LPL FINANCIAL TURBOTAX 2012 USER GUIDE

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Darcy Stafford
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1 LPL FINANCIAL TURBOTAX 2012 USER GUIDE

2 Content File Download 1.1. LPL and NestWise Form Navigation DIV INT B MISC OID R 3. FAQ

3 1. Login 1.1. LPL and NestWise 1) Open TurboTax ) Click File, go to Import and select From Financial Institution 3) Type in LPL Financial in the I m looking for field of the Let Us Enter Your Bank and Brokerage Tax Documents page.

4 4) Enter your Account View/Client Portal (WealthVision) username and password in the Sign on to LPL Financial page. Click Continue 5) All client s 1099 form (1099-R, -DIV, -OID, -MISC, -B, 8949) will be populated in the These Documents Are Now Ready for Import Page. Click Import Now to complete. Note: Turbo Tax does not support 1099-Q, REMIC, and WHFIT (including WHMT). Please reconcile this information with client s hard copy tax statements received through the mail.

5 2) 1099 Form Navigation DIV 1) Click on Federal Taxes tab and click Continue 2) Click on Explore on My Own 3) Click on Update next to Dividends on 1099-DIV under Interest and Dividends section

6 2) 1099 Form Navigation (Continued) INT 1) Click on Federal Taxes tab and click Continue 2) Click on Explore on My Own 3) Click on Update next to Interest on 1099-INT under Interest and Dividends section

7 2) 1099 Form Navigation (Continued) B 1) Click on Federal Taxes tab and click Continue 2) Click on Explore on My Own 3) Click on Update next to Stocks, Mutual Funds, Bonds, Other under Investment Income section. Click Edit, then click Easy Guide to validate other information (Date of Acquisition, Wash Sale Disallowed, Federal and State Withholding, Type of Gain or Loss, etc)

8 2) 1099 Form Navigation (Continued) MISC 4) Click on Federal Taxes tab and click Continue 5) Click on Explore on My Own Click on Update next to Income from Form 1099-MISC under Other Common Income section

9 2) 1099 Form Navigation (Continued) OID 1) Click on Federal Taxes tab and click Continue 2) Click on Explore on My Own 3) Click on Update next to Interest on 1099-INT under Interest and Dividends section

10 2) 1099 Form Navigation (Continued) R 1) Click on Federal Taxes tab and click Continue 2) Click on Explore on My Own 3) Click on Update next to IRA, 401(k), Pension Plan Withdrawals (1099-R) under Retirement Plans and Social Security section. 4) Click Continue until the page Take a Look at your 1099-R is populated

11 3) FAQ Q: I have multiple accounts with LPL Financial, LLC; will all tax forms be selected after putting in my username and password in the Sign on to LPL Financial page? Yes, all available tax forms would be selected for all your accounts under one affiliate. Q: Why do I have back-up withholding on interest when I didn t receive any interest? Exempt-interest dividends from a mutual fund or other regulated investment company (RIC),such as those paid by municipal bond funds, are now being reported on Form 1099-DIV in boxes 10 and 11 instead of the 1099-INT. The withholding on these transactions from earlier in the year did not move with the exempt-interest dividends, therefore causing this discrepancy. The withholding can still be claimed as a dollar-for-dollar credit on your tax return. Q: I have foreign tax withheld on my 1099-DIV and TurboTax is asking me how much of Foreign Dividends Received. What should I put in? This will require you to review the hard copy mailed to you. The 1099-DIV detail section is grouped by Security, so you will be able to see which CUSIPs had TAX AT SOURCE for 1099-DIV Box 6 (foreign tax). There will also be a country designation to the right in the CTRY column for any foreign securities. The sum of the subtotals for each foreign security net of foreign tax is the total Foreign Dividends Received. Q: I have some expired options and option sale transactions in They are reported on my 1099-Consolidated statement. Will I see those items in Turbo Tax? Yes, these transactions should be reported on your IRS Form 8949 (Box C) and Schedule D. Q: Which tax forms can I import in Turbo Tax? 1099-B, Proceeds From Broker and Barter Exchange Transactions 1099-DIV, Dividends and Distributions 1099-INT, Interest Income 1099-OID, Original Issue Discount 1099-MISC, Miscellaneous Income 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc. Please note that tax statements, such as 1099-Q and the REMIC statement, not listed above are currently unavailable for import in TurboTax, you will need to manually input these items into TurboTax. Make sure you compare and verify all imported data against all tax statements you receive in the mail from LPL Financial/NestWise. Q: What should I do if I receive a Corrected tax statement? You can remove previously imported data and then re-import all tax data, or you may manually adjust your TurboTax return according to the corrected tax statements you received in the mail. Please make sure you carefully review and verify all data against the mailed copy of the tax statements you receive. To re-import data click the File menu, select Remove Imported Data, select the appropriate account number and click Remove All. Then you can re-import the corrected tax information.

12 Q: Who do I contact for additional TurboTax assistance? For any technical questions, please contact Intuit TurboTax or visit For questions in regards to the tax data from LPL Financial/NestWise, please contact your financial advisor or our Service Center.

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