Getting started w/ TT, input last years return first?

[Anonymous]

I'm just starting with TurboTax Home/Business ( I have a single member LLC). I use a CPA to file and will likely continue but I'd like to run TT along side to keep me in touch with my taxes as I move towards retirement tax considerations.

I don't have any previous years in Turbo Tax so I am thinking about inputting last years return from my CPA into TT and then replacing it with the new data as the year end information becomes available. It would serve as a working tutorial for me to complete a year so that I can get a handle on the process and see a completed return as I start with the 2020 info. I have a copies of both the 2019 desktop and the 2002 desktop versions of TurboTax Home/Business. If I add the 2019 info into the 2019 version but don't complete (file/submit) the year, will I be able to import this into the 2020 version? Can a partially completed return be imported to the next years version? Or should I just add the data from the 2019 return into the new 2020 version and then replace it later with the 2020 information later?

thanks in advance. ( and any other tips are much appreciated! )

[VolvoGirl]

Yes if you have the 2019 program you can fill out 2019 in it.  You can use the interview steps to see how it works or enter directly into the forms since you won't be filling it.  Be sure to save it.  It will save as a .tax2019 file.  Then you can Transfer it into 2020.  Yes you can transfer from an incomplete or wrong file.  Yes, You can change anything you transfer from the prior year.  You can only transfer once at the very beginning before you start 2020.  So if you want to transfer again or from another file you need to start a new 2020 return, go to File-New.

[rjs]

When you transfer information from the previous year, TurboTax does not transfer the dollar amounts for income, expenses, and so on. It transfers information that is likely to remain the same from year to year, such as your name and address, employer's names, the name of your business, business code, accounting method, etc. There is no advantage to entering all of this into a 2019 return and transferring it to 2020. Just start your 2020 tax return from scratch and enter everything in the 2020 return.

If you enter 2019 amounts in your 2020 tax return, I would be afraid that you would overlook some things that should be deleted or changed, and end up with an incorrect return. I suggest that it's better to just enter the 2020 amounts as they become available, and avoid any possible confusion.

[VolvoGirl]

But I think it still might be a good practice and learning experience to enter 2019 like you were really doing it from scratch and see if you come up with the exact same return, amounts as the CPA return.  (And to double check him).  

[Anonymous]

thanks all!

yes, I do think I’ll enter the last year for the educational value, I’m really good at making mistakes 🙂