QuickBooks import error message - 1120S doesn't match

I'm attempting to import from QuickBooks into TurboTax but I receive the following message:

"It looks like your business type in QuickBooks 1120S doesn't match the type of tax return we're currently preparing 1040. Please update your 'Income Tax Form Used' in your QuickBooks file under 'Company Information' before importing."

Please advise. My business has been an S-Corp since 2015 and I rather not change it. If I have to change it, what is the impact to my QuickBooks records?

189

Expert Alumni

Jul 8, 2020 10:17:52 AM

You can import QuickBooks information for an 1120S only into TurboTax Business (which prepares the 1120S return).

Your 1120S data is passed into your 1040 return by means of a K-1 (1120S) that the TurboTax Business software will create and which you will enter into TurboTax Home & Business (or other TurboTax individual products). But you have to import the QuickBooks data first into TurboTax Business to generate the K-1.

So you need TurboTax Business to do the 1120S return and a TurboTax individual product (which is apparently what you are using and trying to import the QuickBooks data into).

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QuickBooks import error message - 1120S doesn't match