Drake Tax - Data Imported to Drake Tax from QuickBooks
Article #: 15392
Last Updated: December 05, 2024
The following chart shows what items for each supported package can be imported. Be sure to verify all imported amounts in Drake Tax after the import has been completed. For steps on creating the export in QuickBooks and importing the data into Drake Tax, see Drake Tax - Importing Data from QuickBooks.
| 1040 Import Items | 1120 Import Items | 1120-S Import Items |
|---|---|---|
| Income | Income | Income |
| Net social security benefits received | Gross receipts or sales | Gross receipts or sales |
| Schedule A | Returns and allowances | Returns and allowances |
| Other medical and dental expenses | Interest income | Other |
| Income taxes | Gross rents | Deductions |
| Real estate | Gross royalties | Accounting |
| Personal property | Other income | Advertising |
| Other | Deductions | Automobile and truck expense |
| Home mortgage (1098) | Accounting | Bad debts |
| Home mortgage (not on 1098) | Advertising | Bank charges |
| Cash charity contribution | Automobile and truck expense | Commissions |
| Non-cash charity contribution | Bad debts | Credit and collection costs |
| Tax preparation fees | Bank charges | Depletion |
| Miscellaneous subject to 2% AGI limit | Commissions | Discounts |
| Miscellaneous no 2% AGI limit | Contributions | Dues and subscriptions |
| Schedule C | Credit and collection costs | Education and training |
| Gross receipts sales | Depletion | Employee benefit programs |
| Returns and allowances | Discounts | Gifts |
| Other income | Dues and subscriptions | Independent contractor |
| Advertising | Education and training | Insurance |
| Car and truck expenses | Employee benefit programs | Interest expense |
| Commissions | Gifts | Janitorial |
| Depletion | Independent contractor | Laundry and cleaning |
| Employee benefits | Insurance | Legal and professional |
| Insurance | Interest expense | Meals and entertainment |
| Interest (mortgage) | Janitorial | Miscellaneous |
| Interest (other) | Laundry and cleaning | Office expense |
| Legal and professional services | Legal and professional | Officer compensation - non-shareholders |
| Office expense | Meals and entertainment | Officer compensation - shareholders |
| Pensions | Miscellaneous | Parking fees and tolls |
| Rent – vehicle/machinery | Officer compensation | Pension plans |
| Rent – other | Office expense | Postage/shipping |
| Repairs/maintenance | Parking fees and tolls | Printing |
| Supplies | Pension plans | Rents |
| Taxes and licenses | Postage/shipping | Repairs and maintenance |
| Travel | Printing | Salaries and wages |
| Meals and entertainment | Rents | Security |
| Utilities | Repairs and maintenance | Supplies |
| Wages | Salaries and wages | St/City income taxes |
| Other expenses | Security | Local property taxes |
| Purchases less personal | Supplies | Payroll taxes |
| Cost of labor | St/City income taxes | Other miscellaneous taxes |
| Materials and supplies | Local property taxes | Licenses |
| Other costs | Payroll taxes | Telephone |
| Schedule E | Other miscellaneous taxes | Tools |
| Rent income | Licenses | Travel |
| Royalty income | Telephone | Utilities |
| Schedule F | Tools | Other |
| Sales of livestock/items | Travel | Form 1125-A |
| Cost of resale livestock/items | Utilities | Purchases |
| Sales of livestock/product raised | Other | Cost of labor |
| Co-op. distributions | Form 1125-A | Additional section 263A costs |
| Agricultural program payments | Purchases | Other costs |
| CCC loans reported | Cost of labor | Schedule K |
| CCC loans forfeited | Additional section 263A costs | Interest income |
| Crop insurance received | Other costs | Total ordinary dividends |
| Crop insurance deferred | Schedule C | Royalty income |
| Custom hire | Dividends < 20% owned corporations | Other portfolio |
| Other income | Dividends-20% or > corporations | All other income items |
