Skip to main content
October 6, 2019
Question

Transfer current year business income into current year personal return

  • October 6, 2019
  • 1 reply
  • 0 views
Good morning, How do I electronically transfer 2018 business income into my 2018 personal tax return. Both are recorded using turbo tax software.

    1 reply

    DoninGA
    Employee
    October 6, 2019

    Sorry, it is not possible to transfer the tax data file from the TurboTax Business Edition to one of the TurboTax personal editions. 

    Additionally, only prior year tax data files can be transferred to the current year tax return.  A current year tax data file can only be opened with the current year software, not transferred.

     

    If your Business Edition generated a Schedule K-1 then the Schedule K-1 can be entered on the personal tax return.

    To enter a Schedule K-1

    • Click on Federal Taxes (Personal using Home and Business)
    • Click on Wages and Income (Personal Income using Home and Business)
    • Click on I'll choose what I work on (if shown)
    • Scroll down to Business Items (Business Investment and Estate/Trust Income using Home and Business)
    • On Schedule K-1, click on the start or update button

    Or enter k-1 in the Search/Find box located in the upper right of the program screen. Click on Jump to k-1