I tried out the time-saving step of downloading my 1099s from TDAmeritrade, and it's been a disaster.
In my tax return that I'm working on, Turbotax added $43,605 to my modest dividends, which would increase my tax by well over $16,000. Then, to add insult to injury, Turbotax did not list any tax exempt dividends, when I actually have substantial tax exempt dividends listed on my 1099s, from Municipal Bond Funds. I looked online to see if TDA had updated my 1099s........no. I deleted the 1099s from Turbotax and downloaded them again. No change.....or my taxes went up, I didn't notice for sure. I can update the dividends in Turbotax and I see the correct figures, but the extra $43,000 still shows up when I look at the Income Summary. The really maddening fact is that I've been unable to access the 1040 form in TT to see what's causing the problem. Has anyone else had problems like this? Is there any way to access the individual forms, once you have started the guided questionaire method in Turbotax?
I guess it will be Monday before I can try to get Turbotax to explain.
You can switch back and forth from interview to forms as much as you like.
Pull down menu at the top (labelled view, if I recall correct).
That is for the desktop version - I have never used the online version.
No, Liza, Turbotax won't allow folks to see forms until they pay for the software, and I couldn't find any way to pay for the online version until the tax return is filed. I gave up and downloaded the basic version, since I think I remember you saying it handles K1s. I looked at all the forms it handles before downloading, and everything I need is included. It's a little tricky to get the online tax return loaded into a downloaded version, or a purchased CD. You have to save the online return to your computer and then open it with the purchased version installed on the computer. I'm not sure I did that correctly, as I have to open the new Basic program by clicking on the downloaded online return in Windows Explorer. A Turbotax Basic screen comes up, and the program seems to work the same as the online version of Turbotax Premier, although it doesn't look as good.
I was severely disappointed to learn that Turbotax is still adding $40,441 to my dividends, and I can't figure out a way to correct that because I can't see where it's coming from. When I click on Dividend update it lists all my dividends, including Vanguard Mutual funds not in the brokerage , and they add up to $18,997, but when I click on 2012 income summary it shows $59,428 for dividends. I guess when I paid to download the software I should have just started a new return. As far as I know, all this trouble resulted because I downloaded my TDAmeritrade directly to Turbotax. I looked at the 1099s now in Basic, and they are the same as my mailed 1099s from TDAmeritrade, and the identical 1099s are on the TDA website. I take that back. I had to correct one. It listed $2,147 in non-dividend distributions and the very next entry was $2,147 Federal income tax withheld. That mistake was not in mailed or online 1099s. I think I may try Taxcut next year. I'll call Turbotax Tuesday and see what they say about this mess. I may have to start over.