| Car and truck expenses | Dividends debt-financed stock | Investment interest expense |
| Chemicals | Dividends < 20% preferred stock | All other deductions |
| Conservation expenses | Dividends 20% or > preferred stock | Federal tax exempt interest |
| Custom hire expenses | Dividends < 20% foreign corporations | State tax exempt interest |
| Employee benefit | Dividends 20% or > foreign corporations | Other nondeductible expenses |
| Feed | Dividends wholly owned foreign | Total foreign taxes |
| Fertilizers and lime | Dividends domestic corporations | Reduction in taxes available for credit |
| Freight and trucking | Dividends from certain FSC's | Schedule L |
| Gasoline, fuel, oil | Dividends affiliated group members | Cash |
| Insurance | Other dividends foreign corporations | Trade notes & accounts receivable |
| Interest – mortgage | Income from controlled foreign corporations | Allowance for bad debts |
| Interest – other | Foreign dividend gross up | U.S. government securities |
| Labor hired | IC-DISC and former DISC dividends | Tax-exempt securities |
| Pension/profit sharing | Other dividends | Loans to shareholders |
| Rent – vehicles & machinery | Deduction dividend paid on preferred stock | Mortgage & real estate loans |
| Rent – other | Schedule L – Balance Sheets | Depreciable assets |
| Repairs and maintenance | Cash | Accumulated depreciation |
| Seeds and plants | Trade notes & accounts receivable | Depletable assets |
| Storage and warehousing | Allowance for bad debts | Accumulated depletion |
| Supplies | U.S. government securities | Land |
| Taxes | Tax-exempt securities | Intangible assets |
| Utilities | Loans to shareholders | Accumulated amortization |
| Vet fees and medicine | Mortgage & real estate loans | Accounts payable |
| Other expenses | Depreciable assets | Payables less than 1 year |
| Schedule H | Accumulated depreciation | Loans from shareholders |
| Total cash wages paid | Land | Payables more than 1 year |
| Federal tax withheld | Intangible assets | Capital stock – preferred |
| Form 4835 | Accumulated amortization | Paid-in or capital surplus |
| Product income | Accounts payable | Less cost of treasury stock |
| Total co-op distributions | Payables less than 1 year | Schedule M-1 |
| Agricultural program payments | Loans from shareholders | Expenses on books not on return |
| CCC loans reported | Payables more than 1 year | Income on books not on return |
| CCC loans forfeited | Capital stock – preferred | Form 8825 |
| Crop insurance total | Common | Gross rents |
| Crop insurance taxable amount | Paid-in or capital surplus | Advertising |
| Other income | Less cost of treasury stock | Auto and travel |
| Car and truck | Schedule M-1 | Cleaning and maintenance |
| Chemicals | Expenses on books not on return | Commissions |
| Conservation | Income on books not on return | Insurance |
| Custom hire | Schedule M-2 | Legal and Professional fees |
| Employee benefit | Other increases | Interest expense |
| Feed | Cash distributions | Repairs |
| Fertilizer or lime | Stock distributions | Taxes |
| Freight or trucking | Property distributions | Utilities |
| Gas, fuel, oil | Other decreases | Wages and salaries |
| Insurance | Tax Payments | Other |
| Interest – mortgage | Estimated Quarterly Payment #1 | Income-other rental real estate |
| Interest – other | Estimated Quarterly Payment #2 | |
| Labor hired | Estimated Quarterly Payment #3 | |
| Pension and profit sharing | Estimated Quarterly Payment #4 | |
| Rent – equipment | ||
| Rent – other | ||
| Repairs/maintenance | ||
| Seeds or plants | ||
| Storage | ||
| Supplies | ||
| Taxes | ||
| Utilities | ||
| Veterinary | ||
| Other expenses | ||
| Form 8829 | ||
| Deductible mortgage interest | ||
| Real estate taxes | ||
| Insurance | ||
| Repairs and maintenance | ||
| Utilities | ||
| Other expenses | ||
| Form 8839 | ||
| Qualified adoption expense (adoption fees, court costs, attorney fees) |