@ wmad1975 wrote:
How do I import Form 1116 data of prior year into 2020 tax return?
2019 was on the download version and saved as text file and now in 2020, I am working with Turbo tax online version?
You said "text" file above, so that's a cause for confusion. Was that a typo--did you mean to say instead "tax file?" i.e., did you save your *.tax2019 data file from last year?
If so, we can tell you how to upload the *.tax2019 data file and transfer your 2019 return data into a new 2020 return in Online TurboTax. You can't transfer just the Form 1116 data. It will transfer other 2019 data as well.
Be aware it will start your 2020 return over. You cannot transfer the 2019 data file into an already-started return without first clearing it and starting over. Also be sure your 2019 data file is not password-protected. If it is, then remove the password protection first. Then here's how to proceed to transfer the 2019 desktop data file into a 2020 Online TurboTax return:
- Sign in to TurboTax Online, and open or continue the 2020 return you started.
- After the return interview has fully opened, click the Tax Tools tab in the left menu column and then select Tools.
- In the pop-up window, select Transfer last year's TurboTax return from your computer .
- It will tell you that to continue it will clear your return. If you agree, choose "yes" or "continue".
- Then it will allow you to point TurboTax to the location of your *.tax2019 data file.
- Continue following the prompts.
NOTE: When you clear your return and transfer the 2019 data file, for the new return you can select Self-Employed Edition if you have a Schedule C business that has expenses to report. Online Premier can only handle Schedule C if there are no expenses. See your other thread where you asked about Schedule C for more info:
https://ttlc.intuit.com/community/business-taxes/discussion/in-2019-i-had-profit-or-loss-from-busine...
