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Posted by Andrew on February 13, 2008, 6:57 pm
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P.Schuman wrote:
> Andrew wrote:
>> P.Schuman wrote:
>>> here's another little nugget... just for reference.
>>>
>>> I have in Quicken - these mutual funds - Fidelity, T.Rowe, Vanguard
>>> Fidelity - multiple funds are under one umbrella account
>>> TRP - they force a single account per fund
>>> Vanguard - multiple funds per account
>>>
>>> Now - when Importing these over to TurboTax,
>>> the question is:
>>> Does the IRS want to see each fund listed on a single line vs a
>>> "total" ie - the Fidelity & Vanguard entries are "totalled" vs the
>>> single lines of TRP
>>>
>>> I went with the line by line -
>>> SO - had to remove/delete the Imported entries for Fidelity &
>>> Vanguard, and then manually create each Sched B (DIV) form for each
>>> mutual fund.
>>
>> The solution to each of your 5 posts is, as I've said about that many
>> times also over the years, is simply enter the information from the
>> 1099-DIV and don't worry about imports from Quicken! You'll spend
>> more time trying to undo errors than if you simply did it manually.
>> (PS: I would enter each 1099-DIV needs to be entered separately, not
>> to "sum" them. Makes the computer matching at the IRS much easier.)
>>
>> Maybe the solution is to DOWNLOAD into Turbotax from Vanguard's
>> website? Might get the best of both worlds!
>>
>> --
> YUP - this was the first time I tried to let the "ease of the
> computer" take care of the 1099's.
> I wonder how many other folks just hit the Import, and take the
> results as-is - not knowing -
> What a mess... so many little subtle things left hanging or just plain
> wrong.
> And - yeah - I was thinking the same thing.... It took me longer to
> fix the errors, make single line items,
> since I had to touch every single one of my investment 1099's for the
> "qual div" box
> that it woud have been just as easy to enter all the boxes at the
> same time.
> I wonder under what circumstances the Import works just "perfect" for
> Interest + Divs ?
So have you tried the download feature within Turbotax to get the info from
Vanguard, T Rowe, etc? That's what I use. And since the data (I sincerely
hope!) is the same as the 1099 (including, by the way, the named security
that the 1099 relates to), I think this is a good way of doing it. Of
course, one STILL has to sometimes go back and update; for example, when
adding into the mix the cost basis which sometimes is reported by the FI but
not on the 1099.
Give it a whirl!
--
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Regards -
- Andrew
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