Turbotax business for corporation. Will it IMPORT 1099s?

[jjjcomplex]

If Turbotax Business will not import 1099s from TD Ameritrade, which Intuit tax software will?  

[tagteam · Accepted solution]

" If Turbotax Business will not import 1099s from TD Ameritrade, which Intuit tax software will?"

TurboTax Business will import information only from QuickBooks; it will not import 1099s from any financial institution.

TurboTax personal income tax preparation products can import 1099s but those products do not support the preparation of income tax returns for entities, such as corporations.

[glucido]

It doesn't import from Quickbooks Online either. SMH.

[hacker1961]

frankly that's BS- you have to use Business to file 1041 (trust) return... Intuit needs to fix this.

[HLN]

Intuit business it appears will not import 1099 info from Schwab.  Also, I had to buy Premier because you could not do a individual returns on this package.  In our case the individual trust files a 1041 but the income is distributed from the Trust to the Beneficiary so it is reported on the Beneficiary's individual 1040 return.  WHAT A WORTHLESS SOFTWARE PACKAGE!!!!!!!!!!!

[Greenthumbs62]

Why can't the business package import 1099-int,1099-div and 1099-r data for trusts?

This missing feature causes a huge burden for manual entry and opportunity for errors.

We pay a lot more for this software, so we should get a time-saving feature from the more basic version of your software.

[Greenthumbs62]

I am also working on a Trust return using the business package and am unable to import 1099s (Int, Div from Schwab and other financial institutions).

1099-Rs have to be manually sloppily entered as "Other Income box 2a" 

It is unacceptable that the expensive turbo tax Business Package (labeled for Estates and Trusts) CANNOT import 1099-int,1099-div and 1099-r data.

This missing feature wastes time for manual entry and increased likelihood of errors.

I paid a lot more for this software version, and expected time-saving features from the more basic software I used personally for years.

[CarissaM]

@Greenthumbs62 We thank you for your feedback. Once you complete your return, you should receive a survey that will allow you to input this feedback so it goes straight to the development team. 

[mjkottman]

So TurboTax Business does not have a feature to import 1099's from any of the top banks or brokerages as I understand it to file a trust return.  It looks like you spend $89.00 to file your personal taxes using TurboTax Premier, AND spend $190.00 to process the trust portion - only to find that you have to manually enter all earnings into TurboTax Business by hand.  You may as well forget using any TurboTax product next year, and instead use the $280 on a tax professional that possesses the ability to import the trust 1099's error free.  

[Greenthumbs62]

My husband complained about the missing brokerage download options in the Estate package.

I have noted and complained about the same issue in the Business / Trust package for several years. I don't see a fix yet.

The TT Business package is supposed to handle trusts but does a very sloppy job. Many straightforward options are missing in the Step by Step tool including typical situations for Trusts with inherited IRAs or Investments.

The Business package should allow downloading 1099-INT, 1099-Div and 1099-R, especially the gain and loss details for investment accounts. We pay a lot more for this package but get less functionality than in the more basic packages.