TurboTax FAQ
Import tax data from your Ameriprise financial accounts into a TurboTax® return.
- Who is able to import account information into TurboTax?
- How do I import my Ameriprise Financial tax data into a TurboTax return?
- Which forms will be available?
- When will tax forms be available to import?
- Can I use TurboTax if I receive an amended tax statement?
- Can I import cost basis information from a sale of securities into a TurboTax return?
- Why doesn't the acquisition date import to Schedule D for open-ended mutual funds?
- How is the Ameriprise Certificate information from a sale of securities imported to Schedule D? How can I determine my cost basis associated with the sale?
- How can I get additional TurboTax assistance?
Who is able to import account information into TurboTax?
Ameriprise Financial clients who have purchased the TurboTax software can use the import feature for the 1099 tax forms reported under their Social Security number.
How do I import my Ameriprise Financial tax data into a TurboTax return?
After you have installed the TurboTax software on your computer, follow the steps below to import the tax form data you have received from Ameriprise Financial.
You can also visit the TurboTax website for additional help installing the software or getting started in TurboTax. Be sure to download any recent updates to the program, if prompted.
- Open TurboTax on your computer.
- On the "Choose How to Enter Your Income" screen, select the "Guide Me Through Income" button.
- When given the option to save time by importing your investments, choose the "Import My Information" button.
- Next, you'll be asked to choose your financial institution from a list of possible options within the drop down menu. Select Ameriprise Financial and click "Retrieve Income."
-
When importing your tax form data from Ameriprise Financial, you will be prompted to enter your Package ID and the Document ID. This information can be found on the first page (cover page) of your tax statement. Be sure to enter the ID characters exactly as they appear, including any spaces, dashes and upper or lower case letters. Information from any additional tax statements you receive needs to be incorporated into TurboTax separately.
Note: The cover page for your tax package can also be accessed online, as part of your tax statement. Clients who are registered for My Financial Accounts can access their online tax statement by logging in and selecting "Statements & Documents" from the "Your Accounts" tab.
- Once you have retrieved your Ameriprise Financial information, be sure to check it against the tax statements you received in the mail. It is also recommended that you review the information against your own records. Since the tax statement you receive in the mail is your official document of record, you will need to manually correct any inconsistencies found in the imported version. In addition, if you receive amended tax statements, you will need to correct the information on your tax return, either through an additional import into your TurboTax return or by manually changing the data on your TurboTax return.
Which forms will be available to import?
- Form 1099-B, Proceeds from Broker and Barter Exchange Transactions
- Form 1099-DIV, Dividends and Distributions
- Form 1099-INT, Interest Income
- Form Form 1099-MISC, Miscellaneous Income
- Form 1099-OID, Original Issue Discount
- Form 1099-R, Distributions from Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc.
- Cost basis, as reported on the Supplemental Realized Capital Gains/Losses statement
There are some situations that might prevent importing tax information for certain forms. Make sure you carefully review and compare all items on your TurboTax return against your own records as well as the information you received on the tax forms that were mailed to you after you import tax form information to your TurboTax return. It is important that all reportable activity has been accounted for and adjusted if necessary. In addition, if you receive amended tax statements, you will need to correct the information on your tax return, either through an additional import into your TurboTax return or by manually changing the data on your TurboTax return.
When will tax forms be available to import?
When using TurboTax, for more complete information, you should wait until you receive your Ameriprise Financial tax statements (either in the mail or online) before importing your tax information.
The mailing deadline for Form 1099-B and associated tax forms is February 16, 2010. For most other 1099 forms, the deadline remains February 1, 2010.
Generally, tax forms will be available to import into your TurboTax return as shown in the chart below. Note that accounts that hold REITs, certain mutual funds, unit investment trusts, widely held fixed investment trusts and limited partnerships will not have tax data available until late February to mid-March:
| Tax form |
Available for import by |
|---|---|
|
1099-B |
Early to mid-Feb. 2010 |
|
1099-DIV |
Early to mid-Feb. 2010 |
|
1099-INT |
Early to mid-Feb. 2010 |
|
1099-MISC |
Early to mid-Feb. 2010 |
|
1099-OID |
Early to mid-Feb. 2010 |
|
1099-R |
Early to mid-Feb. 2010 |
|
1099-DIV for RiverSource® Real Estate Funds |
Early to mid-March 2010 |
|
1099-OID for REMIC investments |
Mid- to late March 2010 |
The last date that tax data for tax year 2009 will be available for import is Oct. 15, 2010.
Can I use TurboTax if I receive an amended tax statement?
Most amended tax statement data will be available to import into your TurboTax return by late February to mid-March. Any additional corrected and/or late original tax form data will be updated and available to download generally within two weeks of when the correction is made.
Be sure to review the corrected information you have downloaded against the printed tax statements received in the mail as well as your own records. You may need to manually adjust or correct any inconsistencies found in the online version.
Can I import cost basis information from a sale of securities into a TurboTax return?
The cost basis reported on the Supplemental Realized Capital Gains/Losses statement associated with some sales of securities is available to import into your TurboTax return.
Please note:
- The information held in our records may not reflect all basis adjustments that would be necessary for calculations of the basis of securities that are sold.
