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This is a list of the most common frequently asked questions. If you do not find the answers you are looking for, you will need to contact Intuit®, the company that supports TurboTax®.
- What are TurboTax® products?
- What if I don’t have TurboTax® products?
- Who can import their Baird tax-related data into their TurboTax® returns?
- Will I still receive my Baird 1099s in the mail?
- How much does the TurboTax® import service cost?
- Do I need to be on Baird’s Web site to download the information?
- Which IRS 1099 tax forms can I import from Baird?
- Can I import IRS Form 1099-R from Baird?
- If I am a beneficiary of a decedent IRA, will I be able to import IRS Form 1099-R from Baird?
- Can I import IRS Form 1099-Q from Baird?
- Will TurboTax® products interact with Baird’s Quicken® download service?
- What information from my Baird 1099 will not import into the TurboTax® program?
- What happens if the TurboTax® information is different than the information on tax forms I receive in the mail?
- Why do the amounts on my Baird 1099 differ from my December Baird Client Statement?
- What happens if I receive a "corrected" Baird 1099 in the mail?
- When and how often will this data be available for download?
- When will 1099-OID REMIC data be available for download?
- Will cost basis information from the Baird 1099 "Schedule of Gains / Losses" import into the TurboTax® return?
- Why is the cost basis information missing from the TurboTax® download?
- What cost basis information is excluded from the TurboTax® download?
- What cost basis information from the Baird 1099 “Schedule of Gains / Losses” will be excluded from the TurboTax® download?
- What accounting method does Baird use to liquidate tax lots?
- Will option transactions be imported into the TurboTax® return?
- What should I do if the last page of the original 1099 I receive indicates that I own a REMIC?
- Who do I call if I have trouble importing the data?
- Can I import my Baird 1099 tax data into TurboTax® products for the Mac?
- What if I do not see Robert W. Baird & Co. Incorporated as a Financial Partner to import tax information from within the TurboTax® program?
- What if I misplaced my password?
- What if I want to change my TurboTax® password for 1099 import?
- What type of security do you employ?
- Do TurboTax® products have my account information?
- What is OFX?
1. What are TurboTax® products?
TurboTax products are from Intuit, a third-party vendor. TurboTax® products help you prepare and file your federal and state tax returns. With TurboTax® products, you can import your Baird 1099 tax-related data from Baird and import that information into your TurboTax® returns.
Although Baird is providing the tax information import as an additional service, Baird does not guarantee that the information provided is sufficient for tax reporting purposes, and Baird is not liable for your reliance upon or use of the import feature or the data provided through such feature. If you have specific questions regarding the preparation of your tax return, contact your tax advisor or the IRS.
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2. What if I don’t have TurboTax® products?
You can purchase TurboTax® software and online products at the TurboTax® Web site . You can also find TurboTax® software products in computer and general retail stores. Go to the TurboTax® Web site for more information.
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3. Who can import their Baird tax-related data into their TurboTax® returns?
Baird OnLine users can import their Baird 1099 tax-related data into their TurboTax® return. To register for Baird OnLine, contact your Baird Financial Advisor or locate one at www.locatebaird.com.
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4. Will I still receive my Baird 1099s in the mail?
Yes. You will still receive your Baird 1099 tax forms in the mail. This import feature is not a substitute for your Baird 1099 tax forms. The Baird 1099 tax forms are the official documents sent to the IRS. This import feature provides you with the opportunity to import your Baird 1099 data into your TurboTax® return, reducing manual entry of data, but should not be considered an official record. Please review the imported data against the original Baird 1099. If you are a Baird OnLine user, you may also view your tax forms in the eDocuments section of Baird OnLine.
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5. How much does the TurboTax® import service cost?
Importing Baird 1099 tax-related data into your TurboTax® return is free to all Baird OnLine users. Please note that traditional Internet usage fees may apply.
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6. Do I need to be on Baird’s Web site to import the information?
No. Use a TurboTax® program, have an Internet connection and be a Baird OnLine user to access the information. Once in the TurboTax® program, you will be able to select Robert W. Baird & Co. as your financial partner from which to import tax information. See our import instructions for more information.
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7. Which IRS 1099 tax forms can I import from Baird?
