Fidelity TurboTax Import - Allocation of Taxes Across Accounts

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portfolio123
Posts: 106
Joined: Mon Jul 13, 2020 9:36 pm

Fidelity TurboTax Import - Allocation of Taxes Across Accounts

Post by portfolio123 »

Does anyone know how to import just one account at a time for Fidelity (or another any other brokerage for that matter) under the same login into TurboTax?

Every year I just input my Fidelity login/password and it pre-loads all the information into TurboTax. While this is definitely great/convenient - I have a few different accounts (for different reasons) and would like to understand the tax impact of each component.

Any suggestions?
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zincTwo
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Location: California

Re: Fidelity TurboTax Import - Allocation of Taxes Across Accounts

Post by zincTwo »

In each section (IRA, Interest, Div), you can elect to import.
When I do my TT fidelity import, it shows me all of my accounts which are linked in my Fidelity account (even spouses). I can then uncheck accounts I don't want imported. I do this because I like to import my backdoor roth/IRA info separatly than when I am processing my INT/DIV items.

When I get to each section in TT, I then rinse-repeat, and import just the relevant accounts.
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FiveK
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Joined: Sun Mar 16, 2014 2:43 pm

Re: Fidelity TurboTax Import - Allocation of Taxes Across Accounts

Post by FiveK »

portfolio123 wrote: Tue Jul 27, 2021 9:29 pm ...would like to understand the tax impact of each component.
The marginal tax rate of each component will depend on what you have assumed for the other components.

E.g., if filing single and under age 65 with $12550 interest-only income from both accounts A and B, whichever you add first will have zero federal tax impact, and the second one will incur federal tax of $1310.

In any case, you could enter the Fidelity info by hand instead of importing....
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