Hello:
late in 2019 we set up a NEW SOLE PROPRIETOR LLC. No income until 2020. Also have existing rental property income NOT part of LLC that was reported previous years.
We are using Home & Business version on Macintosh.
I understand that the sole proprietor LLC should be handled by TTH&B but have read in another question reply that for LLC we need to start NEW return.
Should we be able to import last year return and then add LLC or do we really need to start again from beginning?
Also; for the LLC we have Quickbooks records. My guess is that import from Quickbooks should be fairly intuitive, but, have never done it. What quirks (if any) should we be preparing for?
Thanks in advance for assistance.
stephen
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If I am understanding your post correctly, you need to add a new company (Schedule C) since there was no entry for your new LLC in the 2019 program (as a result, there was nothing to transfer in).
There is community dedicated to QuickBooks community (link below) so you might want to direct your question that a related to that software on that board.
https://quickbooks.intuit.com/learn-support/us-quickbooks-community/misc/03/community-us
If I am understanding your post correctly, you need to add a new company (Schedule C) since there was no entry for your new LLC in the 2019 program (as a result, there was nothing to transfer in).
There is community dedicated to QuickBooks community (link below) so you might want to direct your question that a related to that software on that board.
https://quickbooks.intuit.com/learn-support/us-quickbooks-community/misc/03/community-us
you use "we" and "sole proprietorship". if the LLC is a single-member entity, you file schedule C with your 1040.
if the LLC is multi-member and you do not live in a community property state you must file a partnership return. your share of the income gets reported on a k-1 which must be entered in your return. if you live in a community property state and your spouse is the only other member you split the income between you and file two Schedule C's with your return one for you one for her. if a community property state and there is a member who is not your spouse a partnership return must be filed.
You are correct, my pronoun usage was misleading.
The LLC is totally a sole proprietorship; my son's.
The "we" is me joining in to assist my son prepare his tax filing, So, sorry for any confusion.
It sounds like then I am able to import last year's filing and add the new LLC as a new business using Schedule C, correct?
As far as importing from Quickbooks, hopefully, there is a fairly seamless integration; I will have to follow up on that link and hope to find additional guidance there.
Thank you.
stephen
Yes, you will import your son's 2019 return and then add a new business (Schedule C) to his personal tax return. Last year, it was not possible to export QuickBooks to TurboTax for Mac, however, I am not certain if that is still the case. Here is a link to a similar discussion in the QuickBooks Community that may help.
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