How Do I Export My Tax Data from Fidelity into TurboTax?

Filing taxes can be a daunting task, but if you're a Fidelity customer using TurboTax, the process of importing your tax data can be streamlined significantly. Fidelity provides tax documents like the 1099-B, 1099-DIV, and 1099-INT, which report your investment income, dividends, and interest. TurboTax, a popular tax preparation software, integrates seamlessly with Fidelity to import this data directly, saving you time and reducing the risk of manual entry errors. Here’s a step-by-step guide to exporting your tax data from Fidelity into TurboTax.

Step 1: Ensure Your Fidelity Tax Documents Are Ready

Before you begin, confirm that your tax documents are available in your Fidelity account. Fidelity typically makes these documents accessible by late February or early March for the previous tax year. To check:

1. Log in to your Fidelity account at www.fidelity.com.
2. Navigate to the "Accounts & Trade" tab and select "Tax Forms & Information."
3. Look for your 1099 forms (e.g., 1099-B for sales, 1099-DIV for dividends, 1099-INT for interest). If they’re not available yet, Fidelity will notify you when they are.

Step 2: Set Up or Log In to TurboTax

If you haven’t already, purchase or access TurboTax for the current tax year. You can use TurboTax Online or the desktop version—both support importing from Fidelity. Log in to your TurboTax account or create one at www.turbotax.com.

Step 3: Start the Import Process in TurboTax

Once you’re in TurboTax, follow these steps to import your Fidelity data:

1. Navigate to the Income Section:
   • In TurboTax Online, go to the "Federal" tab, then select "Wages & Income."
   • In the desktop version, click "Take me to my return," then go to the "Federal Taxes" tab and select "Wages & Income."
2. Find the Investment Income Section:
   • Scroll to "Investments and Savings" (or "Interest and Dividends" depending on your version).
   • Click "Start" or "Update" next to "Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B)" or similar options.
3. Choose to Import:
   • When prompted, select "Import from my bank or brokerage."
   • TurboTax will display a list of supported financial institutions. Type "Fidelity" in the search bar and select "Fidelity Investments" or "Fidelity NetBenefits" (depending on your account type).

Step 4: Log In to Fidelity Through TurboTax

TurboTax will prompt you to log in to your Fidelity account to authorize the data transfer:

1. Enter your Fidelity username and password. This is the same login you use for your Fidelity account.
2. If you have two-factor authentication (2FA) enabled, you’ll need to verify your identity (e.g., via a code sent to your phone or email).
3. Once authenticated, Fidelity will share your tax data with TurboTax securely.

Step 5: Review and Confirm the Imported Data

After the import, TurboTax will populate your tax return with the data from Fidelity, including:

• Proceeds from sales (1099-B).
• Dividend income (1099-DIV).
• Interest income (1099-INT).

Carefully review the imported information:

• Ensure all transactions match your records.
• Check for any discrepancies, such as missing cost basis data (Fidelity usually provides this, but it’s good to double-check).

If something looks off, you can manually edit the entries in TurboTax or contact Fidelity customer service for clarification.

Step 6: Complete Your Tax Return

Once you’ve verified the imported data, proceed with the rest of your tax return in TurboTax. The software will guide you through deductions, credits, and filing options. When you’re ready, e-file your return or print it for mailing.

Troubleshooting Tips

• Import Not Working? Ensure your Fidelity login credentials are correct and that your tax documents are available. If issues persist, try importing later or enter the data manually using your Fidelity 1099 forms.
• Multiple Fidelity Accounts? You may need to import each account separately if they’re not linked under one login.
• Desktop Version Issues? Ensure your TurboTax software is updated to the latest version.

Why Import Instead of Manual Entry?

Importing your tax data from Fidelity into TurboTax saves time and minimizes errors, especially if you have numerous transactions. Fidelity and TurboTax use a secure connection, so your data remains safe during the transfer.

Final Thoughts

Exporting tax data from Fidelity into TurboTax is a straightforward process that can make tax season less stressful. By following these steps, you’ll have your investment income accurately reflected in your tax return with minimal effort. If you run into any snags, both Fidelity and TurboTax offer robust customer support to assist you.

Happy filing!