Question about TurboTax and Fidelity Data Download

[FiveDriver]

Sitting here ruminating over my morning coffee. Almost all our 1099's and such have arrived by now. Our Return should be pretty easy this year, no ACA, no Home Office deduction, only 1 Capital Loss to report.

I'm wondering about the following....

Submitting our return MFJ, and Dear Wife has her Fido stuff under a separate Account number. I've never used this Fidelity Download Feature before. I'm sure this situation is not a rarity....How do they handle the separate downloads ??
Do I log on to her Fido Account and import her tax data as a separate step ?? Does the TT software match on her Social Security ?

I want to make sure I touch all the bases.

 

[sdtech]

downloading from Fidelity

I "think" you have to log through Turbo Tax into each fidelity account. You can check to see which 1099's etc. are downloaded and if any are duplicated, you can delete the extra ones.

 

[MichaelB]

I "think" you have to log through Turbo Tax into each fidelity account. You can check to see which 1099's etc. are downloaded and if any are duplicated, you can delete the extra ones.

Right, just a separate broker login and download for each account in TT. [-]There shouldn’t be any duplicate 1099’s from Fido, across all the accounts each taxable transaction is included in just 1 1099.[/-]

Edit - I looked at DWs Fidelity account and they have all the joint tax forms in her account as well as our joint account, so yes, the joint data can be duplicate. IIRC you can select which forms to download in each account, so take care to select only those that are specific to her account.

Deleting duplicate downloads is messy and error prone, best avoided.

 

[Marc]

I have set up preferences in both of our accounts to see all of our accounts. So, the consolidated statements I get include my wife's retirement accounts. As there have been no withdrawals from her IRAs there is no tax implication from her accounts.

Marc

 

[FiveDriver]

Thanks Folks.
DW would just have some Dividends to report, and that was always messy doing it 'by hand' in the past. I'm hoping this download does the trick.

There was some chatter on bogleheads.com that Fido was running late with some of their forms this year. Probably just as well -- I don't have the head to get involved in that today.

 

[marko]

Right, just a separate broker login and download for each account in TT. [-]There shouldn’t be any duplicate 1099’s from Fido, across all the accounts each taxable transaction is included in just 1 1099.[/-]

Edit - I looked at DWs Fidelity account and they have all the joint tax forms in her account as well as our joint account, so yes, the joint data can be duplicate. IIRC you can select which forms to download in each account, so take care to select only those that are specific to her account.

Deleting duplicate downloads is messy and error prone, best avoided.

FWIW, T.Rowe Price has our joint accounts but only DW's account has the tax forms for the joint holdings. I have to log into both accounts separately to upload.

What I find interesting is that TT lists Morgan Stanley, Edward Jones, Fido etc but never lists TRPrice. I have to enter their name and then it pops up.

 

[Al18]

Fidelity is not running late with their consolidated 1099 forms IMHO. For the past decade, they are typically issued on 2/15, depending on your holdings.

 

[cathy63]

Fidelity is not running late with their consolidated 1099 forms IMHO. For the past decade, they are typically issued on 2/15, depending on your holdings.

Right, 2/15 is the IRS deadline. If you get them sooner than that, they're early.

There is no way Fido or any other major broker will miss the deadline because the penalties for doing so are not small.

 

[Texas Proud]

This is from memory from last year... when I logged in I saw all 1099s for all accounts that I can see... including my kids account...


I was able to check when ones I wanted to download... so I did not get my kids info into the program...

 

[marko]

So, I keep fairly meticulous records and can pretty much tell you what will be on my 1099R, Div, Int, and B. I just don't know what goes in each box.

It seems to me, where outfits like Fido, Price et. al. have very powerful computers, that these forms should be available at the touch of a button. To me these forms should be available the first week of January as soon as the final numbers settle in.

Why should it take six weeks when I know exactly what I've withdrawn, what taxes have been paid and how many dividends I've seen just on my simple Excel sheet on New Years day?

 

[DrRoy]

I only need one Fido login to get all the docs for the various accounts.

 

[cathy63]

...It seems to me, where outfits like Fido, Price et. al. have very powerful computers, that these forms should be available at the touch of a button. To me these forms should be available the first week of January as soon as the final numbers settle in...

Wash sales aren't finalized until 30 days after the last trading day of the year. If that falls on a Friday, it will be Monday Feb 2 before it's possible to produce 1099-Bs. If you own mutual funds in a brokerage account, then the broker has to receive the numbers from the fund manager before they can compile them onto your 1099-Divs, so that's at least a few more days. That's why Congress set the deadline at Feb 15th.

If you don't do any tax loss harvesting in Dec and you don't own any mutual funds, then it's possible for a brokerage to produce 1099s earlier and some do. I got one from Wells Fargo last week.

 

[marko]

Wash sales aren't finalized until 30 days after the last trading day of the year. If that falls on a Friday, it will be Monday Feb 2 before it's possible to produce 1099-Bs. If you own mutual funds in a brokerage account, then the broker has to receive the numbers from the fund manager before they can compile them onto your 1099-Divs, so that's at least a few more days. That's why Congress set the deadline at Feb 15th.

If you don't do any tax loss harvesting in Dec and you don't own any mutual funds, then it's possible for a brokerage to produce 1099s earlier and some do. I got one from Wells Fargo last week.

As always, Cathy63, thanks. You're the best!

 

[LarryMelman]

I have several ETF's and preferred stocks that take their sweet time to report the breakdown of their distributions as to the qualified vs. non-qualified dividend vs. capital gain distribution vs. return of capital.

 

[socca]

Right, just a separate broker login and download for each account in TT. ...

FWIW a few years ago Vanguard transitioned to slapping a unique identifier on each tax form. You just enter the form identifier into TurboTax to import the data into TT. This is more secure than entering brokerage account login credentials into TT. I'm surprised that Fidelity hasn't gotten around to implementing this improvement yet.

 

[jazz4cash]

Right, 2/15 is the IRS deadline. If you get them sooner than that, they're early.

There is no way Fido or any other major broker will miss the deadline because the penalties for doing so are not small.

My Fido 1099’s were available 1/19 and 1/20. I am on the fence about download vs manual entry. I think I will need to enter accrued interest paid on bond purchases manually. .

 

[FiveDriver]

Question about manually entering the Fido 1099-DdIV data -

My DW has quite a few Dividend-paying stocks held in her Fidelity account. Her 1099-DIV Consolidated form gives a lump sum for all these individual stocks.

Can I just enter that lump sum on the TurboTax Dividend page ?
Or should I enter a line for each stock, there's about 10 of them.

 

[cathy63]

Question about manually entering the Fido 1099-DdIV data -

My DW has quite a few Dividend-paying stocks held in her Fidelity account. Her 1099-DIV Consolidated form gives a lump sum for all these individual stocks.

Can I just enter that lump sum on the TurboTax Dividend page ?
Or should I enter a line for each stock, there's about 10 of them.

There is usually only one 1099-DIV form per account that includes all the dividends from all the stocks for the entire year. That's what Fidelity sends to the IRS and what you enter into TurboTax or any other tax program. The detail on which stocks paid dividends on which day is provided for your information only.

 

[FiveDriver]

Thank you Cathy. Single line, lump sum entry it is.