This isn't the same as a PDF transfer.
When you transfer from last year's .tax file, these items transfer over:
- Name, address, and filing status
- Social Security number
- Dependents
- Bank information for direct deposit of tax refunds
- Adjusted Gross Income (AGI)
- Self-select PIN, if you successfully e-filed your 2020 return
- Employer's name and address
- Form 1099 payer information (banks, stocks, mutual funds, retirement accounts, etc.)
- Deduction descriptions such as medical expenses and the names of charities
- Tax refunds that you applied to your 2021 tax liability
- Schedule C, including ending inventory
- Important: Go here for the proper way to remove a Schedule C business that transferred over.
- Schedule F, including ending inventory
- Schedule E
- Business-use information
- Contribution, credit, state, and local tax carryover amounts
- Capital loss and passive loss carryovers
- Partnerships, S corporations, estates, or trusts that you have an interest in
- Depreciable items such as cars, equipment, and buildings
Keep in mind, a .tax file from a previous year won't transfer if the file is password protected.
Also, Free Edition doesn't support transferring last year's TurboTax CD/Download .tax file. You would need to upgrade to Deluxe or higher to take advantage of that feature.
