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jgordosea
jgordosea, Enrolled Agent
Category: Tax
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Experience:  I've prepared all types of taxes since 1987.
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To jgordosea: I will be using Turbo Tax for business 2012

Resolved Question:

To jgordosea:

I will be using Turbo Tax for business 2012 to do my S Corp taxes.
I use Quickbooks 2007 for my bookkeeping.
The question is whether or not to import from QB to Turbo. As far as balance sheet I may as well do that manually as it will be very simple.
I usually have to correct or adjust many of the income/expense items when giving data to my accountant in the past.
Is it easy to make these adjustments once you are in Turbo Tax or could I end up getting myself into a quagmire?
Submitted: 1 year ago.
Category: Tax
Expert:  jgordosea replied 1 year ago.

Hello again,

 

This is a very perceptive question.

 

There is not much to be lost by importing and seeing what the result looks like since you can prepare more than one business return in the TurboTax program.

If you decide that tax return does not reflect the activity or that too many adjustments are need all that is lost is the time it takes to import and work in that file. Just use a different file name for the import versus entered file.

 

Personally, import seems best when there are many categories of income and expenses that I want reflected on the tax return. Many times I can prepare a business return with less trouble and time by just entering the information rather than importing.

 

For more details on what can and can not be imported and how it works, see

https://turbotax.intuit.com/support/iq/Import/Importing-into-TurboTax/GEN12086.html?direct=true

 

"To import from Quicken 2010 or earlier, or to import into TurboTax
CD/Download software for Mac, you must first convert the data to a tax exchange format (.txf) file." That extra step may be enough to sway you to enter rather than import.

 

"Instead of changing imported information, it's usually better to update the
information in your financial program before importing.
If you've already imported, you can re-import the information after you've
updated it in your financial program (be sure to select the
replace option when prompted)."

 

Importing is likely worth the time and effort even if you later decide to prepare a file just from entries rather than from import.

 

Please ask if you need more discussion or clarification.

Thank you.

 

 

jgordosea, Enrolled Agent
Category: Tax
Satisfied Customers: 3029
Experience: I've prepared all types of taxes since 1987.
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