Importing into TurboTax

Quicken

• You can import Quicken 2010, 2011, and 2012 data directly into TurboTax CD/Download software for Windows.
• To import from Quicken 2009 or earlier, or to import into TurboTax CD/Download software for Mac, you must first convert the data to a tax exchange format (.txf) file.
• TurboTax Online, TurboTax Business and TurboTax for iPad do not support Quicken import.

QuickBooks

• TurboTax Business 2011 only imports from desktop versions of QuickBooks 2006–2012.
  • TurboTax Business will not import from QuickBooks Online.
• QuickBooks data can be imported into desktop software versions of TurboTax Basic, Deluxe, Premier, and Home & Business for Windows, as well as TurboTax Business.
  • QuickBooks data cannot be imported into TurboTax Online, TurboTax Desktop software for Mac or TurboTax for iPad .

Tax Exchange Format (.txf) files

• TurboTax desktop software (except TurboTax Business) can import from any program that creates .txf files, such as Quicken or Quicken Rental Property Manager.
• You can import from multiple Quicken, QuickBooks and/or .txf files. If existing data conflicts with the data you're trying to import, you have the option to either skip the import or replace the existing data.
• .txf files cannot be imported into TurboTax Online or TurboTax Business.
• Data cannot be imported into Form 1041 (Estate and Trust) returns.

ItsDeductible

• ItsDeductible Online 2011 data will import into all TurboTax Deluxe, Premier, and Home & Business versions.

TurboTax for iPad

• TurboTax for iPad supports importing your W-2s, stock sales, and other financial information from financial institutions.

W-2s, stock sales, and other financial information

• You can import from many financial institutions, such as your payroll provider or brokerage firm, provided they signed up with TurboTax to provide this service to their customers. TurboTax can import these forms:
  • W-2 (Wages and Tax Statement)
  • 1099-B (Proceeds from Broker and Barter Exchange)
  • 1099-DIV (Dividend Income)
  • 1099-INT (Interest Income)
  • 1099-MISC (Miscellaneous Income)
  • 1099-OID (Original Issue Discount)
  • 1099-R (Retirement Plan Distributions)
  • New for 2011 – 1098 (Mortgage Interest Statement)

Choose from the list below for complete instructions:

• Import into TurboTax Desktop
• Import into TurboTax Online
• Import QuickBooks data into TurboTax Business
• Import ItsDeductible data into TurboTax
• Importing W-2s, stock sales, and other financial data into TurboTax for iPad

You can, but then the information in your tax return may no longer match the original data source. This may cause confusion down the road, for example if you are audited and have to recall why the info you entered differs from the original.

Instead of changing imported information, it's usually better to update the information in your financial program before importing.

If you've already imported, you can re-import the information after you've updated it in your financial program (be sure to select the replace option when prompted).