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How do I import my tax information into TurboTax or similar applications?

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.”

From the TurboTax import screen, follow these instructions:

1. Navigate to the section labeled Investment Income and select the entry for “Stocks, Mutual Funds, Bonds, Other”.

2. When prompted with “Did you sell any investments in 2015?” and “Did you get a 1099-B or a brokerage statement for these sales?” click the “Yes” button.

 

3. Search for “Wealthfront”, select the entry, then click Continue.

4. When prompted for your Wealthfront Login, use the e-mail address and password for your Wealthfront account.

5. 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.

Nothing in this blog should be construed as tax advice, a solicitation or offer, or recommendation, to buy or sell any security. Financial advisory services are only provided to investors who become Wealthfront Inc. clients pursuant to a written agreement, which investors are urged to read carefully, that is available at www.wealthfront.com. All securities involve risk and may result in some loss. For more information please visit www.wealthfront.com or see our Full Disclosure. While the data Wealthfront uses from third parties is believed to be reliable, Wealthfront does not guarantee the accuracy of the information.

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