Importing 2020 Tax Return

Forum|Forum|4 years ago
February 16, 2022
4 replies
1 view

I started a new 2021 tax return in TurboTax Business. We are a multi-member LLC. I imported the 2020 tax return file (not PDF), and everything successfully imported except for the members. We have 5 members, and only 1 member was imported. All of the information for the one member that was imported is correct. I cant add the missing members because it treats them as new, and starts their capital accounts at 0. If I add them I cant manually change their capital accounts (not even in forms view). Is this a known issue, and if so is there a planned fix?

TurboTax Business Windows

PatriciaV

Level 15

Please clarify: Have you tried re-importing your 2020 return into a new 2021 return? Occasionally the import process is interrupted and not all data is captured.

Recommended steps:

Close TurboTax Business
Reopen and allow any updates to run
Reopen TurboTax if necessary
Start a new Tax Return >> Begin
Choose your 2020 tax return & click "Transfer Return"
Wait for confirmation that Transfer is Complete
Save with new filename.
Close TurboTax
Reopen and check Member Summary under Partner/Member Information

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"

AndrewtaborAuthor

Level 2

Patricia:

Thank you for your reply. I executed the steps exactly as outlined. What is interesting is that when I opened the newly saved file it was opened using TurboTax Premier. I also have TurboTax Premier installed because that is what I use for my personal tax return. Do I need to uninstall the Premier version until I complete my business return?

Regards,

Andrew

PatriciaV

Level 15

Patricia:

Have there been any updates on this issue? We are getting close to 3/15 filing deadline and I will need to determine if I need to apply for an extension. Again thanks for your help.

Regards,

Andrew

Andrew - Your 2020 file looked fine. We're currently reviewing your experience and hope to have an answer soon.

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"

quincyhe1

Level 2

I used turbo tax to to file my tax. And I tried to transfer the tax return from last year. I have tried import a PDF as well as transfer tax, however, neither is successful. Could you advise what to do? I have multiple rental properties, therefore, it is important if I could transfer the document.

VolvoGirl

Level 15

Here's an idea. Do you still have 2020 installed? Try opening 2020 program and see if you can get your 2020 return to show up in it. Go to FILE - OPEN. Then save it again with a name and place you can find. Go to File - Save As.

ColoradoZ28

Level 2

I understand the correct time to import last year's tax return is when starting a new tax return for this year. Is there a way to do this after the fact? When I started this year's return I did not have access to last year's file. I've mostly completed this year's tax return but now want to bring in last year's return for comparison purposes and also to bring in capital gain losses.

VolvoGirl

Level 15

Sorry no. No way. Only by starting a new return. You can enter the Capital Loss Carryover.

seano64

Level 2

I need to file a return for 2020 I didn't file in 2021 asI knew I would need the money this year I have all my W-2's and the numbers from my 10-99 I just need to file.

DoninGA

Level 15

@seano64 wrote:

I need to file a return for 2020 I didn't file in 2021 asI knew I would need the money this year I have all my W-2's and the numbers from my 10-99 I just need to file.

To complete and file a 2020 tax return using TurboTax you would need to purchase, download and install on a personal computer one of the 2020 desktop editions from this website - https://turbotax.intuit.com/personal-taxes/past-years-products/

A 2020 tax return can only be printed and mailed, it cannot be e-filed.