Importing Multiple 1099R, 1099INT, 1099DIV from a single financial institution

Forum|Forum|3 years ago
January 15, 2023
6 replies
67 views

I will be receiving multiple 1099R, 1099B, 1099INT and 1099B from financial firms (Schwab/Vanguard). These forms are associated distributions from regular IRAs, Roths, Inherited IRAs for both my wife and I. There could be more than seven 1099Rs from Vanguard and another seven 1099Rs from Vanguard. Will I be able to import all my forms into Turbotax or will Turbotax only import one of each type of form from each financial organization? In other words, if I have seven 1099Rs from Vanguard, will I have to manually enter six of them?

Thanks.

xmasbaby0

Level 15

The software can import multiple 1099R's. As always with imported data---check the data that imports against the information you see in your online Vanguard account or against the paper copy they mail to you to make sure it is all the same.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

jonisin2itAuthor

Level 2

Thanks for your reply although I am not sure you answered my question precisely. I recognize that TurboTax can import multiple 1099Rs when each of those forms are from different institutions. This was my experience in the past. However, will Turbotax now import multiple 1099Rs from a single financial institution?

SteamTrain

Level 15

( I don't recall if you could actually import 1099-R forms from Vanguard)

BUT

Yeaaaaahhhh.......there used to be a limit as to how many you could enter into the software.

Don't recall if it was 10, or 20, or 50.

Some folks with Vanguard 1099-R forms ran up against the limit, because Vanguard historically has listed every fund within that IRA account as a separate 1099-R entry.

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The solution, when the limit was reached...was to take all the 1099-R forms that came from the same IRA account (as long as all had the same box 7 code), and total them up as a single 1099-R.

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I have a 401k at Fidelity with multiple funds within it, and when I take my RMD each year (taking proportionately from each internal fund), they only give me one 1099-R at the end of the year with just the total $$. But that's just how Fidelity does it.

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*

xmasbaby0

Level 15

We import multiple 1099R's and/or 1099DIV's from Vanguard; it has never been a problem. But we don't have zillions of them---maybe six or seven at most.

jonisin2itAuthor

Level 2

Thanks to everyone for your answers. Your answers raise new questions...

What are the limits to the number of 1099s of any type that can be imported?
If these limits apply to 1) the number of 1099s in total, 2) type of 1099s, 3) number of 1099s per financial institution, and/or 4) number of 1099s per account at a given financial institution; then what are those limits?
If there are import limits, then what additional limits apply to manual entry of 1099s that cannot be imported?
Are there any other limits regarding 1099s not mentioned here that could impact completion of my tax return, and what are those limits?

As you can probably guess, entering all this information manually is time consuming especially when the same information (financial institution addresses, for example) have to be entered several times. I don't want to start down the path with Turbotax if it isn't going to handle my tax situation better than the tax software I have been using.

Thanks again.