- Adjustments related to wash sales, cash transactions associated with corporate actions, such as mergers or spin offs; unit investment trusts, and widely held fixed investment trusts and other activity may not reflect accurate cost basis. Please also be aware that if you have received your shares through a gift, inheritance or divorce, the cost basis has not been adjusted and will need to be manually adjusted.
- It is important that you verify data using your records when calculating gains or losses for tax reporting purposes. To adjust the information, you will need to edit the imported information.
- We do not report cost basis information and the associated gain or loss to the IRS. Please see the instructions associated with your tax statements for more information. Should you have questions specific to the cost basis or the associated gain or loss shown on your statement, it is important that you speak with a tax advisor.
Why doesn't the acquisition date import to Schedule D for open-ended mutual funds?
Date of acquisition generally will not be supplied within the import for open-ended mutual funds. Please refer to your own tax records to report the acquisition date and supplement the sale information that is provided.
If you sold a mutual fund that was acquired through several purchases and you are using the average cost basis method you may enter "various" in the space provided for date acquired. Consult with your tax advisor and the IRS instructions for Schedule D, Capital Gains and Losses, for additional information on reporting the date acquired.
How is the Ameriprise® Certificate account information from Form 1099-B imported to Schedule D? How can I determine my cost basis associated with the sale?
You received a Form 1099-B, Proceeds from Broker and Barter Exchange Transactions, on this account because you took money out of an Ameriprise Certificate (treated differently than a withdrawal from a bank certificate of deposit).
A redemption of a security, like your Ameriprise Certificate, is reported to you and the IRS on a Form 1099-B. You need to report the amount of the sale shown on Form 1099-B onto IRS Form 1040, Schedule D, Capital Gains and Losses. The redemption amount will be part of the import, and will populate "Column D (Sales price)" on Schedule D.
The cost basis that is associated with the certificate sale will depend on when your certificate account was purchased:
If your certificate was purchased after December 31, 1954, AND you are the original purchaser of the certificate:
- Your cost basis is equal to the amount you took out, as shown on Form 1099-B and imported to Column d of IRS Schedule D. You are redeeming it "at par with no gain or loss." You may manually add the amount of the sale in "Column E (Cost or other basis)." TurboTax subtracts cost basis from proceeds and shows (0) as the amount of gain/loss in "Column F."
- Please be aware that all of the interest income from your certificate was reported separately to you on Forms 1099-INT, Interest Income, or 1099-OID, Original Issue Discount and will be part of the TurboTax import if received in 2009. That income is taxable to you.
If your certificate was purchased after December 24, 1944, and before January 1, 1955, AND you are the original purchaser of the certificate:
- If you took money out of your certificate, you will have long-term capital gain on that activity. In addition to the Form 1099-B, we also send a letter in early February to inform you of the amount of capital gain on this certificate redemption.
- When you receive the letter reference above, you will need to report the gain on Schedule D (IRS Form 1040), "Column F (Gain or loss)." The difference between the proceeds reported on Form 1099-B and the capital gain provided in the letter is the cost basis (that is, generally the amount that you paid for the purchase of your certificate that is remaining at the time of redemption). For example, say you took $10,000 out of your certificate and you received Form 1099-B that reports the $10,000 sale. In February, the letter that is sent to you reports a capital gain of $1,000. That would mean that on your Schedule D (IRS Form 1040) you would manually input the cost basis of $9,000 in column E. TurboTax would calculate the long term capital gain of $1,000.
- Note: We have not sent you Forms 1099-INT or 1099-OID because certificates purchased in this timeframe have special tax treatment and all of the deferred income in the certificate is treated as long-term capital gain income per IRS ruling 56-77.
No matter when you purchased your certificate, it is important to note that if you are not the original owner of the certificate because you received the certificate due to a gift, inheritance, divorce settlement or purchase (from someone else), you may have a gain or loss attributable to the sale. Please work with a tax professional if you are in this situation.
How can I get additional TurboTax assistance?
For comprehensive technical support or answers to questions not addressed here, visit the support section of the TurboTax website.
Rate this
Neither Ameriprise Financial nor its affiliates or representatives offer tax or legal advice. Please consult with your tax advisor or attorney for information on your specific situation.
Ameriprise Financial primarily provides cost basis information for mutual funds, stocks and fixed income securities. This information may not include changes due to corporate actions (such as mergers, spin-offs, stock dividends or cash offered in lieu of fractional shares), wash sales for individual stocks and some mutual funds, other mutual fund adjustments, returns of capital (other than for mutual funds), adjustments to fixed income securities (including early prepayment of principal, amortization, market discount and original interest discount) or transfers into Ameriprise Financial by new or existing clients. Ameriprise Financial will not verify cost basis information that is provided by someone else (including a client, an advisor or another entity, such as a broker), transfers between clients (including inheritance, gift, divorce, distributions from a trust, shares used to repay a loan, etc.), and client data obtained through corporate acquisitions (such as H&R Block Financial Advisors Inc. and J. & W. Seligman & Co. Inc.). For transactions related to any of these activities, review your own records and consult your tax advisor when preparing your tax return.