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Bcsfarms
New Member

Individual return from last year transferable to business version this year?

When I contacted Turbotax support I asked if my previous years Individual return as an individual would be combatable to the current years Turbotax business version before I purchased it. When using the 2021 version of Turbotax business I am unable to import the previous year's returns. The Individual Tax Return.tax2020 file is incompatible with the Turbotax business software that I purchased. From my understanding many of the forms are similar besides the forms specifically for a business partnership. This is particularly frustration considering the amount of information that has to carry over such as deprecation tables. How do I make it so the previous returns data that is common between the individual return and the business version transfers over?

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2 Replies
DaveF1006
Expert Alumni

Individual return from last year transferable to business version this year?

It depends. I apologize for your frustration but the Turbo Tax Individual returns were never compatible with the Business returns because these are two completely different platforms. One uses a 1040 while the Business returns use  1041,1065,1120, and 1120S. This is like asking to mate an Eagle with a Mountain Lion.

 

At the present for this initial year, you will need to prepare your business return from scratch. 

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Individual return from last year transferable to business version this year?

What info do you need to transfer from your individual return to a Partnership return?  If you have schedule C or E items and assets and depreciation you need to close that properly on your personal return and start the Partnership return new.  Sure Business might have the same forms but doesn't use the same info and you can't just continue on from a personal schedule C to a separate Business return.  

 

Support may have thought you were asking about the Home & Business version for personal returns.

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