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Experienced Member

QB SE wtih Turbo Tax

My client has QB Self Employed with Turbo Tax bundle.  Tomorrow is the deadline for her 2017 taxes and I've classified all of her transactions and am not sure what to do from here to use the turbo tax function of this app to make completing the return easiest.

 

Thanks for any quick help!

2 Comments
ProAdvisor

Re: QB SE wtih Turbo Tax

Dear @dcaylorcpa:

 

Nothing like the last minute, huh?  Smiley Happy

 

Here is what I found for you, you need to export that qbse data:

 

Here's how to export:

  1. Sign in to QuickBooks Self-Employed,
  2. Select Tax Checklist in the upper right corner, or from the Annual taxes page, select
  3. Show checklist to get started.
  4. When you’re ready, select Export to TurboTax in the checklist.
  5. After the export, you will automatically be signed in to TurboTax using your same user ID and password from QuickBooks Self-Employed.
  6. Now you can start on your tax return.
  7. Some information will need to be entered manually into TurboTax Self-Employed or TurboTax Live, as these items do not import:
  8. 1099-K income - Here is how to enter your 1099-K.
  9. For the following expenses, use these instructions to enter the expenses manually:
    Vehicle loan interest
    Other vehicle expenses
    Home office expenses
    Interest paid
    For self-employment health insurance premiums, use these instructions to enter the premiums manually.

Note: You will still need to manually enter your self-employment income into TurboTax. TurboTax needs all of the details about this income in order to report it accurately on your tax return. After you export your data from Quickbooks Self-Employed, TurboTax will guide you to enter your income.

 

Here are a few other things you should know:

TurboTax will not require a service code for payment. Instead, your complimentary TurboTax payment will be recognized by the program when you use your Quickbooks Self-Employed User ID and password. So, make sure you are accessing TurboTax with the same User ID and password that you use for your QuickBooks Self-Employed account.
Meal expenses are imported at 100% deductible. TurboTax then determines the deductibility (50% for most businesses).

 

QuickBooks estimated tax payments generally cover federal income taxes, not self-employment taxes.

 

I hope that helps and good luck making your deadline!

 

Lynda

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Re: QB SE wtih Turbo Tax