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Reimporting 1099B from Fido into Turbo Tax after filing?
Old 03-23-2017, 02:01 PM   #1
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Reimporting 1099B from Fido into Turbo Tax after filing?

I received this email from Fido.
We have identified that you imported certain 1099-B tax data into TurboTax this tax year. We discovered that some of the information included in that import may be incomplete. We have fixed the import issue, and updated 1099-B data is now available for import into TurboTax. The data on the Fidelity-issued 1099-B form is accurate. If you used your forms to manually enter this information into your return, no action is necessary on your part.
Next Step
If you already filed your taxes and used the import function in TurboTax prior to 3/17/17, an amended return may be necessary. There is no additional fee to amend a tax return originally prepared using TurboTax unless the amended return requires an upgrade to the version originally used.

I have already filed my return and wonder how to tackle this issue with Turbo Tax, would reimporting the 1099B create a duplicate on the tax return?

Thanks,

MP
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Old 03-23-2017, 02:05 PM   #2
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If you are using TT desktop, I would suggest you save a copy of the filed return, then open TurboTax and do a new one with the new Fido data. If the total tax owed is unchanged, there no need to do anything. It the total tax is different, you should file an amended return.
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Old 03-23-2017, 03:53 PM   #3
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I don't use TT, but I would just "Save As …" to a new copy of my tax return. Then I would delete the current 1099-B and import again.

Even if you imported multiple times, you can always delete extra ones.

You can even compare your 1099-B before you import to what it shows in the software to see if it has any of those differences.
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Old 03-23-2017, 04:36 PM   #4
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When you start TurboTax, on the main screen, scroll down and click Amend a Filed Return. Select the return to amend then save it under a different file name. If you save into the same file, your original 1040 is overwritten and you can only see what was on it in the first column of the new 1040X that's created.

Follow the prompts to the screen that asks "What do you need to change on your return?" Scroll down and click on Wages & Income. Then select "I'll Choose What to Work On". Go to the Import Summary and delete all your existing Fidelity document(s), then reimport them. Revisit the sections on 1099-INT, 1099-DIV and Stock Sales, because when you redo the import they're all getting entered again and you have to re-answer whatever questions were asked about foreign tax, state tax-free items, etc.

Then select "Done with Income" and continue on to the print and file screen. You will have to print the 1040X, even if you e-filed your original 1040.
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Old 03-23-2017, 05:21 PM   #5
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Thanks Cathy, do I understand correctly that TT will allow me to save the filed return under a different name before proceeding to delete and reimport the 1099B?
Do I need to delete all imported Fido forms before re importing them again or just the 1099B?
I think when I originally imported Fido it imported all forms automatically.

Thanks, also thank MichaelB.

MP
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Old 03-23-2017, 09:08 PM   #6
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Quote:
Originally Posted by Disappointed View Post
Thanks Cathy, do I understand correctly that TT will allow me to save the filed return under a different name before proceeding to delete and reimport the 1099B?
Yes, just go to the file menu and choose Save As. You are only doing this in case you make some error while filling out the 1040X and want to start over after you've saved the changes. You really don't need the old file for anything else.

Quote:
Originally Posted by Disappointed View Post
Do I need to delete all imported Fido forms before re importing them again or just the 1099B?
I think when I originally imported Fido it imported all forms automatically.

Thanks, also thank MichaelB.

MP
Yes, you should delete them all before re-importing. There may be a way to select which forms get imported, I can't remember; but even if there is, I wouldn't trust that the INT and DIV forms were 100% correct and it's a very small effort to reimport them and answer a couple of questions about each one.
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Old 03-23-2017, 10:43 PM   #7
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Alternative if you don't want to re-import, go into forms mode and find the 1099b form in question and just change the numbers. (essentially the way you would do it if you started with a paper form) or you could go thru that section of the interview process. The question of course is how many trades do you have if a lot than this way does not work, but with 3-5 a year (mostly involuntary trades due to M&A) its not to big of a problem for me. Or compare the multiple trades and see which ones are different and just fix them.
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Old 03-23-2017, 11:15 PM   #8
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Both turbo tax, and taxcut allow a person to "save As" the file.

I do this regularly as I'm doing my return.
I save it as mytaxes , then next time I saveAs mytaxes1, and mytaxes2 , etc.
Often I save to a new name when I'm done for the day.

This year I got up to mytaxes8 before I was finally done, it was complex !!

Or outside of the program you can simply copy the file to a new name as a backup file.
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