Importing Vanguard 1099s after merging mutual fund accounts to brokerage account .

Forum|Forum|1 year ago
February 1, 2025
2 replies
43 views

For tax year 2024, I now have three Vanguard tax forms available -- one Brokerage and two 'merged' mutual fund 1099s. In the middle of 2024, I merged our mutual fund accounts into our brokerage account as requested by Vanguard. In previous years, I would import all three forms into TurboTax, but this year, I can only import the Brokerage account 1099 - there is no option to import the two other merged mutual funds 1099.

Now I am wondering...
1) I assume that my actual total dividends for each mutual fund in 2024 is the addition of the dividends shown on my mutual fund 1099 plus the dividends shown in the Brokerage 1099, correct ?

and

2) Assuming the above is true, will the mutual fund forms be available for importation via TurboTax later ? Or will I have to enter the information manually by adding the dividends from the forms I could not import ?

Very much appreciate any insight from others.

CatinaT1

Level 15

Here’s what we recommend:

First, the Primary owner of the brokerage account must be logged on to import the information. Then, make sure you have selected the Vanguard brokerage account and not the mutual funds account. Customers have found that when they click on the Vanguard icon in the Select financial institutions section, it didn't give a choice of brokerage or mutual funds. However when they typed in Vanguard instead of clicking on the icon, they did get a choice and were able to select brokerage.

To import from your Vanguard account, please follow the steps below:

Go to Federal > Wages & Income
Scroll down to the Retirement Plans and Social Security section and click Start next to IRA, 401(k), Pension Plan Withdrawals (1099-R)
On the Choose your bank or brokerage page, click the Vanguard tile or type Vanguard in the search .
Then click Continue to begin the import process

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Wyn001100

Level 2

I am also a Vanguard customer.

1) I assume that my actual total dividends for each mutual fund in 2024 is the addition of the dividends shown on my mutual fund 1099 plus the dividends shown in the Brokerage 1099, correct ?

Response: Yes

2) Assuming the above is true, will the mutual fund forms be available for importation via TurboTax later ? Or will I have to enter the information manually by adding the dividends from the forms I could not import ?

Response: Through my online account I sent Vanguard a message stating in Turbo Tax there is a working brokerage import, but not one for mutual funds. Will there be an import for mutual funds (no, yes)? If yes, what date?

Vanguard's response was unhelpful telling me to contact Turbo Tax and that I could input the mutual fund data from the downloads from the tax center.

I imagine that Vanguard will NOT provide a mutual fund import and will NOT state that, so go to the Vanguard tax center, download all your tax documents, and input the mutual fund data into Turbo Tax by copy/paste.

2/2025 Vanguard announced reductions of investment expenses in many funds of .01% - .02%. Reducing costs is Vanguard's priority not service (e.g. making tax filing easier through imports).