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Returning Member

Brokerage Account Basics

I was thinking about opening a fidelity brokerage account next year, and I was looking for a general guide of what I need to keep track of with my TurboTax account.

 

I read that TurboTax Premiere can link and import to brokerage accounts.  Does this automatically import everything I need for my tax return and I don't need to worry about anything else?

 

Do I need need to keep track of every stock/security that I sell throughout the year and report each sale individually to turbotax?  Can I enter each sale as I go through the year so that I don't have a large number to enter all at once at filing time?

 

Thank you for your help!  As you can see, I am new to this.

2 Replies
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Level 15

Brokerage Account Basics

You might want to review the information at the link below (and the links embedded on that page) and then pose any further questions here.

 

https://ttlc.intuit.com/community/bugs-and-error-messages/help/error-we-notice-you-have-more-than-50...

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Level 15

Brokerage Account Basics

Sorry no you can not enter them during the year.  You will get all the 1099-INT, 1099-DIV and 1099-B for sales for the end of the year by late February.  You should be able to import them.  But you will need to check each sale to make sure the cost basis imported right.

 

How to import your 1099

https://ttlc.intuit.com/community/entering-importing/help/how-do-i-import-my-1099/00/26254

 

If you can't import you can enter a summary of the totals.  Then mail the backup statement.  How to enter the summary

https://ttlc.intuit.com/community/entering-importing/help/how-do-i-enter-a-large-number-of-stock-tra...