Hello -
I want to import my QB data (QBPro 2008) into Turbo Tax, but I'm stuck at tax lines.
How do I know what tax line to assign to my Balance Sheet Accounts (Banks, Undeposited Funds, Accounts Payable, Credit Cards, Loans, Sales Tax Payable, Opening Balance Equity, Owner's Capital, etc.). Is there a resource on a web site that I can find the answers to this question?
best -
chris
What tax return are you filing? If you are filing a Schedule C with your
1040 then your balance sheet accounts don't need to map to your tax return. I just put mine as either unassigned or not tax related.
The answer behind that is where would you put the income/expense if you were filling out the return/schedules by hand?
First of all, is it actually a tax-related account? The bank account itself obviously isn't; payments from and receipts into _may_ be legitimate business deductible expenses or business revenue, but those are reported via the appropriate tax-related accounts the transactions are recorded under.
The ultimate resource for tax questions is
Thanks Laura -
Right, 1040 with schedule C (I'm a sole proprietor; and for another company a 1099 independent contractor). Thanks for your help!
best -
chris
Have something to add? Share your thoughts — no account required.
Ask the community — no account required