Import business income from Turbo Tax Business 2017

[smith43]

I completed my 2017 taxes with Turbo Tax Business 2017. 

Now I'm working on individual ahead of my Oct 15 deadline. I'm using Turbo Tax Premier 2017.

I'm at the point now where i need to add in my business income. It offers a way to do it from Quicken, Quickbook, a text file or do it myself. 

Shouldn't there be a way to import it directly from Turbo Tax Business?

Perhaps I purchased the wrong products. (My business is an S corp).

Suggestions?

David

[VolvoGirl]

Why do you need business income on your personal return?  You already did a Business return.  You only enter the K-1 and/or W2 you got from the Business return.  Don’t fill out business info again.

If you received a Schedule K-1 and need to enter it in TurboTax, using the search bar in your TurboTax program, type in  k1 or k-1 (small k) and click Find.  This should give you a Jump To link to go directly to it.

OR
To enter a K-1 go to
Federal on left or at top
Wages and Income
Then scroll way down to Business items
Schedules K-1, Q - Click the Start or Update button

Be sure to pick the right kind of K-1. There are 3 kinds, 1041, 1065 & 1120S

[VolvoGirl]

And sorry no.  You can not import it from the Business program.  You have to enter it manually.

[Carl]

TurboTax Business (different from Home & Business) is for completing and filing a tax return for a non-living non-breathing separately taxable entity. It can't be used to prepare a personal 1040 return of any type. Information from a tax return prepared with TurboTax Business can not be imported into any other version of TurboTax.

If there is business stuff to be reported on your personal tax return, then the business will issue you as an owner of that business the appropriate tax reporting documents (K-1, or W-2). What documents the business will issue you depends on the type of business, and your type of stake in that business.

If you completed a business return with TurboTax Business for the 2016 tax season, then you completed either a 1065 partnership return, 1120-S Corporate return, or 1120 C-Corp return and the business issued you as the owner a K-1, a W-2, or depending on the type of business and your stake in it, you were issued both. You have to complete the same exact type of business return for 2017, and issue yourself the appropriate tax reporting documents that you will manually enter one keystroke at a time, into your personal 1040 tax return.

[smith43]

Thank you both, but I don't think a k-1 includes things like owner draws, does it?  Obviously the W2 I get from my company doesn't include that.

[Carl]

The K-1 is the primary (and only) document issued that will show the owner's draw.  The W-2 shows an employee's pay - not the owner's draw.