You can import tax documents from Vanguard. Follow the steps below to get to the importing section in TurboTax software.
1. Log into your TurboTax account, if you are not already, and get inside of your return
2. In the search box in the top right corner, type in "import" and hit enter
3. From the drop down, select "Jump to import" and this will take you to the Import Summary screen
4. Choose "Add Other Documents" and this is where you will be able to import your tax documents
5. Select Import from my bank or brokerage and then type in Vanguard and Continue
6. This will take you to the screen to enter your login information for your Vanguard account in order to import the information into the software. Enter the login credentials and then select Continue
This import doesn't work for me this year 2020. I have two level sign in for my account at vanguard that requires a code. Does Turbotax work with this or can it not get past this sign in?
@oceanbob6 The Turbo Tax icon for Vanguard tries to sign you in to Vanguard Mutual Funds. If you have a Vanguard Brokerage account or if your Vanguard Mutual Fund account was converted to a Vanguard Brokerage account last year then you have to type in Vanguard on the search for field instead of selecting the icon and you will see two drop down items display, Vanguard Mutual Funds and Vanguard Brokerage. Select the Vanguard Brokerage and enter your id and password for Vanguard and then your imports will work.
"MarkMulliganSr Level 1"
Please see the TurboTax FAQ below, for issues importing:
I am also having problems importing from the vanguard brokerage account. I clearly am picking the brokerage account but I get an error "your credentials are incorrect". But I know they are correct because I can go to the vanguard.com and login using them. any ideas?
You might want to enter the information manually.
In TurboTax online,
Use the same instructions for 1099int or 1099b
yes, I know but when you have many transactions that will take forever.
Yes, it may take some time. However if Vanguard will not allow you to download your documents you have no other option.
I am having the same problems with Vanguard imports. I am selecting Vanguard Brokerage and entering the same credentials that I log into the site with. I to get the reply "your credentials are incorrect". I'm just glad that I don't have too many trades to manually enter. Something is clearly wrong with the TurboTax/Vanguard interface.
I am having so many problems with and I will not be doing business with Vanguard in the future. Schwab works well.
Import problems can be frustrating. It may be easier to download a copy of your tax documents and select "I will type it in myself" to get the data into the TurboTax software.
It isn't "easier". It is the "Only" way to do it when the system is broken. Turbotax points to Vanguard. Vanguard points to turbotax. But bottomline, it doesn't work and you have to hand type of a bunch of data which should have taken 5 min, turns into an hour or more.
@StaciTax Financial institutions rarely have data ready for import before the end of January or even sometime in February. They might have it up for you to view or print from their site but NOT ready to import into tax software. Since the IRS is not accepting 2020 returns until February 12, there is plenty of time to get your data from banks, brokers, etc.
I can't import from Vanguard Group. I am the primary owner. My other brokerage imports fine. Does the software check using some other mechanism than SSN for determining "Primary owner"ship?
I am taking this one only because I use Vanguard as well and this is a 2020 Vanguard internal issue that they have encountered. You may still manually enter this information as the information Vanguard has submitted to the IRS is accurate.
If you have a plethora of transactions that you are trying to upload from Vanguard directly, you can still list on Schedule D in two separate transactions - totaling one for STG/<L> and another for LTG/<L> and that is acceptable by the IRS.
Help with importing your Vanguard documents has been provided in a thread, You can access this thread by clicking here.
So, the TurboTax - Vanguard import doesn't work and that is an acceptable answer? If I am required to enter this many transactions by hand, why bother with TurboTax? It seems TurboTax should be working with Vanguard to resolve this or risk losing customers. In regards to the suggestion to enter just Totals (st and lt gain/loss), I think that is incorrect. I have always needed the detail transactions.
@budreag If your import didn't work properly, click this link for info on How to Delete Imported Transactions.
Click this link for for instructions on How to Enter a Summary in Lieu of Individual Transactions.
The Form 8949 will have Summary Category Totals, and you can attach your Brokerage Statement to it for mailing.
[Edited 2/17/2021 | 12:29 pm]
Thanks for the reply but I don't think that works. First, I have already imported my brokerage account from US Bank which list detail transactions on Form 8949. If I just override the totals ST/LT gains with my Vanguard total amounts, the totals will not equal the detail supplied on Form 8949. Second, from Intuit's website, I have to file Form 8949 since I have a wash sale (see below). So, it seems my Vanguard detail transactions HAVE to be entered on Form 8949 and I can't just enter summary numbers.
It sure seems like the better idea is for Intuit to work with Vanguard and solve this problem.
FROM INTUIT WEB SITE:
There are two exceptions to having to include transactions on Form 8949 that pertain to individuals and most small businesses:
exactly. Turbotax should be pushing Vanguard on this. It has been a multi-year issue and is a royal pain to enter the data by hand.
@budreag I can assure you that it is OK to enter summary totals for stock transactions. I do so on multiple returns, and have been doing so for year. That is the reason Form 8453 "FILE THIS FORM ONLY IF YOU ARE ATTACHING ONE OR MORE OF THE FOLLOWING FORMS OR SUPPORTING DOCUMENTS." has a check box for:
"Form 8949, Sales and Other Dispositions of Capital Assets (or a statement with the same information), if you elect not to report your transactions electronically on Form 8949"
Hi Wendy N2: Is this issue still open, as far as you know? I tried to import this year and am not able to access either the Vanguard Brokerage or Vanguard Mutual Fund Account.
Yes, this issue is still open. I also found out yesterday (more like 2am EST) that it is not just Vanguard, it is MANY of the brokerage firms' software not properly communicating with MANY tax preparation software systems. The "word on the street", so to speak, from professionals and others from the DOR, is that they are working to get this resolved as quickly as possible and hopefully by mid-March (15th, as this is Corp. Tax Due Date). So, unfortunately, the option for the time being still stands as exporting your statement(s) to Excel, categorizing accordingly (follow Form 8949 instructions for types - S/T vs L/T, wash sales, etc.), and manually enter totals of net S/T gains/<losses>, net L/T gains/<losses>, wash sales - DO NOT ENTER AN AMOUNT BELOW $ 0.50 as it will round to zero and that field in TurboTax does not accept a zero - just make it an even dollar, and don't forget about any/all interest and dividend income, foreign taxes paid, etc. A pain, I know, but if it is any consolation to you, this has happened in past!
In addition, please note that TurboTax is working on resolving the issue with "various" dates being entered, so if it is S/T (owned one year or less), use a purch date - any date - in 2020 prior to sale date, of course, and for L/T, any date that is over one year (ex. sale date 12/20/2020 - set purchase date at 06/30/2019) as the IRS ONLY cares about the taxability of such gains and losses, so this will categorize them accordingly onto the related Schedule D.