TurboTax FAQs

       
        

Help Section

Related Information


   

The answers to many frequently asked questions regarding the TurboTax Import process can be found below. Additional technical questions should be directed to Intuit®, the company that supports TurboTax®.

Also, please visit our TurboTax® Import Instructions for an overview of how to import your Baird tax information into TurboTax®.

By using the TurboTax® Import process, you are agreeing to the Robert W. Baird & Co., Inc. TurboTax® Import Terms and Conditions.

  1. What are TurboTax® products?
  2. What if I don’t have TurboTax®?
  3. Can I import my Baird Tax Statement and Form 1099-R into TurboTax® products for Mac?
  4. Who can import their Baird tax-related data into their TurboTax® returns?
  5. Will I still receive my Baird tax documents in the mail?
  6. How much does the TurboTax® import service cost?
  7. Do I need to be on Baird’s web site to import the information?
  8. Which IRS tax forms can I import from Baird?
  9. If I am a beneficiary of a decedent IRA, will I be able to import IRS Form 1099-R from Baird?
  10. Will TurboTax® products interact with Baird’s Quicken® download service?
  11. When will TurboTax® import data be available for download?
  12. When will REMIC/WHMT data be available for download?
  13. What should I do if the original Baird Tax Statement I receive indicates that I own a REMIC or WHMT?
  14. Who should I contact if I have trouble importing the data?
  15. What if I do not see Robert W Baird & Co as a Financial Partner to import tax information from within the TurboTax® program?
  16. What information do I need to log in to use the TurboTax® import?
  17. What if I misplaced my Baird OnLine password?
  18. Where do I find my Account number and Document ID?
  19. What information from my Baird Tax Statement will not import into the TurboTax® return?
  20. Will cost basis information from Form 1099-B import into TurboTax®?
  21. Will cost basis for noncovered securities on Form 1099-B import into TurboTax®?
  22. Will Original Issue Discount tax information listed on form 1099-OID import into TurboTax®?
  23. What happens if the TurboTax® information is different than the information on tax forms I receive in the mail?
  24. What happens if I receive a "corrected" Baird Tax Statement in the mail?
  25. Can I use the import for my State Tax Return?
  26. What type of security do you employ?
  27. Do TurboTax® products have my account information?
  28. What is OFX?
  29. Does Baird support a CSV file download that can be used by my tax preparer (Who does not use TurboTax®)?


1. What are TurboTax® products?
TurboTax® software is a product 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 tax-related data into your TurboTax® returns.

Although Baird is providing the TurboTax® import process 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.

Back to top

2. What if I don’t have TurboTax®?
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. Please visit the TurboTax® web site for more information.

Back to top

3. Can I import my Baird Tax Statement and Form 1099-R into TurboTax® products for Mac?
Yes. TurboTax® is available for both Mac and PC platforms and both platforms are supported by Baird.

Back to top

4. Who can import their Baird tax-related data into their TurboTax® returns?
Any client receiving a Baird Tax Statement (e.g. Forms 1099-DIV, -INT, -B, -MIS, -OID) or a REMIC/WHMT Tax Statement (Forms 1099-INT, -OID) can import their data into TurboTax. Also, any Baird client receiving Form 1099-R that is enrolled in Baird OnLine can import their data into TurboTax. To register for Baird OnLine, contact your Baird Financial Advisor or locate one at locatebaird.com.

Back to top

5. Will I still receive my Baird tax documents in the mail?
Yes. You will continue to receive your Baird tax forms in the mail. The Baird tax forms are the official documents sent to the IRS and the TurboTax® service is not a substitute for your printed Baird tax forms. This import feature provides you with the opportunity to import your Baird tax-related 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 printed Baird tax forms.

Back to top

6. How much does the TurboTax® import service cost?
Importing Baird tax-related data into your TurboTax® return is free to all Baird Clients. Please note that traditional Internet usage fees may apply.

Back to top

7. Do I need to be on Baird’s web site to import the information?
No. The TurboTax® program provides an import feature that will import the relevant tax information. Please see our TurboTax® Import Instructions for more information.

