I am in the process of switching from an LLC to an S corp election and how will this work when transferring my data from my 2019 tax returns prepared in your Deluxe package which have years of depreciation schedules to a new 1120 S package for turbo tax? I do not want to re-enter all of the depreciation schedules all over again. Does Turbo Tax automatically transfer these schedules to the new package. Please advise.
Thanks,
Paul
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Sorry no. You can not transfer from the personal versions (including the Home & Business Or Self Employed version) to the separate Turbo Tax Business program. You will have to enter it manually.
Turbo Tax Business is not available to do online or on a Mac. You can buy the Window's version here. And you can have both TT Business and TT Home & Business (or any personal version) installed on your computer at the same time.
This will be an overwhelming task. Why can't turbo tax transfer the depreciation schedules to the 1120 business version?
I don't know. But it is 2 different programs, personal and Business. Ask support. Maybe they can consider it.
Contact Customer Service
5am-9pm Pacific Time Monday -Sunday
https://support.turbotax.intuit.com/contact/
What is the Turbo Tax phone number
https://ttlc.intuit.com/community/using-turbotax/help/what-is-the-turbotax-phone-number/00/25632
I need to get a hold of someone higher up in the programming department for converting data from the Deluxe package to the Business package version. I need to transfer over 40 large depreciation schedules to the new package. I am sure that others have run across this problem in the past and there is some patch available to do this conversion.
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