All Posts

Look what Wells Fargo Advisors sent me concerning this issue:   NOTE: SCROLL DOWN TO THE RED SECTION AND MY ISSUE IS ADDRESSED THERE.  In summary I'm going to wait until the 2nd week in April to ensure Wells Fargo does or does not change the 2025 Consolidated Forms 1099   2025 Tax Information TurboTax and Lacerte Software Downloads Wells Fargo Advisors 1099 tax information will be available for download into Intuit’s TurboTax or Lacerte software during the week of February 9, 2026. Clients who are enrolled in Access Online can use Intuit’s Lacerte Tax Form Drop of Box, TurboTax desktop software or TurboTax Online to download tax data for the 2025 tax season. Downloading Data into a CPA’s Lacerte Tax Preparation Software Wells Fargo Advisors clients can currently download data to Intuit’s Lacerte Tax Form Drop of Box through a secure website provided by the client's CPA. The CPA will need to send the client an invitation to share their tax information. The client approves the direct, automatic download of their financial institution forms into a file for a CPA to prepare their return. The process includes: 1. Client needs to be enrolled in Access Online. A Wells Fargo Advisors Access Online Username and Password are needed to initiate the import process. 2. The CPA needs to send the client an invitation (usually via email) to share their tax information with the CPA. This invitation (or email) will provide instructions to deliver the tax information to the CPA through a client specific file through Intuit’s secure website. 3. Clients will access Intuit’s secure website and sign in with the last four digits of their Social Security number and their five-digit ZIP code. 4. Then, they will be able to enter their login information, brokerage relationship, and submit their download request. 5. Data is then downloaded directly to Intuit. 6. Activity and trading is loaded into the client’s file for the CPA’s use. 7. CPA never sees the client’s username or password.   The software request for download into Intuit’s Tax Form Drop of Box gets the same download information that we provide for a TurboTax download. A list of the source documents available for download is available on Intuit’s website, and it includes 1099-DIV, 1099-INT, 1099-OID, 1099-B, 1099-MISC, Form 8949, etc... Downloading Data into TurboTax • Clients should access TurboTax by clicking on the link in the Tax Center found under the Customer Service tab in Access Online. • Clients should select Wells Fargo Advisors from the Financial Partners drop-down menu in TurboTax. • A Wells Fargo Advisors Access Online Username and Password are needed to initiate the import process. • TurboTax will display Wells Fargo Advisors tax information by account number. The 1099 information for the selected account(s) will then be imported into TurboTax. Downloaded Data vs. Printed Form 1099 Although the import feature is an added convenience for clients, the results of the import should be verified against the printed version of their Forms 1099 to make sure the information in TurboTax or Lacerte is complete and accurate before filing. Manual data adjustments can be made, if necessary, once the data has been imported into TurboTax or Lacerte. Discrepancies Between Downloaded Data and Hard Copy Forms 1099 Be aware that downloaded data may not match the Form 1099 if changes have been made since the last form was created. The downloads into TurboTax or Lacerte are pulling “real’ time” data, whereas a hard copy Form 1099 shows data as of the date the most recent print file was created. The possibility of data discrepancies exists for all companies providing this service through TurboTax or Lacerte. Disclaimers on Intuit’s website advise clients to use their printed/online Form 1099 as the most valid source of data, as it is also considered to be the official tax document. These discrepancies may be the result of: • Additional information received for a specific security that will result in an amended hardcopy form, which has not yet been issued to the client. • The result of differences between reporting requirements for the official Form1099-B versus the cost basis-related information downloaded.