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Can i convert my 2023 personal tax return data in TurboTax to a TurboTax business account without reentering it?

I and my wife are w-2 employees that started 2 llc's in 2023.
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2 Replies

Can i convert my 2023 personal tax return data in TurboTax to a TurboTax business account without reentering it?

Sorry no.  But do you need to file separate business returns?  What kind of LLCs did you set up?  If you have a Single Member LLC that is not a S corp it is a disregarded entity and you file it in your personal return on schedule C like for self employment.

 

Did you each start your own LLC or is it a Joint Venture?  Did you already file your  personal 2023 return?  

 

You can enter Self Employment Income or SMLLC  into Online Deluxe but if you have any expenses you will have to upgrade to the Premium version. Or use any of the Desktop CD/Download programs.

 

How to enter income from Self Employment
https://ttlc.intuit.com/community/self-employed/help/how-do-i-report-income-from-self-employment/00/...


How to enter income from Self Employment
https://ttlc.intuit.com/community/self-employed/help/how-do-i-report-income-from-self-employment/00/...

 

 

rjs
Level 15
Level 15

Can i convert my 2023 personal tax return data in TurboTax to a TurboTax business account without reentering it?

A business tax return does not replace your personal tax return, or eliminate the need to file a personal tax return.


As VolvoGirl said, a single-member LLC that has not elected to be treated as a corporation is included in your personal tax return. If you have a multi-member LLC, and you and your wife are the only members, and you live in a community property state, you have the option of treating the LLC as a disregarded entity and including it in your personal tax return.


Otherwise, any multi-member LLC or a single-member LLC that has elected to be treated as a corporation, has to file its own business tax return, separate from your personal tax return. If the LLC files as a partnership or an S corporation, its tax return will include a Schedule K-1 for each member. You have to enter information from your Schedule K-1 in your personal tax return. A business tax return for an LLC filing as a partnership or an S corporation does not use data from your personal tax return.


Are you saying that your LLCs have to file separate business tax returns, but you mistakenly entered data for your LLCs in your personal tax return, and you want to somehow transfer that data to the business tax returns for your LLCs? There is no way to do that. You have to delete the incorrect information from your personal tax return and enter it in the tax returns for the LLCs. Then, after you have prepared the tax returns for the LLCs, you have to enter the information from the Schedule K-1s into your personal tax return.


The filing deadline for a partnership or S corp tax return is March 15, not April 15. The late filing penalties are substantial.

 

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