Fidelity Investments is a partner with TurboTax for importing taxpayers investment income information.
Here are steps for how to import your investment income (1099-B, 1099-INT, 1099-DIV) activity into TurboTax:
Does TurboTax 2020 import Form 5498 from Fidelity Investments?
No. Form 5498 is for informational purposes only. You are not required to file it with your tax return. This form is not posted until May because you can contribute to an IRA for the previous year through mid-April. This means you will have finished your taxes before you receive this form.
Many thanks SamS1 for such a great reply. I appreciate your explaining why the form is not need now. Your explanation is very understandable. Thank you.
Are you receiving an error message when you attempt to import Form 8283 from Fidelity to TurboTax? If so, what message are you receiving?
fidelity is giving me the info in a pdf which apparently cannot be downloaded into turbo tax
Please make sure you have 3rd party authorizations with Fidelity because Fidelity rejects accounts without 3rd party authorizations.
Does anyone know how to setup third-party authorization with Fidelity?
I talked to Fidelity technical support and they were not aware of it.
With Schwab, it's very simple. Schwab even bypasses two-factor to allow the authentication. That's why you should disable third-party with Schwab once the import completes successfully.
You can import your Fidelity transaction into TurboTax. Here is a TurboTax article that explains how.
And another article about how selling stock affects your taxes.
Actually, I solved my problem with importing from Fidelity into TurboTax.
As it turns out, TurboTax has problems with long passwords. My Fidelity password was 25 characters long. I changed it temporarily to 8 characters, and I was able to login to Fidelity from TurboTax and successfully imported my tax data. I then changed my Fidelity password to 20 characters (for security), since Fidelity now has a 20 character password limit.
Is the import only for 1040 returns or can you use it for trust returns 1041
The import feature is not available for Form 1041, Trust returns.
I answered the question that I sold stock in 2021. When import from my Fidelity I see 4 forms to import: 1099B (7), 1099-DIV, and two Direct Deposit info. Am I to select all of these for when I do, it goes from a surplus to a shortfall.
You should import Form 1099-B, all seven transactions, and Form 1099-DIV.
When doing so, if your return has changed from a refund to a balance due, then your Form 1099-B information has most likely generated a taxable capital gain for your return. Take a look at the information that was imported and be sure that there is a cost basis shown for all the transactions.
I clicked on the link and was taken to an ad for intuit.