How to Transfer Previous Tax Years Into TurboTax

Based on the tax preparation software that one uses, the clients can transfer their previous tax information directly. Whenever you start to prepare the tax return of the current year, the taxpayers are required to access the past year’s tax returns, the worksheets, transaction, and all the information that is needed. It provides a clear picture to the person for depreciation and capital-gain. It also helps the user to formulate the income tax process in such a way to gain the maximum tax returns and benefits. With the help of TurboTax, one can quickly transfer all the previous year data with the help of the ‘Transfer’ feature. This feature searches for all the last tax year files in the system. The process for the same is discussed below. You can either execute it on your own, ask your accountant for the same, or have a word with the technical experts at Turbotax technical support.

The steps to transfer previous tax years into TurboTax

From the same computer:

• On the desktop, create a new folder by the name ‘TurboTax current-year tax file.’ This will help you to easily access the files that you transfer from other tax years.
• Open TurboTax software and click on ‘Tools’ and then search for ‘Tax History Report.’ This report will tell you about the past taxation years and data that are associated with the tax file.
• Now open the ‘TurboTax File’ through which you wish to import the data. Open the drop-down menu and then click on ‘Transfer.’ This will start the search of your system for previous year tax files and will initiate the transfer process.
• Open the dialog box and from the option of ‘Select Return to Transfer from,’ drag down the ‘Files of type.’ Specify what should the program search for a return.
• Now follow the on-screen instructions and verify the data folders and transfer the files into the newly created folder on the desktop.

From another computer:

In your old computer, search for the files with .tax, .ta5 or .t05. You can also open TurboTax software in your computer and search for the previous tax year files

• Now save the tax return files into the CD-R disc or flash drive to transfer the data to a new system
• Insert the CD drive into the new computer and copy the files into the hard drive
• Open TurboTax software
• In the old computer, open the file that you have transferred and save it by the name of ‘New return identified by the old year.’
• Now click on ‘Transfer’ and pull down the TurboTax files to transfer to the old return. This will enable the users to access the data from the current return

Being a complicated process, this may require technical assistance. You can ask for help by dialing the toll-free number at Turbotax customer service and have a word with the technical executives.

Read more: Turbotax helpline number

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