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04-07-2020, 01:27 PM
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#1
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Administrator
Join Date: Jan 2008
Location: Chicagoland
Posts: 39,854
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USAA / TurboTax error
Looks like USAA and TurboTax had a technical issue earlier in the year. Following is a copy of the email I received earlier today.
 Quote:
Here's What Happened
Because you had multiple taxable events in your USAA Mutual Funds account, you received multiple 1099-B forms this year:
One from USAA for taxable events that occurred before Monday, July 1, 2019
One from Victory Capital for taxable events that occurred after Monday, July 1, 2019
When importing those documents into TurboTax, you may have noticed that the 1099-B's had duplicate information. While the tax forms themselves are correct, they both reference the same account. This caused the transactions to be duplicated when imported into TurboTax.
For example: your USAA tax form shows one taxable event, and your Victory Capital tax form shows one taxable event. TurboTax incorrectly interpreted the information to mean you had two taxable events at USAA and two taxable events at Victory Capital.
Since we became aware of this issue, we have worked with TurboTax to develop a solution and have implemented it. Please review the information you imported, and, if incorrect, please delete the previously imported 1099-B's. Corrected 1099-B's are now available and can be reimported into TurboTax.
We're Here to Help
If you have filed your taxes, and you believe this issue impacted your tax obligations, please consult your tax adviser.
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04-07-2020, 01:35 PM
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#2
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 35,353
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That is why I always check what is imported to what I expected the results to be.... would have easily picked up on this type of error.
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
Retired Jan 2012 at age 56
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04-07-2020, 03:14 PM
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#3
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Thinks s/he gets paid by the post
Join Date: Jul 2015
Location: Beaverton
Posts: 1,382
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Quote:
Originally Posted by pb4uski
That is why I always check what is imported to what I expected the results to be.... would have easily picked up on this type of error.
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+1
I got a 1099R from Fidelity. Then imported all my brokerage info. Reviewing the 1040 it looked high. Did research and 1099 was double entered.
__________________
Jump in, the water's warm.
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04-07-2020, 03:21 PM
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#4
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Aug 2016
Location: Northern Virginia
Posts: 7,239
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Quote:
Originally Posted by pb4uski
That is why I always check what is imported to what I expected the results to be.... would have easily picked up on this type of error.
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Same. Very leery of the import.
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04-08-2020, 12:00 AM
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#5
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 35,353
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Quote:
Originally Posted by Montecfo
Same. Very leery of the import.
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Trust.... but verify.
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
Retired Jan 2012 at age 56
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