transfer sole proprietor in QuickBooks to Schedule C in a personal return

[KenGreenberg]

Currently, we can transfer a QuickBooks sole proprietorship or sole member LLC to Proconnect through prep for taxes. But it's seriously limited. 

QuickBooks will create a Schedule C, but only in a new return or a return with the same name as the business. This doesn't help us in joint returns or even single returns where the client has a new LLC and we want to get the QuickBooks P&L into a Schedule C in their personal return. This is important because there can be all sorts of info and carryover data in the personal return. If we have to recreate, it's more trouble than manually entering the P&L into a Sch C.

Two possible fixes:

1. Handle this the way Proconnect handles business return K-1s:

• Create a Schedule C export table in QBO
• Let us select that for import into whatever 1040 we choose

2. Alternatively, we need to be able to push the QBO P&L to a schedule C in any 1040 we select - new or existing. 

• If the 1040 has an existing Sch C, we should be prompted to update it or create a new one.
• If no Sch C exists in the 1040, QuickBooks would push one in.

That's what we need if there's going to be any value to prep for taxes with small businesses. 

[jvorm]

I agree.  My husband and I have three LLC's between us (including my accounting business). I can download a CSV file, but can't figure out how to import it into ProConnect. I really don't want to have to manually enter all of these, either for us, or for my clients! Being able to import a spreadsheet would be ideal. Currently I only see the ability to upload a CSV for schedule D or Depreciation.

[Intuit_Ruben]

Thanks for the idea to help business return K-1s by

• Creating a Schedule C export table in QBO
• Let users select that for import into whatever 1040 we choose
• be able to push the QBO P&L to a schedule C in any 1040
  
• If the 1040 has an existing Sch C, the user should be prompted to update it or create a new one.
• If no Sch C exists in the 1040, QuickBooks would push one in.
  

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[KIMT]

KenGreenberg - I really appreciate your original comment - as I'm having the VERY same issue.  I've tried renaming the CLIENT, the TAX RETURN... nothing.  QB/ProConnect definitely has A LOT of work to do in this arena.  QB Team, yes, please - create a link between QBO and ProConnect that let's tax prepares direct the information for Single-Member LLC's or Sole Prop into a Schedule C.

Thanks to Greenberg's helpful hints, I'm going to try to import a QBO file.  I haven't tried yet, but as jvorn stated above, the only import option I see is for Schedule D & Depreciation.  I'm goin to watch some video to try to figure it out.

[PatrickSanford]

I thought Intuit Proconnect was all about how you could easily "connect" your business to the tax return. QBO has a really decent "prep for taxes" section.

How is it possible that they don't allow an upload of the .csv file at minimum! It should allow you to select which tax return you want in Proconnect, then you select the activity, but come on. This is ridiculous. Schedule C's are getting the short end of the stick on this software.

[KenGreenberg]

Thanks, Patrick. I'm still clearing out 37 returns and some QuickBooks that are a mess before I can even do the returns. 

I plan to upload a two page document I've been building with a bunch of suggestions for improving Proconnect.

The challenge with all of this is that Intuit has its own roadmap of what they think the software should do. It would be great if they would assemble a panel of real users who could guide them in what would save us time and keystrokes. 

The software isn't perfect... but it's pretty good. 

Onward!

[JanaLowe]

I'm extremely frustrated and disappointed with this lack of integration. I was sold on the software after being told that the feature of being able to integrate my existing Schedule C QBO clients with those same clients in ProConnect Tax online exists. I was also told in training for the tax software that this functionality exists. After multiple calls to both QBO and PTO support and being passed around between those support departments, I have no resolution to this issue. The prep for taxes integration from QBO to PTO works beautifully for partnerships and nonprofits. However, I'm unable to do this same thing for any of my clients who have Schedule Cs. I'm far enough into tax season where I'm going to have to start manually entering these. Very disappointing. If anyone knows if this integration is working and what I can do to get it to work, please let me know. Thank you and Happy Tax Season!

[KenGreenberg]

From what I can tell, it works only to a new tax return. But that's not at all helpful for repeat clients who may have carry forwards.

This needs work. 

[PatrickSanford]

I should mention for the developers who read this, sometimes a QBO file is also kept for a real estate rental activity, or a farming activity. If you make this QBO to 1040 in ProConnect a feature, also make the option of Schedule E and Schedule F, not just Schedule C. (Although I think there will be way more use in Schedule Cs, I don't think it's impossible for the others.)

[JanaLowe]

Agreed regarding the developers. One other note for the developers- please incorporate the 8825 for a partnership (1065) return. I have quite a few partnerships with rental real estate activities. The integration works beautifully for the 1065 integration to page 1, but it doesn't map to 8825.

When the integration works, it's awesome! I just need more capabilities please (Sch C, Sch E, 1065/8825, etc.).