Preparation and the actual filing for the current year tax return usually require the taxpayers to have access to the previous tax year returns and the worksheets, verifying the transaction, capital-gain and depreciation information. TurboTax is a program that allows transfer o data from the previous tax year by use of a “Transfer” feature which searches the current computer for previous tax year data files. Here is how you can transfer the previous tax years into TurboTax.
- Create your TurboTax for the current year. Name your new TurboTax and save it to the proper folder before transferring, importing or entering data from your other tax years. This is to ensure that the appropriate files will be easily associated for access.
- Find out the previous tax years that are already associated with the tax file. Select the “Tax History Report” from “Tools”. This is for you to find out what years are associated already. You may do this step again at any moment if you want to check the status of our past-year returns. If necessary, you may manually enter the summary information into your tax-history report.
- Initiate a form of search on your computer for the previous tax year files. Click on the “Transfer” option from TurboTax “File” menu to start the search of the previous tax year files on your computer and to begin the process of transferring.
- Pull the “Files of type” menu down. This can be found on the dialog box for “Select Return to transfer From”. You should do this to specify whether you would like for the program to search for the return prepared with the TurboTax, TaxAct, TaxCut or other tax-preparation program.
- Follow prompts. To check the appropriate folders of data, follow the prompts. Find and transfer your tax data into the current year return file. If this does not generate the previous tax year data, the data that you are looking for may be on another computer.
- Here is how you can transfer the previous tax years from another computer.
- Search the computer for files that has the suffix .ta5, .t05 or .tax. Another option would be for you to open the TurboTax or other tax-preparation program and browse for your previous tax year files. When you check your old computer for the precious tax year data files, be sure to look first in the TurboTax data folder, or the other data file of the program you are using.
- Save it to a storage device. Once you found the data you are looking for, save it to a USB storage device or a CD for you to be able to transfer it to the new computer that you are using.
- Transfer the previous tax year data to your new computer. After copying it, you should open the TurboTax. Browse your computer to select and open files that you transferred from the other computer, and save this as the new return, which is identified by the previous or old year.
- Transfer your old return. Use “Transfer” option from the pull-down menu of your TurboTax “File” to make the data accessible from the current return.
Once the transfer is complete, prepare the other necessary documents and data and file for your current tax year return.