To import data from participating financial institutions, simply follow these directions:
- From the TurboTax “File” menu, choose Import, and then choose From Financial Partner.
- Select your financial institution from the list. Select “T. Rowe Price Mutual Fund Accounts” to retrieve individual mutual fund accounts or “T. Rowe Price Brokerage Accounts” to retrieve Brokerage accounts, and click Continue.
- Enter your T. Rowe Price user name and password and click Continue. You must perform this process twice if you hold both mutual fund accounts and Brokerage accounts with T. Rowe Price in order to capture data from all of your tax forms. You will use the same T. Rowe Price user name and password each time you perform the process.
- A pop-up box will appear, indicating that your information is being imported. If, for some reason, access is denied, an error message will appear.
- When the import process is successful, a list will appear at the top of the screen indicating your account activity related to income. You may click Details below the list to review specific information related to any highlighted activity. Click Close to close the details window.
- Select any or all of the entries listed and then click Import Now. This will bring your account information directly into TurboTax. You will see a screen indicating whether the import was successful. If you want to import data from any other financial institutions, click the Yes link to repeat the process. Otherwise, click No to return to your previous work.
The “Access T. Rowe Price” screen in TurboTax asks you to enter a user name and password to import your 1099 data. This is the user name and password you have already established for access to your individual mutual fund, IRA, and Brokerage accounts through troweprice.com. Your password (also referred to as a PIN) is six to 10 characters long with at least two numbers and two letters.
Click Log In in the top right corner of the page and follow the online instructions to register for online account access.
1099 tax form data for tax year 2008 will be available in late January 2009 for individual mutual fund and IRA accounts and mid-February 2009 for Brokerage accounts.
1099 tax form data for tax year 2008 for individual mutual fund and IRA accounts will be available until October 15, 2009. 1099 tax form data for tax year 2008 for Brokerage accounts will be available until December 2009.
Form 1099-INT tax data, which report earnings from tax-free funds, will not import directly into TurboTax. To enter tax data manually, go to the “Wages & Income” area. Next, choose Interest and Dividends. Select Start by Interest on 1099-INT and enter the information as prompted. Note that other reportable tax data for tax-free funds, including taxable capital gains and sales reported on Forms 1099-DIV and 1099-B respectively, will import into TurboTax.
If T. Rowe Price is reporting average cost basis information on your accounts, the gross loss will import into TurboTax. It will not be adjusted in the instance of a wash sale. To adjust the reported loss, edit the imported sale information. You will be presented with a set of wash sale questions. In answering them, the TurboTax program will adjust the allowable loss.
No. The holding period is not imported automatically. Edit the sale information in order to distinguish between long- and short-term sales. Note that for mutual funds you may use the term Various in the “Date Acquired” field.
Yes, you will still receive paper copies of 1099 tax forms from T. Rowe Price. This download feature merely allows you to automatically import your T. Rowe Price data into TurboTax, eliminating the need to manually enter this information from your paper forms.
If you receive a corrected 1099 tax form in the mail and have already imported into your TurboTax return, you will need to delete your previous import. To delete previously imported data within TurboTax, go to the “File” menu and select Remove Imported Data. Unfortunately, due to a system limitation, the corrected 1099 tax data cannot be reimported.
As a convenience for individual mutual fund accounts, 1099-B imports include cost basis information. This cost basis is calculated using the average cost method, one of several ways of calculating cost basis. 1099-B imports do not include cost basis information for Brokerage accounts.
Please visit the Tax Planning section of our Web site for more on calculating cost basis.
Due to e-file limitations, you will be unable to e-file if you have imported more than 10 1099-R forms combined from all of your financial institutions. TurboTax will prompt you if you have exceeded the maximum number of 1099-R forms and are ineligible for e-filing. You will still be able to print and mail your return using the TurboTax product.
Yes, you will be able to import 1099 tax form data into TurboTax for individual mutual fund and IRA accounts until October 15. 1099 tax form data for Brokerage accounts will be available for import until December. However, if you closed an individual mutual fund or IRA account during the tax year, data for these closed accounts will only be available for download until June.
Visit the TurboTax Web site for more information about TurboTax software.
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