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.
It is always best to report what you receive on the paper - unless you have a valid reason to breakout (for example a sale of Stock that has long-term and short-term gains - you would likely receive 1 tax document, but you would need to break it out).
I don't export data into a tax software. I run a Quicken Category report and reconcile the paper to that.
My point was that the 1099's list each mutual fund on a separate line in the account, with no overall "total" for each columnar set of boxes, therefore not sure what the IRS wants to see transacribed : Fidelity total mutual funds - $1,000 div - $900 qual - $78 foreign tax or - Fidelty Value fund - $900 - $800 - $0 Fidelity Growth fund - $100 - $100 - $78 etc.....
SO - there is no total on 1099's... unless I manually calculate each columnar set of boxes and use that to compare with what Quicken shows... and has Imported into TurboTax, which we now know - is mostly wrong for TurboTax purposes.
Anyway - it's all here for future reference and search> It is always best to report what you receive on the paper - unless
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!
Even when I get detail on 1099's, I always have to this point in time gotten a total. I would call the issuer (if you think it is important) and ask how it is being reported.
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.
"Andrew" wrote in news:47b38404$0$25037$ snipped-for-privacy@cv.net:
In my experience, the 1099 I get from T Rowe Price always provides data based on account number (= individual mutual fund) and never provided a total. I assume this is what they give IRS as well. So on my sked B I have a separate entry for each TRP account. It so happens I use a single "account" in Quicken. TRP will not download more than one account into a single Quicken acct, so I do it manually for all but 1 TRP account (that one is a money market which pays monthly). Thus I can't export the data from TRP to TTax and have it make any sense.
Vanguard 1099 is done the same way. But in Quicken, Vanguard has an ability to download mulitple Vanguard accts to a single Quicken acct (it didn't work that way at first. IIRC they made a change, and you had to elect to either download all V accts into a single Quicken acct, or do a one-to-one like TRP does).
If you want auto-import to TTax, you pretty much need to set up your Q investment accts to match how the mutual fund company reports it on the 1099. I don't want so many Q accounts so I accept that I have to manually fix up the 1099 data in TTax.
I've never tried the direct 1099 download, but that might be one way around it, but for me it is just as important that my Quicken data is correct as my Sked B so either way I have to reconcile the 1099 to my Q data.
The worst by far is Schwab. Their 1099s always include changes which aren't reflected in the monthly statements nor downloaded data. This year for example their 1099 advised that a huge chunk of dividends paid in 2008 were accountable to 2007 which resulted in my estimated taxes being too low. (It's probably considered a constructive receipt from the fund by Schwab for me.) For foreign funds they only show the net dividend that's reinvested in their statements and download data. You only find out the gross and foreign tax paid when you get the 1099. Once they sent me a corrected 1099 in July with a massive change in qualifed dividends and I had to do an amended return with late payment of tax.
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