- Transfer Last Year's Tax Info from TaxCut
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Transfer Last Year's Tax Info from TaxCut
Updated: 11/03/2009
Article ID: 964
With TurboTax desktop personal products, you can easily and securely transfer the relevant information from last year's TaxCut return to your new TurboTax 2008 return.
Select a link below to go directly to a section or read through the article to learn all about transferring from TaxCut:
Before you start
- Be sure to update TurboTax before you begin to ensure you have the latest forms and features installed.
- You can only transfer from a prior year's TaxCut return if you're using one of TurboTax's Windows desktop personal products. You can't transfer from TaxCut to TurboTax Online, TurboTax for the Mac, or TurboTax Business.
- You can only transfer information from one tax return. Information from additional returns must be manually entered.
- Transfer your TaxCut information into a new TurboTax return. If you've already started your 2008 return, any information you've already entered will be lost when you transfer.
- Always transfer from a prior year before you import information from financial software, such as Quicken or QuickBooks, or from financial institutions, such as a payroll provider or mortgage lender.
- You can only transfer information from the prior tax year. For example, you can only transfer 2007 tax information to TurboTax 2008.
Transferring from TaxCut
Here's how to transfer from your 2007 TaxCut return to TurboTax 2008:
- You need last year's TaxCut return file on your hard drive. Search your hard drive for your TaxCut return file. TaxCut 2007 files have a .t07 file name extension. (See Search for Files and Folders.)
- If the TaxCut file is on a storage device (such as a floppy disk, CD, or other storage media), copy it to your hard drive. You can copy your return to any folder on your hard drive. We recommend copying it to the My Documents folder or another folder that you can easily remember.
- Open TurboTax 2008.
- Select Start a New Return from the Welcome screen, or go to the File menu and select New Tax Return. If you have already begun entering your 2008 return, any existing information will be lost when you transfer.
- If your TaxCut file is listed on the Transfer Tax Return Information screen, select the file. If the file isn't listed, click the Yes button in answer to "Do You Want to Transfer Last Year's Info?" then click Continue.
- Navigate to your TaxCut file on your computer's hard drive, and then select Open. If your TaxCut return is password-protected, enter your password at the prompt, and then select OK. The relevant information is transferred from your TaxCut 2007 return to your TurboTax 2008 return.
- You can review your transferred information and add, edit, or delete items as necessary. (See Review, Edit, or Delete Transferred or Imported Information.)
What information is transferred?
The following information is transferred from TaxCut to TurboTax:
- Federal Information Worksheet - Taxpayer and Spouse name, address, Social Security number, birth date, and filing status as well as dependent(s) name(s), Social Security number(s), and birth date(s).
- Form 2441 Child and Dependent Care Expenses - Care Provider name, address, and EIN/SSN number.
- Form W-2 - Employer name, address, EIN/control numbers, state and local names.
- Schedule B - Interest and Dividend payer name.
- Schedule C and Schedule F - Required business designations plus prior-year inventory and cost amounts. Business Use of Home required information plus carryover amounts.
- Schedule E - Property type, location and special other expense designations.
- Schedule K-1 Partnership, K-1 S Corporation, and K-1 Estates and Trusts - Name, ID, Taxpayer, Spouse, PTP and Foreign designations.
- Retirement and Pension Information - Taxpayer/spouse designations; payer name, address, account number and ID; distributions codes, state and local designations.
- Carryover Worksheet - Prior Year AGI, Tax Liability, Overpayment Credit, Itemized Deductions, and AMT. Short term and long term carryovers, Investment Expenses disallowed, General Business credits, Section 179 disallowed and IRA basis and excess contributions.
Although TurboTax 2008 imports some state tax information, it does not convert the 2007 state refund you may have received, this must be manually entered into TurboTax 2008.TaxCut Business will not transfer into TurboTax Business.
