Question

Information Carry Over

Forum|Forum|6 years ago
April 9, 2020
1 reply
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This year is the 1st time my wife and I are filing separately because I own a business and do not have a job. I purchased Turbo Tax "Home & Business" for my vending business and Turbo Tax Premier for my wife's job.

When I begin working on my business taxes using Turbo Tax "Home & Business", I get an option to "Transfer Return". Should I transfer return or start from scratch?

Thank you

M

mglauner

It would probably be advantageous to transfer your prior year return containing your Business Info.

The transfer will contain depreciation on assets, vehicle expenses, etc. that would be tedious to re-create.

Click this link for info on What Transfers from Last Year's Tax File.

After transferring, you can change your Filing Status in the Personal Info section.

You don't have to file separately because your spouse has W-2 income and you have Business Income.

After you have finished your return as Married Filing Separately, you could add your wife's income, change the filing status to Married Filing Jointly, to see what difference it makes. If it is less beneficial, just delete her W-2 and change filing status back to Married Filing Separately.