Your Wealthfront tax details can be imported into TurboTax in a few easy steps. You can either wait until prompted by TurboTax to import your brokerage statements (e.g., Form 1099-B or Form 1099-DIV), or you can go directly to the import feature by searching for “import” in the search box (top right in the TurboTax interface), then selecting the option to “Jump to Import.”
You can click this link to save $15 on TurboTax Premier or $20 on TurboTax Self-Employed. You can also access the discount from the Documents link of your dashboard. Please note that the discount can’t be applied after you’ve filed your taxes.
From the TurboTax import screen, follow these instructions:
- Navigate to the section labeled Investment Income and select the entry for “Stocks, Mutual Funds, Bonds, Other”.
- When prompted with “Did you sell any investments in 2017?” and “Did you get a 1099-B or a brokerage statement for these sales?” click the “Yes” button.
- Search for “Wealthfront”, select the entry, then click Continue.
- When prompted for your Wealthfront Login, use the e-mail address and password for your Wealthfront account.
- Click Import Now and your transactions will be imported.
When using TurboTax or similar applications with your Wealthfront account, please note:
- Tax data is only available for accounts which received a Consolidated Form 1099 detailing dividends received or security sales. An IRA account will not have data available for import even if a Form 1099-R was issued.
- If you receive corrections to your tax documents, there may be up to a 48 hour delay from the date the document is posted to your account until the updates are reflected in your imported TurboTax data.
- After importing your data, you may be prompted by TurboTax to “Tell Us More About Your Exempt Dividends.” At the State prompt, select “More Than One State” and uncheck the box for “I earned tax-exempt dividends in more than one state.” You received these dividends from a diversified portfolio of securities and, as such, they are not eligible for this state-by-state breakdown.
- Your Form 1099-DIV (dividends) may include a value for line 6, “Foreign tax paid,” and line 7, “Foreign country or US possession.” When prompted by TurboTax to provide a country-level breakdown, you can select/enter “Various” for the country and accept TurboTax’s prompt for the IRS’s “easy out.” If needed, you can find the income associated with line 6 by going to the dividend detail section in the latter part of your Form 1099. For each dividend row that has an entry in the “Foreign Taxes Paid” and “Country” columns, the “Amount” column is the foreign source income.
- Check to make sure all of your transactions have cost basis. If they don’t, you may need to contact us or your previous firm. Please see this FAQ for more details.
- In case you’re not using TurboTax, a CSV download with your tax information will be available from the Documents link of your dashboard, which you can download into your tax software.
Wealthfront prepared this article for informational purposes and not as an offer, recommendation, or solicitation to buy or sell any security. Wealthfront and its affiliates may rely on information from various sources we believe to be reliable (including clients and other third parties), but cannot guarantee its accuracy or completeness. See our Full Disclosure for more important information.
Wealthfront and its affiliates do not provide tax advice and investors are encouraged to consult with their personal tax advisor. Financial advisory and planning services are only provided to investors who become clients by way of a written agreement. All investing involves risk, including the possible loss of money you invest. Past performance does not guarantee future performance.