Baird provides information from IRS Forms 1099-B (Proceeds from Broker and Barter Exchange Transactions), 1099-DIV (Dividends and Distributions), 1099-INT (Interest Income), 1099-MISC (Miscellaneous Income), 1099-OID (Original Issue Discount), and 1099-R (distributions from pensions, annuities, retirement or profit-sharing plans, IRAs, insurance contracts, etc.) for importing into your TurboTax return.
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8. Can I import IRS Form 1099-R from Baird?
Yes, Baird now supports the import of Form 1099-R (distributions from pensions, annuities, retirement or profit-sharing plans, IRAs, insurance contracts, etc.).
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9. If I am a beneficiary of a decedent IRA, will I be able to import IRS Form 1099-R from Baird?
No, Baird does not support the import of IRS Form 1099-R for beneficiaries (distributions from pensions, annuities, retirement or profit-sharing plans, IRAs, insurance contracts, etc.).
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10. Can I import IRS Form 1099-Q from Baird?
No, Baird does not support the import of IRS Form 1099-Q (payments from qualified education programs under sections 529 and 530).
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11. Will TurboTax® products interact with Baird’s Quicken® download service?
No. The Quicken® download service Baird offers is primarily for tracking transactions and holdings. Baird does not recommend or support the effort of using the Quicken® downloaded data for income tax purposes. Your Baird 1099 is the official record used as a basis for importing to the TurboTax® return.
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12. What information from my Baird 1099 will not import into the TurboTax® return?
The Baird 1099 section “Non-Reportable Information” (includes margin debit interest, tax-exempt dividends, tax-exempt interest, etc.) will not import into TurboTax® returns. This information must be manually entered into the TurboTax® program. In addition, certain transactions provided on the Baird 1099 "Schedule of Gains / Losses" will not import into TurboTax returns (See "What cost basis information from the Baird 1099 "Schedule of Gains / Losses" will not import into the TurboTax® download?" for additional information).
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13. What happens if the TurboTax® information is different than the information on tax forms I receive in the mail?
The paper copy of the Baird 1099 is the official source of information. The information you import should be verified against the mailed copy.
If there are major discrepancies with Baird 1099 compared to the TurboTax® import data, you may report them to Baird’s Online Support at 888-212-8843. Since TurboTax® programs are third-party applications, there are limitations to what support Baird can offer in the import process.
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14. Why do the amounts on my Baird 1099 differ from my December Baird Client Statement?
The reclassification of distributions between the end of December (when the December statement is issued) and late January (when the Baird 1099 is issued) often leads to the difference in figures. Additionally, mutual fund companies sometimes make a distribution, which is reportable in one year, but not actually paid until the following year. In cases where the December Client Statement and the Baird 1099 do not match, you should use the information contained on the Baird 1099 when preparing your tax return.
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15. What happens if I receive a "corrected" Baird 1099 in the mail?
You can manually adjust your TurboTax® return to reflect the “corrected” Baird 1099 information. Or, from the File menu, select Remove Imported Data. Next, select the appropriate account number and click Remove All. Finally, wait until the week following the “correction date” on the Baird 1099 and re-import the corrected 1099 information (see “Timing” below).
Timing
- Baird will update the 1099 import information every week and make it available the following Monday. The updated information will reflect the previous week’s 1099 information. For example, if you receive a corrected 1099 on a Wednesday, the information should be available for download by the time you receive the corrected 1099.
Please review the re-imported TurboTax® data against the corrected Baird 1099. The corrected Baird 1099 is the official document sent to the IRS.
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16. When and how often will this data be available for download?
The 1099 data will be available February 1, 2007, with weekly updates available on Mondays throughout the months of February, March and April.
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17. When will 1099-OID REMIC data be available for download?
The IRS deadline to issue IRS Form 1099-OID REMIC is March 15. Data will be available for download into the TurboTax® return on or before Monday, March 19. Be sure to verify the TurboTax® import against the paper copy of both the Baird 1099 and the Baird 1099-OID REMIC tax documents.
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18. Will cost basis information from the Baird 1099 "Schedule of Gains / Losses" import into the TurboTax® return?
Cost basis represents what you paid for your security, generally the purchase price. You must determine cost basis to calculate the reportable Gain / Loss from the sales of your securities. The cost basis information from the Baird 1099 "Schedule of Gains / Losses" and/or TurboTax download is provided for informational purposes only and is not furnished to the IRS. The cost basis information should not be relied upon without your independent verification.
