Can you import a previous Mac turbotax file to Windows?
I have used TurboTax Home & Business for 6 years on Mac OS and this year I need to include a multi-member LLC (just 2 members, my wife and I). For some ridiculous reason TurboTx Business is not available for Mac OS.....it's Windows only.
I don't have anything running Windows OS. As a last resort I can sort something out but want to know I can import all my old data I've been using for years so don't have to start all over again.
OR
Can I use the TurboxTax Home & Business version to file - jointly, with dependants, a W2, income from rental property, sole member LLC, and joint (2) member LLC (wife and I).
To use TurboTax for a multi member LLC, you would need a Windows operating system and the TurboTax Business software. You cannot use Home and Business and you cannot use any data from Home and Business for the TT Business Return. There is no version of TT Business for the MAC operating system.
Yes, you can import a prior year .tax file that was created on a Mac to Windows. However, you can't import a .tax file from a 1040 into a business entity return.
You may be able to continue to use Home and Business for your tax return. If you live in a community property state and you haven't elected to be a corporation, you can file the two member LLC the same way you have been filing the single member LLC.
The community property states are:
I you don't live in one of the states above, you will need to file a 1065 Partnership return, or elect to be a S-Corporation (1120-S) or a C-Corporation (1120).
Can I use Home Business for everything but the multi member LLC and file that separately somehow just using the form? It's tied to our rental property so I'm trying to get the best refund and deductions.
I thought once I filed that I couldn't send in another form independently?
Hang on ... if your multi member LLC only includes you and your spouse and you did NOT incorporate then you will continue to report the rental on the Sch E like you have in the past. The LLC is a state designation not a federal one.
If you did incorporate then the ownership of the rental had to also be changed ... the title has to changed to the LLC and a corp return has to be filed. In that case you would need the BUSINESS program for that return but also need a personal program. Since you are familiar with the TT program and your situation then may I suggest you save a few bucks and only buy the Deluxe version (Basic if you don't need a state) since ALL downloaded versions can & do handle ALL the same tax forms.
The change we have made in 2021 was to purchase a 2nd home which we are renting. The home is in my name and my spouse's.
To run it as a business we started an LLC in North Carolina - we are both members.
No partnership return is required in your case ... it is just a Sch E entry like any other rental.
This would be great!
So I don't need to file anything in regards to the North Carolina LLC with myself and spouse?
NC may have an annual registration fee to be paid to the state but the rental income simply goes on the Sch E for both fed & state returns.
When I transferred my 2019 Turbox Deluxe Mac return to the 2020 PC version, NONE of my (depreciated) deductions, i.e. musical instruments, equipment) transferred over. So I guess any business entity returns aren‘t going to work if you make the switch from MAC/PC or PC/MAC., as is stated below. That‘s a major flaw in TurboTax design, I would say. Since I didn‘t have gig income due to the pandemic to be a qualified performing artist, I couldn‘t deduct those expenses anyway, so I just did a simple return. Had I been a functioning musician, that inadequate deduction transfer would have been a pain.