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dantvman27
Level 1

If I had transfers out of my business account that were to 501(c)3 charitable organizations, how should I be recording those in QuickBooks Self-Employed?

Started a non-profit and transferred money from my self-employed business bank account directly to the new non-profit account - do I record this as a business or personal transaction in quickbooks and then eventually how does it go into TurboTax?

1 Comment 1
Jayson_E
QuickBooks Team

If I had transfers out of my business account that were to 501(c)3 charitable organizations, how should I be recording those in QuickBooks Self-Employed?

Hello there, dantvman27.

  

Thank you for reaching out and providing details about your concern in recording a transfer from your QuickBooks Self-Employed (QBSE) business account to a nonprofit account.    

 

We recommend consulting with an accounting professional first to confirm whether this transaction should be categorized as a business or personal item in QBSE, as this can depend on your specific circumstances. Proper guidance from a professional ensures compliance with IRS regulations and accurate financial reporting.

 

Once you’ve recorded the transaction in your QBSE account, any tax-related questions regarding how it should be reported in TurboTax can be addressed by contacting the TurboTax Support team directly for further assistance.

 

We’re always here to assist you if you have any additional questions.

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