How do I export my QuickBooks Self-Employed information to
TurboTax Self-Employed or TurboTax Live?
The
export can be done only from the online version of QuickBooks Self-Employed to
TurboTax Online Self-Employed or TurboTax Live. It will not work from QuickBooks
Self-Employed to the TurboTax CD/Download; or from the mobile app version of
QuickBooks Self-Employed.
·
Your accounts must be connected
for the import to work: This means you log into QuickBooks Self-Employed and
either TurboTax Self-Employed or TurboTax Live with the same log-in
credentials.
Important! Before exporting, make sure your information in
QuickBooks is final, as the export can only be done once. Should the export
fail, you can manually input your business information into TurboTax Online
Self-Employed by selecting Federal
Taxes, then Income & Expenses, and working in the SELF-EMPLOYMENT INCOME/EXPENSES section.
Here's
how to export:
1. Sign in to QuickBooks
Self-Employed,
2. Select Tax Checklist in the upper
right corner, or from the Annual taxes page, select Show
checklist to get started.
3. When you’re ready, select Export
to TurboTax in the checklist.
4. After the export, you will automatically
be signed in to TurboTax using your same user ID and password from
QuickBooks Self-Employed.
Now
you can start on your tax return.
Some
information will need to be entered manually into TurboTax Self-Employed or
TurboTax Live, as these items do not import:
·
1099-K
income - Here is how to enter your 1099-K.
·
For the following expenses, use these instructions to enter the expenses manually:
o Vehicle loan interest
o Other vehicle expenses
o Home office expenses
o Interest paid
·
For self-employment
health insurance premiums, use these instructions to enter the premiums manually.
Note: You will still need to manually enter your
self-employment income into TurboTax. TurboTax needs all of the details about
this income in order to report it accurately on your tax return. After you
export your data from Quickbooks Self-Employed, TurboTax will guide you to
enter your income.
Here
are a few other things you should know:
·
TurboTax
will not require a service code for payment. Instead, your complimentary TurboTax payment
will be recognized by the program when you use your Quickbooks Self-Employed
User ID and password. So, make sure you
are accessing TurboTax with the same User ID and password that you use for your
QuickBooks Self-Employed account.
·
Meal expenses are imported at
100% deductible. TurboTax then determines the deductibility (50% for most
businesses).
·
QuickBooks estimated tax payments
generally cover federal income taxes, not self-employment taxes.
Related
Information:
·
How do I access TurboTax Self-Employed when I’m ready
to export my Quickbooks Self-Employed tax info...
·
How do I enter a 1099-K in TurboTax Online?
·
Where do I enter the home office deduction for my
business?
·
What is the self-employment tax?
·
Where do I enter my business expenses in TurboTax
CD/Download Home & Business?
·
Where do I enter my health insurance premiums in
TurboTax CD/Download Home & Business if I'm self-em...
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