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