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Yes, that's correct, @jcasper76.
The income data from QuickBooks Self-Employed (QBSE) won't be imported to Turbo Tax, only the expenses. You'll have to follow the prompts to manually enter them into Turbo Tax to ensure all of your self-employed income is accounted for. For detailed steps, go through this article: Send Your Tax Info to TurboTax Online.
You can use the Tax Checklist to help you get ready in filing your taxes. It'll be available in mid-January, but I'd suggest visiting this website to prepare yourself: Annual Taxes Guide. You'll also find steps on how to run financial reports, such as Tax Summary, after you categorized and reviewed your 2019 data. Additionally, download and save this PDF for easy tax preparation.
I'll be right here to help if you need anything else. Have a good day, @jcasper76.
Hello there, jcasper76,
Is the QuickBooks Self-Employed account created for your realtor business? If yes, you need to track all the 1099 income you received for this business. Tracking your income is for us to calculate your estimated taxes. Please note that the data we can export to Turbotax is from your Schedule C report. For the income, it needs to be manually added in Turbotax end when it's time for filing.
Check these articles for more information:
If you have other questions, don't hesitate to leave a reply. I'll be here to help you more.
Yes, I use QB pro for my Real Estate Business. I think you answered my question. I was worried that the income I tracked in QB wouldn't match what I get from 1099s. If I understand correctly, you are saying the data in QB for income will not affect turbo tax because turbo tax does not import income data from QB, only expense data. Correct?
Yes, that's correct, @jcasper76.
The income data from QuickBooks Self-Employed (QBSE) won't be imported to Turbo Tax, only the expenses. You'll have to follow the prompts to manually enter them into Turbo Tax to ensure all of your self-employed income is accounted for. For detailed steps, go through this article: Send Your Tax Info to TurboTax Online.
You can use the Tax Checklist to help you get ready in filing your taxes. It'll be available in mid-January, but I'd suggest visiting this website to prepare yourself: Annual Taxes Guide. You'll also find steps on how to run financial reports, such as Tax Summary, after you categorized and reviewed your 2019 data. Additionally, download and save this PDF for easy tax preparation.
I'll be right here to help if you need anything else. Have a good day, @jcasper76.
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