TurboTax Glitch [Importing Vanguard 1099-DIV]

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills

TurboTax Glitch [Importing Vanguard 1099-DIV]

Postby jjustice » Sat Jan 26, 2013 4:57 pm

I found that when I imported 1099-DIV information from Vanguard to TurboTax, I had an error concerning exempt interest. Nothing I could enter satisfied it. I finally deleted Schedule B (Go back to "Home" and you find the option to delete forms) and re-entered by hand only relevant information from Vanguard's 1099-DIVs. The error did not reappear upon review. It's some glitch with how TurboTax reads Vanguard's imports of 1099-DIV information.
John
User avatar
jjustice
 
Posts: 347
Joined: Tue Aug 04, 2009 9:58 am

Re: TurboTax Glitch

Postby Sidney » Sat Jan 26, 2013 5:01 pm

What was the error?
I always wanted to be a procrastinator.
Sidney
 
Posts: 5897
Joined: Thu Mar 08, 2007 6:06 pm

Re: TurboTax Glitch

Postby jjustice » Sat Jan 26, 2013 5:05 pm

It would ask for a state ID. When you tried something, then it would ask for an amount. When you do it by hand, do not put 0.00 into boxes that are zero. At least I did not when I did it by hand and successfully passed review. I spent way too much time trying to pass the review before deleting and entering by hand.
John
User avatar
jjustice
 
Posts: 347
Joined: Tue Aug 04, 2009 9:58 am

Re: TurboTax Glitch

Postby FrugalInvestor » Sat Jan 26, 2013 5:12 pm

I've never been comfortable allowing tax software to import my data because I feel that it removes me one step further from understanding what is going on behind the scenes. I need that understanding to know how to minimize my tax liability so I manually enter all data into Turbo Tax. Doing that and then reviewing the final return in detail helps me have a good handle on what impact the numbers are having on the final result.
Last edited by FrugalInvestor on Sat Jan 26, 2013 5:19 pm, edited 1 time in total.
"Some men worship rank, some worship heroes, some worship power, some worship God, and over these ideals they dispute and cannot unite, but they all worship money. - Mark Twain
User avatar
FrugalInvestor
 
Posts: 3326
Joined: Fri Nov 07, 2008 12:20 am

Re: TurboTax Glitch

Postby Sidney » Sat Jan 26, 2013 5:16 pm

FrugalInvestor wrote:I've never been comfortable allowing tax software to import my data because I feel that it removes me one step further from understanding what is going on behind the scenes.

Same here. Only time I did it was one year when I had an cashless NQ option exercise that ended up with a long list of transactions (net near zero CG). It was the only Sched. D inputs so I was able to reconcile the Sales values on Sched D to the 1099-B easily (always a good practice).
I always wanted to be a procrastinator.
Sidney
 
Posts: 5897
Joined: Thu Mar 08, 2007 6:06 pm

Re: TurboTax Glitch

Postby jjustice » Sat Jan 26, 2013 5:17 pm

Well, the import gave the same values that I later hand entered. So I guess that provided a double-check. Nothing was wrong with the import. What we had was a failure to communicate (Cool Hand Luke).
John
User avatar
jjustice
 
Posts: 347
Joined: Tue Aug 04, 2009 9:58 am

Re: TurboTax Glitch

Postby gd » Sun Jan 27, 2013 6:22 pm

You can fix the TT problem in the Vanguard downloaded data by deleting any 0.00 in box 10, the exempt-interest dividends amount, and leaving that box blank. I'd recommend just not downloading Vanguard's 1099-DIV; mine labelled all the several funds as just "VANGUARD". I'd guess this is a TT bug where any text, even 0, is seen as an indication of exempt interest requiring a state to be entered.
gd
 
Posts: 627
Joined: Sun Nov 15, 2009 8:35 am
Location: MA, USA

Re: TurboTax Glitch

Postby sscritic » Sun Jan 27, 2013 6:45 pm

gd wrote:You can fix the TT problem in the Vanguard downloaded data by deleting any 0.00 in box 10, the exempt-interest dividends amount, and leaving that box blank. I'd recommend just not downloading Vanguard's 1099-DIV; mine labelled all the several funds as just "VANGUARD". I'd guess this is a TT bug where any text, even 0, is seen as an indication of exempt interest requiring a state to be entered.

It's Vanguard's bug. The same thing appears in H&R Block. If you downloaded on Thursday, you got the fund names, but the tax-exempt funds didn't show up. They then fixed it so everything downloaded as Vanguard

Old:

1099-DIV
1st (Fund Name) xxxx
2nd (Fund Name)xxxx
3rd (Fund Name)xxxx
4th (Fund Name)xxxx

1099-B
shares Fund Name
shares Fund Name
shares Fund Name

New:

Dividend Income (1099-DIV)
VANGUARD -
VANGUARD $xxxx
VANGUARD $xxxx
VANGUARD -
VANGUARD $xxxx
VANGUARD $xxxx

Stock Sales (1099-B)
PHONE EXCH TO PRIME MM $xxxx
SELL ELECTRONIC BANK TRANSFER $xxxx
SELL ELECTRONIC BANK TRANSFER $xxxx.
sscritic
 
Posts: 21858
Joined: Thu Sep 06, 2007 8:36 am

Re: TurboTax Glitch

Postby gd » Tue Jan 29, 2013 9:30 am

I think I confused my response with the poorly-placed comment about uninformative fund names. My TT bug claim was about box 10 only; I can make my TT Deluxe (download) insist any fund is tax exempt and demand a state code during the final error check, or not, by putting 0.00 into box 10 or leaving it blank. I've done this with a manual test entry having nothing but 0.00s in all boxes; with box 10 as 0.00 error check flags it as needing tax-exemption information, blank box 10 is ok.
gd
 
Posts: 627
Joined: Sun Nov 15, 2009 8:35 am
Location: MA, USA

Re: TurboTax Glitch

Postby RadAudit » Tue Mar 19, 2013 9:11 am

jjustice wrote:It's some glitch with how TurboTax reads Vanguard's imports of 1099-DIV information.



Ran into the same / similar problem. It's not related specially to Vanguard's import of 1099-DIV info. Turbo Tax downloaded info from a legacy account I have with Ed Jones. Same problem. A zero was imported and the block should have been blank. A delightful time was had by all until I found a Turbo Tax employee on the help desk who had just recently spent three hours running through their software to find the glitch.
"Everything will be all right in the end. If everything is not all right, then it is not the end." - The Best Exotic Marigold Hotel
RadAudit
 
Posts: 1470
Joined: Mon May 26, 2008 10:20 am
Location: Second star on the right and straight on 'til morning

Re: TurboTax Glitch

Postby grabiner » Tue Mar 19, 2013 9:35 pm

gd wrote:You can fix the TT problem in the Vanguard downloaded data by deleting any 0.00 in box 10, the exempt-interest dividends amount, and leaving that box blank. I'd recommend just not downloading Vanguard's 1099-DIV; mine labelled all the several funds as just "VANGUARD". I'd guess this is a TT bug where any text, even 0, is seen as an indication of exempt interest requiring a state to be entered.


The same issue exists in other places. I downloaded a 1099-DIV for Total Stock Market, and when TurboTax got to Form 1116, it asked me what country I paid the $0.00 of foreign tax to.
David Grabiner
User avatar
grabiner
Advisory Board
 
Posts: 13548
Joined: Tue Feb 20, 2007 11:58 pm
Location: Columbia, MD


Return to Personal Finance (Not Investing)

Who is online

Users browsing this forum: Abe, Bengineer, bsteiner, hudson, sailorjim, TradingPlaces and 67 guests