Prior Years Tax Data Import - What is actually imported?

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Hi All -

My question is basically as stated in the title.  When you import your prior years tax data into your new return, what exactly is imported?

The reason I ask is that this year due to TaxAct 's incredible price hike, I gave them the boot and picked up a copy of H&R Block.  From everything I read H&R Block would import my TaxAct return.  Well apparently this is ONLY true for their on-line software, since I purchased their desktop software I'm SOL.

I haven't activated the software so, I'm not sure if I want to use it or try and return it (unlikely possible since the box has been opened) and just get a copy of TurboTax

Does anyone know exactly what is imported year to year?  I've searched google, IRS, etc and can't find anything.

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Some of the big items I can think of is: Capital Loss carryover, prior year depreciation/amortization of either rental or business property, business loss carryover.

If you are a simple w-2 earner with normal itemized deductions I don't think anything material transfer. Name, address, DOB, SSN, etc. can be re-entered easily.

Its not a lot. Just all your personal info, last year filing status. It might remember your employers which saves you typing a couple lines in the w-2 form. It will also remember last years return amount which you can use to file.

As long as you have a copy of last years return, importing it, might save you 5-10 min on filling out this years. It most likely will take you longer reading this post than the time it saves.

Snezz covers most of the stuff that's important to me. Personal info and last year's employers and accounts are Handy, but it's the financial history that's important. One more I don't see covered is AMT credit carryforward.

I'm sure those can all be pulled in manually too, but it seems a lot easier to get wrong in potentially expensive ways.

Thanks all!
I have a pretty simple return, W2 income, interest, itemized deductions for standard stuff and childcare expenses.  I thought most of it was just convenience items but wanted to make sure.  I have all my old returns so it shouldn't be an issue.

Still pretty pissed that H&R Block imports via on-line software but not desktop software.

Another thing that is generally imported is Form 8606 for tracking post tax traditional IRA contributions.  It's easy to forget about that and loose track over the years.

TurboTax use to offer an option to save the online version to a file so the file could be opened in the desktop software from the same year.  Does H&R Block do that?  So you could import the online version from TaxAct and then save it to a file that would load into your desktop software.  

I've also heard the desktop software can generally read data from the online site, so if you'd started on the online site and switched to the desktop.  So, the same deal, could you import into the online H&R Block 2016 from TaxAct and then see if the desktop version would read the data from the Online 2016 version.

Since they only charge you when it comes time to print or efile, it shouldn't cost you anything if you can do either.

If you itemized state income taxes the previous year and got a federal refund, that refund is taxable income in the current year. I don't know if the software is smart enough to prompt you if you forget to input the refund, but I think if you import the info from the previous year, it would know if you got a refund.

scripta said:   If you itemized state income taxes the previous year and got a federal refund, that refund is taxable income in the current year. I don't know if the software is smart enough to prompt you if you forget to input the refund, but I think if you import the info from the previous year, it would know if you got a refund.
In my experience from a few years ago, it's not smart enough to prompt for that info. The IRS sent me a nastygram asking for the difference plus interest

Here is what is imported by TurboTax, easily found via Google: https://ttlc.intuit.com/questions/2262857-when-transferring-what...

Not easily found for H&R Block.

Hurry up and use it - Trump wants to increase duty tax on all imports!

I used to use TurboTax for free for years, but they no longer offer this free service. I want to know which free online tax filing service that work best with imported data from TurboTax?

scripta said:   If you itemized state income taxes the previous year and got a federal refund, that refund is taxable income in the current year. I don't know if the software is smart enough to prompt you if you forget to input the refund, but I think if you import the info from the previous year, it would know if you got a refund.
Just to make sure nobody gets confused. This really should say:

"If you itemized state income taxes the previous year on the federal return and got a state refund, that refund is taxable federal income."

aamilo said:   Thanks all!
I have a pretty simple return, W2 income, interest, itemized deductions for standard stuff and childcare expenses.  I thought most of it was just convenience items but wanted to make sure.  I have all my old returns so it shouldn't be an issue.

Still pretty pissed that H&R Block imports via on-line software but not desktop software.

  

I was able to imoprt last year's TurboTax data into this year's H&R desktop software.

scripta said:   If you itemized state income taxes the previous year and got a federal refund, that refund is taxable income in the current year. I don't know if the software is smart enough to prompt you if you forget to input the refund, but I think if you import the info from the previous year, it would know if you got a refund.
H&R Block software asks this question.  

AverageGuy09 said:   TurboTax use to offer an option to save the online version to a file so the file could be opened in the desktop software from the same year.  Does H&R Block do that?  So you could import the online version from TaxAct and then save it to a file that would load into your desktop software.  

I've also heard the desktop software can generally read data from the online site, so if you'd started on the online site and switched to the desktop.  So, the same deal, could you import into the online H&R Block 2016 from TaxAct and then see if the desktop version would read the data from the Online 2016 version.

Since they only charge you when it comes time to print or efile, it shouldn't cost you anything if you can do either.
 

  
Thanks a lot for this tip / thought.  I started to try this last night and was able to import my previous return but ran into trouble trying to save it to my computer.  After search the H&R Block website, I found this: "Returns completed online through www.hrblock.com are not saved in a format that can be imported into the downloadable software.".

Still a great tip though, Thanks!  

tjguitar85 said:   
aamilo said:   Thanks all!
I have a pretty simple return, W2 income, interest, itemized deductions for standard stuff and childcare expenses.  I thought most of it was just convenience items but wanted to make sure.  I have all my old returns so it shouldn't be an issue.

Still pretty pissed that H&R Block imports via on-line software but not desktop software.

  

I was able to imoprt last year's TurboTax data into this year's H&R desktop software.

  Did you read the first post???  See below, the question was about TaxAct, not TurboTax.
aamilo said:   Hi All -

My question is basically as stated in the title.  When you import your prior years tax data into your new return, what exactly is imported?

The reason I ask is that this year due to TaxAct 's incredible price hike, I gave them the boot and picked up a copy of H&R Block.  From everything I read H&R Block would import my TaxAct return.  Well apparently this is ONLY true for their on-line software, since I purchased their desktop software I'm SOL.

I haven't activated the software so, I'm not sure if I want to use it or try and return it (unlikely possible since the box has been opened) and just get a copy of TurboTax

Does anyone know exactly what is imported year to year?  I've searched google, IRS, etc and can't find anything.

   



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