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Katprohibido
New Member

Income Tax Form used in Quickbooks Desktop

I imported Quickbooks Desktop files for my 1120S Business Taxes in Intuit Turbotax Business. Now, I also want to do my personal taxes using Intuit Turbotax Home and Business and it requires me to change the Income Tax Form used in Quickbooks Desktop from 1120S to 1040. If I change the Income Tax Form to 1040, what will happen? Will my 1120S Business Taxes affected?

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Accepted Solutions
tagteam
Level 15

Income Tax Form used in Quickbooks Desktop

I believe you may have to change the mappings, but your previously imported 1120-S should not be adversely affected; the Business and personal editions are two different programs.

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8 Replies
tagteam
Level 15

Income Tax Form used in Quickbooks Desktop

I believe you may have to change the mappings, but your previously imported 1120-S should not be adversely affected; the Business and personal editions are two different programs.

View solution in original post

Critter-3
Level 15

Income Tax Form used in Quickbooks Desktop

Why do you need to import the figures again ?????

 

If you completed the corporate return then you are done importing .... do NOT try to import them again for the personal return.   The corp return should have issued you a K-1 and ONLY that form is used for your personal return ... and the K-1 is entered in the Personal income tab not the business tab.

 

So unless you like paying taxes on twice the income  do NOT enter the business information again in the business tab of the H&B version ... in fact you will not use the business tab at all unless you have another unincorporated business or rental property to report. 

tagteam
Level 15

Income Tax Form used in Quickbooks Desktop


@Critter-3 wrote:

....unless you have another unincorporated business or rental property to report. 


That is what I presumed was happening in this instance. Otherwise, there is no need to import a second time.

Critter-3
Level 15

Income Tax Form used in Quickbooks Desktop

When using the QuickBooks program each business would have it's own file and each file would have it's own mapping options.  So there is no reason to change the Corp's mapping  for a secondary business.  

tagteam
Level 15

Income Tax Form used in Quickbooks Desktop


@Critter-3 wrote:

...there is no reason to change the Corp's mapping  for a secondary business.  


Thanks for reminding me; the sole proprietorship (or any secondary business) would reside in another, separate, file.

Katprohibido
New Member

Income Tax Form used in Quickbooks Desktop

I imported data for my Business return using Turbotax Business 2019. As what you’ve said, I got my K-1 from that. 

 

Now I’m trying to do my personal taxes using Turbotax Home and Business. Do you mean I will just input my data from K-1 , so I will not import again?

 

Thank you so much

tagteam
Level 15

Income Tax Form used in Quickbooks Desktop


@Katprohibido  wrote:

Now I’m trying to do my personal taxes using Turbotax Home and Business. Do you mean I will just input my data from K-1 , so I will not import again?


Yes. As I believe @Critter-3 mentioned, you will simply enter the information from your K-1 into your individual income tax return.

Critter-3
Level 15

Income Tax Form used in Quickbooks Desktop

Yes ... use ONLY the K-1 for the personal return ... you do not need to report  the corporation  AGAIN.  And in the future you only need to buy the Deluxe downloaded version ... you don't need the H&B. 

 

Also it sounds like this is your first corp filing ...  so did you also take a wage for yourself and file payroll tax reports and issue yourself a W-2 ?   If not I highly recommend you seek guidance from a local tax pro to get educated in all that is required for an S-Corp for both the feds and state. 

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