The import feature of TurboTax® may exclude certain cost basis transactions which were included on the Baird 1099 “Schedule of Gains / Losses” (See What cost basis information from the Baird 1099 “Schedule of Gains / Losses” will be excluded from the TurboTax® download?).
Baird provides cost basis and acquisition date information in the TurboTax® download as a courtesy to our clients; however, this information may be missing (see the Terms and Conditions) or not reflect all adjustments which need to be made in order to accurately report gains or losses for tax reporting purposes. You should verify the cost basis and acquisition date information provided in the download against your own records when determining the appropriate cost basis to be used. If the cost basis and/or acquisition date that was downloaded does not match your records or is missing, TurboTax® software will allow you to modify any of the information which was downloaded from Baird.
Even though Baird provides the cost basis and acquisition date information for certain securities in the TurboTax® download, it is the client's responsibility to verify and reconcile the cost basis information with the items on IRS Form 1099-B (Proceeds from Broker and Barter Exchange Transactions). Baird will report only the proceeds to the IRS, not the gain/loss information associated with IRS Form 1099-B and/or displayed on the Schedule of Gains / Losses.
The cost basis and acquisition date information in the download is derived from transactions processed through Baird or information supplied by you. Baird liquidates the position with the highest purchase price first unless you have instructed us otherwise.
Please see the Terms and Conditions for additional information on the cost basis information that is provided in the download.
Cost basis and capital gains / losses are reported on your Schedule D. Consult your tax advisor and IRS Instructions for Schedule D (Capital Gains and Losses) for additional information.
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19. Why is the cost basis information missing from the TurboTax® download?
If the cost basis and/or acquisition date is missing from some of your securities, it may be because you purchased the security prior to March 30, 1996 or because you transferred it to Baird from another financial institution. Please refer to your own tax records to accurately record the cost basis and acquisition date to supplement the sale information which will be imported into TurboTax®.
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20. What cost basis information is excluded from the TurboTax® download?
Cost basis will not be supplied in the import process for certain securities, which include, but are not limited to, securities which have undergone a reorganization like bankruptcies, mergers, and acquisitions; principal paydown securities like Limited Partnerships (LPs), Unit Investment Trusts (UITs), and factorable securities (i.e. FNMAs, GNMAs); short sales; options; Direct Participation Programs (DPPs) and Real Estate Investment Trusts (REITs); and Original Issue Discount securities (OIDs). Please consult your tax advisor for guidance on reporting gain/loss information for sales of these types of investments.
Please see the Terms and Conditions for additional information on the cost basis information that is provided in the download.
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21. What cost basis information from the Baird 1099 “Schedule of Gains / Losses” will be excluded from the TurboTax® download?
The Baird 1099 “Schedule of Gains / Losses” may included certain securities, which include, but are not limited to, securities which have undergone a reorganization like bankruptcies, mergers, and acquisitions; principal paydown securities (if all paydown information is available) like Unit Investment Trusts (UITs), and factorable securities (i.e., FNMAs, GNMAs); certain short sales; options transactions; Direct Participation Programs (DPPs) and Real Estate Investment Trusts (REITs). These cost basis transactions will not import into the Turbo Tax download.
Cost Basis information provided on the Baird 1099 “Schedule of Gains / Losses” and/or the TurboTax® download is provided for informational purposes only and is not furnished to the IRS. It may not contain all the information needed and may require additional adjustment to calculate your actual gains / losses. You should independently verify the cost basis information provided with your tax records (including the buy/sell trade confirmations, previous year’s tax statements, client statements and tax returns).
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22. What accounting method does Baird use to liquidate tax lots?
Baird liquidates the position with the highest purchase price first unless you have instructed us otherwise.
Please see the Terms and Conditions for additional information on the cost basis information that is provided in the download.
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23. Will option transactions be imported into TurboTax®?
No. The IRS does not require brokerage firms to report option transactions to the IRS. Clients are required to report option transactions to the IRS. On the Baird 1099, the "Schedule of Gains / Losses" contains a separate section for Option Transactions. Option transactions must be reviewed with your tax records and manually input into your TurboTax® return.
The tax information import does not import any options transactions (calls/puts). Options transactions must be reported on your Schedule D. Consult your tax advisor for additional information.
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24. What should I do if the last page of the original 1099 I receive indicates that I own a REMIC?
