Assigning Tax Lines

Posted by librarian on April 12, 2009, 10:16 pm

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Hello -

I want to import my QB data (QBPro 2008) into Turbo Tax, but I'm stuck
at tax lines.

How do I know what tax line to assign to my Balance Sheet Accounts
(Banks, Undeposited Funds, Accounts Payable, Credit Cards, Loans, Sales
Tax Payable, Opening Balance Equity, Owner's Capital, etc.). Is there a
resource on a web site that I can find the answers to this question?

best -

chris

Posted by Laura on April 13, 2009, 6:48 am

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> Hello -

> I want to import my QB data (QBPro 2008) into Turbo Tax, but I'm stuck at

> tax lines.

> How do I know what tax line to assign to my Balance Sheet Accounts (Banks,

> Undeposited Funds, Accounts Payable, Credit Cards, Loans, Sales Tax

> Payable, Opening Balance Equity, Owner's Capital, etc.). Is there a

> resource on a web site that I can find the answers to this question?

> best -

> chris

What tax return are you filing? If you are filing a Schedule C with your
1040 then your balance sheet accounts don't need to map to your tax return.
I just put mine as either unassigned or not tax related.

Posted by librarian on April 13, 2009, 2:47 pm

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Laura wrote:

>> Hello -

>> I want to import my QB data (QBPro 2008) into Turbo Tax, but I'm stuck

>> at tax lines.

>> How do I know what tax line to assign to my Balance Sheet Accounts

>> (Banks, Undeposited Funds, Accounts Payable, Credit Cards, Loans,

>> Sales Tax Payable, Opening Balance Equity, Owner's Capital, etc.). Is

>> there a resource on a web site that I can find the answers to this

>> question?

>> best -

>> chris

> What tax return are you filing? If you are filing a Schedule C with your

> 1040 then your balance sheet accounts don't need to map to your tax

> return. I just put mine as either unassigned or not tax related.

Thanks Laura -

Right, 1040 with schedule C (I'm a sole proprietor; and for another
company a 1099 independent contractor). Thanks for your help!

best -

chris

Posted by dpb on April 13, 2009, 9:45 am

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librarian wrote:

> Hello -

> I want to import my QB data (QBPro 2008) into Turbo Tax, but I'm stuck

> at tax lines.

> How do I know what tax line to assign to my Balance Sheet Accounts

> (Banks, Undeposited Funds, Accounts Payable, Credit Cards, Loans, Sales

> Tax Payable, Opening Balance Equity, Owner's Capital, etc.). Is there a

> resource on a web site that I can find the answers to this question?

...
The answer behind that is where would you put the income/expense if you
were filling out the return/schedules by hand?

First of all, is it actually a tax-related account? The bank account
itself obviously isn't; payments from and receipts into _may_ be
legitimate business deductible expenses or business revenue, but those
are reported via the appropriate tax-related accounts the transactions
are recorded under.

The ultimate resource for tax questions is www.irs.gov, I'm sure there's
some online support for Turbo Tax that may have some generic guidelines,
but basically you have to look at each account in the Chart of
Accounts and classify it as tax-related or not.

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