Back to top

8. Which IRS 1099 tax forms can I import from Baird?
Baird provides information from IRS Forms 1099-DIV (Dividends and Distributions), 1099-INT (Interest Income), 1099-B (Proceeds from Broker and Barter Exchange Transactions), 1099-MISC (Miscellaneous Income), 1099-OID (Original Issue Discount), 1099-OID REMIC (Real Estate Mortgage Investment Conduit), 1099-INT WHMT (Widely Held Mortgage Trust) and 1099-R (Distributions from Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc.) available for import into your TurboTax® return.

Back to top

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 (Distributions from Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc.) for beneficiaries. These specific items will need to be entered manually into TurboTax®.

Back to top

10. 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 printed Baird tax document is the official record used as a basis for importing into your TurboTax® return.

Back to top

11. When will TurboTax® import data be available for download?
For IRA accounts receiving a Form 1099-R and accounts receiving a Baird Tax Statement in Wave I, TurboTax® import data will be available beginning February 17, 2015. TurboTax® import data for accounts receiving a Baird Tax Statement in Wave II will be available on or before March 16, 2015. See www.rwbaird.com/taxes for additional information regarding Mailing Dates of the 2014 tax documents.

Back to top

12. When will REMIC/WHMT data be available for download?
The IRS deadline to issue the REMIC/WHMT Tax Statement is March 16, 2015. Data will be available for import into the TurboTax® return on or before March 16, 2015. Be sure to verify the TurboTax® import against the printed Baird REMIC/WHMT Tax Statement and the printed Baird Tax Statement. It is important to note that the TurboTax® import on March 16, 2015 will contain the tax related data for both the Baird 2014 Tax Statement and the Baird 2014 REMIC/WHMT Tax Statement combined.

Back to top

13. What should I do if the original Baird Tax Statement I receive indicates that I own a REMIC or WHMT?
You should wait until the REMIC/WHMT data is available and then import all of your tax data at once. See question, “When will REMIC/WHMT data be available for download?"

Back to top

14. Who should I contact if I have trouble importing the data?
For technical questions about TurboTax® product installation, usage and functionality, please visit turbotax.intuit.com/support/.

If you are having difficulty with the import process, please contact Baird OnLine Support at 888-212-8843. Since the TurboTax® program is a third-party application; there are limitations to what support Baird can offer in the import process.

Back to top

15. What if I do not see Robert W. Baird & Co. as a Financial Partner to import tax information from within the TurboTax® program?
If you do not see Robert W. Baird & Co. (1099 Tax Statement) or Robert W. Baird & Co. (Form 1099-R) in the list of available Financial Partners, you will need to process the TurboTax® program update. Within TurboTax®, go to the menu option: Online > Check For Updates and follow the on-screen prompts. When the update completes, please attempt the import again. Please visit the TurboTax® Import Instructions for more information on how to initiate the import process or visit turbotax.intuit.com/support/ for more details.

Back to top

16. What information do I need to log in to use the TurboTax® import?
To import your Baird Tax Statement into TurboTax® you will need your Account Number and Document ID. Please see “Where do I find my Document ID?” for help locating your Account number and Document ID number.

To import your Baird Form 1099-R into TurboTax®, you will need your Account Number, Baird OnLine Username and Password. If you have misplaced or forgotten your Baird OnLine password, please see “What if I misplaced my Baird OnLine password?

Back to top

17. What if I misplaced my Baird OnLine password?
If you have misplaced or forgotten your Baird OnLine password, contact Baird OnLine Support toll free at 888-212-8843, or request a temporary password.

Back to top


18. Where do I find my Account number and Document ID?
Your Account number and Document ID can be found in the upper right-hand corner of the Baird Tax Statement. Your Baird Tax Statement will be mailed to you and will also be available electronically on Baird OnLine > Account Information > eDocuments > Tax Forms.

