I'm using TurboTax Home & Business to do my income taxes for 2020. I work for a state department, which is my primary income. However, I've got a small side gig for extra income.
I'm at the point in the Business Income and Expenses section, where it's asked me if TurboTax could import my information from Quicken for 2020. I do track my income/expenses in Quicken, but I'm wondering does this import process only import data for 2020? Or does it grab everything related to my business account in Quicken?
It will only be for the current year. You can import from Quicken (the newest 3 versions) directly into TurboTax Desktop (CD or Download) software for Windows. How to import Quicken to Turbo Tax
What I would do is first make a copy of your file and give it another name to try it in. Go up to File-Save As. Then if you don't like the results you can go back to your original file. Or just start a new return to try it in, go to File-New.
It will only be for the current year. You can import from Quicken (the newest 3 versions) directly into TurboTax Desktop (CD or Download) software for Windows. How to import Quicken to Turbo Tax
What I would do is first make a copy of your file and give it another name to try it in. Go up to File-Save As. Then if you don't like the results you can go back to your original file. Or just start a new return to try it in, go to File-New.
VolvoGirl, thank you for your answer. I've got a follow-up question. When I import it do I specify which account? I've got more than one account in Quicken, so I don't want to pull in data from all them. Only the pertinent one. Is that possible?
Here we are in 2023 and import from Quicken Classic Premier, latest version, to Turbotax Home and Business doesn't work for business and there is no "TXF" file.
TurboTax Online does not support an import from Quicken. To import tax information from Quicken, use the TurboTax Desktop software.
@CatinaT1 They are using the Desktop Home & Business program. Everyone is having trouble this year importing from Quicken and maybe even QuickBooks. You might ask around and pass it up the line.
I have done some additional searching and it appears you need to look under Reports in Quicken.
Under Reports> Tax> Tax Schedule
The icon next to the printer when hovering over it says Export Report Data to Different Formats.
There is an option for Report to Tax Export File (TXF).
Can you let me know if this works for you?