How to handle Combined 1099’s?

Forum|Forum|3 years ago
March 3, 2023
8 replies
91 views

My wife and I have accounts at Fidelity.
We get ‘Combined 1099’s’ for those accounts.
TurboTax wants to process the forms by type. 1099-INT, DIV, B. etc.
I find it difficult to figure out what account TT is trying to work with. The account # isn’t displayed with the extracted info. Plus TT seems to only let me get my forms or my wife’s forms. It doesn’t want to pull them all down at once

Any suggestions on a good way for me to process these?

Thanks for any help or advice!

TurboTax Premier Online

Best answer by randyw57

@randyw57

Yeah...it can get confusing when two accounts are involved.

What I do is save the Fidelity Consolidated 1099 PDF forms from each account, and print them out ( I end up storing the printouts with my tax file).

Then I work thru my downloaded 1099-DIV, 1099-INT...etc with the paper forms in front of me...and then it's obvious which I'm working on......as the initial numbers in the boxes will match up with one formset or the other.

Hi, SteamTrain!

Your workflow is very similar to mine.

And I keep a ‘master’ list of all my forms in Notes as a check off list.

As I complete each account/form I check it off on the paper form and in my Notes.

GeorgeM777

Alumni - Intuit

We need you to clarify and provide some additional information to better understand your tax situation. Are the accounts you have at Fidelity joint accounts? Are you filing Married Filing Jointly? If you have separate accounts, i.e., each account has its own account number, TurboTax will probably download one account at a time and then combine all the transactions on Schedule D and/or Form 8949 as applicable.

@randyw57

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randyw57Author

Level 3

Hi, GeorgeM777!

1. One Joint Account. We each have Individual ‘Investment’ account, an IRA account, and a Roth IRA account.

2. We have always filed Married/Joint.

3. Yes, my experience is TT combines the information just fine. This is really a question about ‘entering’ the data.

4. Sort of an example: TT seems to want to do all the 1099-DIV’s at once. I have it do the downloads directly from Fidelity. Then it pulls up the first DIV. I see some of the dollar amounts. But I can’t see an account number or the name of the owner. The TT app on the iPad doesn’t allow Split View. Which makes hunting for the info even more challenging.

5. So I’m wondering if maybe I’m just approaching this the wrong way. And there is a more efficient way to get the info into TT.

Thanks for the help!

fanfare

Level 15

" Plus TT seems to only let me get my forms or my wife’s forms. "

You would have to do it in two steps, in which case you know which one you are doing, I hope.

unfortunately, users have reported that the import process can't handle two spouses using the same financial institution, in some cases. It depends on how you log in

@randyw57