- Transfer from TaxACT to TurboTax
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Transfer Last Year's Tax Data from TaxACT
Updated: 11/03/2009
Article ID: 2296
You can transfer last year's TaxACT return to TurboTax 2008 for Windows (desktop versions only), saving time and reducing entry errors.
Before you start
- Be sure to update TurboTax before you begin to ensure you have the latest forms and features installed.
- You can't transfer from TaxACT to TurboTax Online or TurboTax for the Mac.
- You can't transfer from multiple TaxACT returns.
- 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 TaxACT data to TurboTax 2008.
Transferring from TaxACT
Here's how to transfer from your 2007 TaxACT return to TurboTax 2008:
- Make sure last year's TaxACT return file is installed on your computer. TaxACT 2007 files have a .ta7 file name extension. (See Search for Files and Folders.) If your TaxACT file is on a CD or other computer, copy it to the same computer TurboTax is on.
- Open TurboTax and click Start Return from the Welcome Back to TurboTax screen. (If you have started your return, the transferred information will replace the information you entered.)
- If your TaxACT file is listed on the screen, select it. If not, click Browse to Find File, navigate to your TaxACT file on your computer's hard drive, and then click Open.
- Click Transfer Return, and then click OK to confirm the transfer.
- If your TaxACT return is password-protected, enter your password, and then click OK.
- The relevant information is transferred from your TaxACT 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 TaxACT 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.