You should wait until the REMIC data is available and then import all the 1099 data at once. See question, “When will 1099-OID REMIC data be available for download?”
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25. Who do I call if I have trouble importing the data?
For technical questions about TurboTax® product installation, usage and functionality, please go to the TurboTax® Web site.
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26. Can I import my Baird 1099 tax data into TurboTax® products for the Mac?
All TurboTax desktop editions are available for both the Mac and PC. All desktop editions (Basic, Deluxe and Premier) can be used to import your Baird tax information. You can also use the TurboTax Deluxe and Premier Online editions to import your Baird tax information.
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27. What if I do not see Robert W. Baird & Co. as a Financial Partner to import tax information from within the TurboTax® program (desktop software users only)?
If you don’t see Robert W. Baird & Co. in the list of available Financial Partners, you will need to process the TurboTax® program update. This option is available under the menu option File-Import-From Financial Partners. Please see the the TurboTax® Web site for more details.
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28. What if I misplaced my password?
Your password is the same as your Baird OnLine password. Forgot your password, you can have your password reset using our Request a Temporary Password form.
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29. What if I want to change my TurboTax® password for 1099 import?
Your TurboTax® password for 1099 import is the same as your Baird OnLine password. You may change your Baird OnLine password through the Client Service Center. The Baird OnLine password update is real-time for the TurboTax® instant data entry import feature.
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30. What type of security do you employ?
Any time you use the TurboTax® import process and provide personal information (such as an account number or password), it is encrypted using Secure Socket Layer (SSL) technology. SSL protects information as it crosses the Internet. To support this technology, you need an SSL-capable browser. Microsoft’s Internet Explorer 6.0 or higher is required to run TurboTax® software; this version of Internet Explorer is provided on the TurboTax® software CD. The browser will activate SSL automatically whenever you use the TurboTax® download. The 128-bit encryption is the most recent and secure form of Internet data encryption available.
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31. Do TurboTax® products have my account information?
No. The TurboTax® products do not have your Baird account information. All your account information for the TurboTax® import is located and stored at Baird. Baird is using an industry standard Open Financial Exchange (OFX) server to provide the data to our clients over a secured Internet connection. Your TurboTax® import request comes to Baird for a completed data response.
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32. What is OFX?
Open Financial Exchange (OFX) is a unified specification for the exchange of electronic financial data over the Internet. OFX specification streamlines the process financial services companies must go through to connect to transactional Web sites, personal computers and personal financial management software. Further information about OFX can be found at www.ofx.net.
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Baird can only assist you with the technical download. If you have any trouble after downloading, you will need to contact TurboTax® for assistance. TurboTax is a registered trademark of Intuit Inc. and is used with permission.
TurboTax®, TurboTax® Online and EasyStep, among others, are registered trademarks and/or service marks of Intuit Inc. in the United States and other countries and are used with permission. Intuit Inc. is not affiliated with Robert W. Baird & Co. Incorporated and is solely responsible for the information provided by Intuit Inc. for users of TurboTax software. Robert W. Baird & Co. Incorporated cannot guarantee the information and content supplied by Intuit Inc. are accurate, complete or timely and does not make any warranties, conditions, guarantees or representations regarding the results obtained from such use.
It is important to understand that the tax information imported from Baird OnLine to your TurboTax® return may not be all the information required for you to properly complete the investment income portion of your federal and/or state tax returns. It is essential that you complete the TurboTax® EasyStep Interview and/or Review processes in their entireties to ensure that all Baird OnLine information is correctly reported to the IRS and/or the state(s) to which you report.
Be sure to verify the information you import with your own records in order to ensure accurate and complete reporting of all required tax information on your federal and/or state tax return(s). Although Baird is providing the tax information import as an additional service, Baird does not guarantee that the information provided is sufficient for tax reporting purposes, and Baird is not liable for your reliance upon or use of the import feature or the data provided through such feature. If you have specific questions regarding the preparation of your tax return, contact your tax advisor, the IRS or the state(s) to which you report.
The Baird 1099 tax forms are the official record of 1099 information maintained at Robert W. Baird & Co. Incorporated. Robert W. Baird & Co. Incorporated disclaims any liability arising from the use of TurboTax® products or the content furnished by Intuit Inc., including but not limited to, any resulting information obtained from such use or interpretations of information made as a result of such use.
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