TurboTax data importing problems?

Is it just me or has anyone else encountered errors when importing data into TurboTax from brokerage firms??

I've used Turbotax for several years and had always transferred data from my brokerage firms' 1099s "by hand".

I tried importing the data this year and have already found two problems with data imported from my Morgan Stanley accounts. It may be because I've got one regular investment account with them plus four "managed accounts", but they are all under the same name and SSN and are reported on five 1099s from that firm.

So far I've found that the import missed including the "Fees" from one of the managed accounts into the total on form 1040A line 23, and also listed the dividends from one of those accounts TWICE on Schedule B. Both those errors increased my net federal and state taxes.

I'm going over everything with a fine toothed comb looking for other errors.

Jeff

Reply to
Jeff Wisnia
Loading thread data ...

TurboTax does not directly access your brokerage account. The brokerage firm creates a special import file for TurboTax. TurboTax just imports whatever the brokerage firm feeds to it. So any errors are most likely caused by the brokerage, not by TurboTax. That also means that different errors will be encountered for different brokerage firms.

Bob Sandler

Reply to
Bob Sandler

Jeff,

I have a similar account structure (also from Morgan Stanley) and have not seen any errors. The fees for my managed account have never been imported, to my knowledge. They are shown in the detail pages under Fees and Expenses and I enter them manually, as far as I remember.

Since individual dividends aren't imported, I'm not sure what you are seeing as duplications. The same line item from the brokerage on Schedule B? Do you possibly have multiple 1099DIVs for the same account? I don't know how that could happen, but it's the only thing I can think of since I haven't had that particular problem... in fact no problems at all.

Jo

Reply to
jo

Thanks, Bob.

That is probably why Morgan Stanley had issued this 10 page disclaimer:

formatting link
If I'd seen it before I decided to import data I probably would have been cautious enough to check everything to the penny. But our refund seemed in the correct range, so I just E-filed our returns.

Live and learn...I'll just have to go over everything with a fine toothed comb and file an amended return with a whopping number of "reasons".

Jeff

Reply to
Jeff Wisnia

jo wrote: Jeff,

Yes, on Schedule B one Morgan Stanley dividend line was repeated.

The first entry had the Morgan Stanley account number listed next to it, but the repeat entry of that exact amount (at the end of the list) had no account number next to it, nor did any of the other Morgan Stanley account dividends, but they all checked correct to the penny with the Morgan Stanley 1099.

*******

I spent most of yesterday going over things bit by bit. and making notes of what to change when for filing an amended return.

*******

The fees for three of the four managed accounts got imported into the total for Schedule A line 23, but the fee from the fourth one didn't. (A $3,400 deduction left out.)

*******

Thankfully the data from the couple of hundred stock transaction from all four managed accounts made it into Schedule D to the penny. Go figure...

*******

It's my fault for trusting that something as trivial sounding as importing data already shown correctly on the 1099s would come out all right.

Jeff

Reply to
Jeff Wisnia

It's not over yet....More to the story...

On April 9th I received an amended 1099 from Ameriprise and a couple of days later a "late" K-1 from a limited partnership I thought was already taken care of because there was a "Partnership Distribution" for it showing in the "Other Income" section of the Ameriprise 1099. As it turned out there were quite a few other items on that K-1 which I had to enter into our return myself.

I've just completed filing "Second Amendments" for our Federal and State returns. (Maybe that's because I've been a long time NRA member?)

The only saving grace is that all those "import errors" caused us to overpay our taxes and we're getting more money back.

Jeff

Reply to
Jeff Wisnia

BeanSmart website is not affiliated with any of the manufacturers or service providers discussed here. All logos and trade names are the property of their respective owners.