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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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.
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.
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.
@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.
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.
@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.
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
@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.
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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