"I able to download information from brokerage firms directly as I can do with 1040"
No. TurboTax Business is only capable of importing data from QuickBooks and, even then, it is not capable of doing so in the Form 1041 (estate/trust) module of the program.
Information from tax reporting forms, such as 1099s, needs to be entered manually.
"I able to download information from brokerage firms directly as I can do with 1040"
No. TurboTax Business is only capable of importing data from QuickBooks and, even then, it is not capable of doing so in the Form 1041 (estate/trust) module of the program.
Information from tax reporting forms, such as 1099s, needs to be entered manually.
I just spoke with Turbo Tax for Business Support and they said you can import 1099 information into the software. Who is correct? I trust those that use the product but would like to know before I buy.
" Who is correct?"
There might have been some confusion in terms of the product involved. You will certainly note that TurboTax Business is awfully close to TurboTax Home & Business and it is only the latter that allows importing tax reporting statements, such as 1099s.
The screenshot below is from the partnership module (Form 1065) and note that next to "Import" in the dropdown only "QuickBooks" appears as an option (in the 1041 module "Import" does not appear at all).
I went ahead and purchased Turbo Tax for Business to complete my 1041, and sure enough there is no import function. Thank you tagteam, you are correct, as I suspected. There is an ability to summarize 1099-B transactions and attach a PDF of your broker statement (according to the instructions). I proceeded with that option, so we will see how the filing goes.
Wow! So they have the ability to offer you that capability, just not in this product.
ATTN: Turbotax,
1. Given that the brokerage Consolidated 1099 import is certainly capable with even the least expensive the personal return version, and that
2. You obviously have the code to so which could easily be plugged into the Business product, and that
3. You don't offer the ability to do estate and trusts with the person versions, and that
4. We are forced to buy this Business version at the double the cost of the personal versions that we already own, and
5. Get a a product with less capabilities,
I will certainly investigate whether H&R Block has this capability for next year. If they do, I can guarantee my future tax software purchases will be with H&R and never look back.
This really shows what you care about in customer experience.
I entered all of my tax information into Turbo Tx TY2021 before I realized I need form 1041 not 1040. When I upgrade to TT Business can I import all of the data from deluxe directly into business for the same year?