal version.

 

You can buy the stand alone do it yourself Business CD/Download program for Windows here (it is not available to do online or for Mac). There are 2 ways to buy it. If you want a CD you need to pick the Advantage Plan in the right box.
https://turbotax.intuit.com/small-business-taxes/cd-download

 

 

 

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