Is Bank or Brokerage the same as Payer?

[pmom4]

Turbo tax asks for Bank or Brokerage which is different on my form from Payer.

Which one should I enter?

[ToddL · Accepted solution]

This can be confusing - the Form 1099s often have a different name for the "Payer" than the name of the bank or brokerage (financial institution) that has your account. Either name will work for your tax return, as long as the Federal ID number is correct.

TurboTax initially prompts you for the name of the Bank or Brokerage that manages your investment account/fund so they can match it to their list of of financial institutions that participate in the "Import" program. Typical examples are Bank of America, Fidelity Investments, Vanguard, T. Rowe Price, Wells Fargo, and the like.

If you choose to type the information in yourself, a limited number of these financial institution names are available in the drop-down menu for "Bank or Brokerage".

Here is where it gets confusing. Many financial institutions issue 1099s through subsidiaries or third-parties. When that is the case, the name of Payer on the Form 1099 won't be name of the bank for brokerage. For example, the Payer on Form 1099 for Fidelity Investment accounts is "National Financial Services, LLC".  If I choose "Fidelity" in the import menu, the Form 1099s have"National Financial Services, LLC" as the "Payer" (both imported and paper 1099s).

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