Account ID and Document ID
Back to top


19. What information from my Baird Tax Statement will not import into the TurboTax® return?

  • The following items of the Baird Tax Statement will not import into Turbo Tax® and will require the information to be manually entered into the Turbo Tax® program
  •  
  • The “Non Reported Income, Fees, Expenses and Expenditures” (e.g. margin interest and partnership distributions) section on page 2 of the Baird Tax Statement will not import into Turbo Tax® returns
  • The “Adjustments to Interest and Original Issue Discount” (e.g. taxable accrued interest paid) will not import into Turbo Tax®
  • Tax exempt original issue discount located beneath the 1099-INT on page 2 of the Baird Tax Statement will not import into Turbo Tax®
  • Cost basis on certain Form 1099-B transactions (e.g., Undetermined Term) will not import into TurboTax® returns (Please see questions 20-21 for additional information).
  • Regulated Futures Contracts” (e.g., Section 1256 contracts) from Form 1099-B boxes 8, 9, 10, 11 is not supported by the Turbo Tax® import

Back to top

20. Will cost basis information from Form 1099-B import into TurboTax®?
Yes, if known to Baird, cost basis will be displayed on Form 1099-B and it will import into TurboTax® for both covered and noncovered securities. Any cost basis provided for noncovered securities may not reflect all of the necessary adjustments or may need adjustment if you have used other methods for tracking and/or reporting the cost basis for particular securities. You should verify the cost basis information supplied on your Baird Tax Statement and in the TurboTax® import against your own tax records.

If the cost basis is not known to Baird, the Form 1099-B transaction will be displayed in the Undetermined Term (e.g., missing cost basis and/or missing acquisition date) section. Undetermined Term transactions will partially import but will require manual adjustment to properly reflect on your tax return(s). The TurboTax® software will allow you to adjust any of the cost basis information.

Back to top

21. Will cost basis for noncovered securities on Form 1099-B import into TurboTax®?
If known to Baird, the cost basis and acquisition date of noncovered securities will be supplied on the Baird Tax Statement and in the TurboTax® import. However, this information may not reflect all of the necessary adjustments or may need adjustment if you have used other methods for tracking and/or reporting the cost basis for particular securities. You should verify the cost basis information supplied on your Baird Tax Statement and in the TurboTax® import against your own tax records. The TurboTax® software will allow you to adjust any of the cost basis information imported.

Back to top

22. Will Original Issue Discount tax information listed on form 1099-OID import into TurboTax®?
Yes. However, Original Issue Discount (OID) reported on IRS Form 1099-OID and imported into your TurboTax® return is calculated assuming the bonds were purchased on the Date of Original Issue and at the Original Issue Price. If you purchased the bonds at a market premium or market discount, or if the obligation is either a stripped bond or coupon, you must compute your proper amount of OID.  See the IRS Form 1099-OID Instructions for additional information.
It is important to note that Turbo Tax® will not import tax exempt OID listed beneath the 1099-INT form on the Baird Tax Statements.
Back to top

23. What happens if the TurboTax® information is different than the information on tax forms I receive in the mail?
The printed Baird tax document is the official source of information. The information you import should be verified against the mailed copy.

If there are major discrepancies between the Baird tax documents and the TurboTax® import data, you may report them to Baird OnLineSupport at 888-212-8843. Since TurboTax® is a third-party application; there are limitations to what support Baird can offer in the import process.

Back to top

24. What happens if I receive a "corrected" Baird Tax Statement in the mail?
You can manually adjust your TurboTax® return to reflect the “corrected” Baird Tax Statement/1099-R information. When referring to your Baird Tax Statement for “corrected” information, a “C” will appear next to any item that has been changed. You may also re-import the TurboTax® data into your return, to do so: Click the File menu, select Remove Imported Data, select the appropriate account number and click Remove All. Finally, re-import the corrected tax information. Please see our TurboTax® Import instructions for more information on how to import your Baird tax-related data.

Back to top

25. Can I use the import for my State Tax Return?
The tax information import is based on reporting requirements for your federal tax return. It is not meant to support state tax returns. If you are using this information to complete your state tax return through TurboTax® or otherwise, obtain your state income tax reporting regulations to determine any adjustments or modification to the information provided. For example, tax-exempt municipal income and income derived from certain U.S. Treasury obligations may not be properly imported for the completion of your state income tax return.

Back to top

26. 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 128-bit Secure Socket Layer (SSL) technology. SSL protects information as it crosses the Internet. To support this technology, you need an SSL-capable browser. The browser will activate SSL automatically whenever you use the TurboTax® download. Microsoft’s Internet Explorer 6.0 or higher is required to run TurboTax® software; a version of Internet Explorer is provided on the TurboTax® software CD.

Back to top

27. Do TurboTax® products have my account information?
No. The TurboTax® products do not have your Baird account information. Your TurboTax® import request retrieves the relevant tax information from an industry standard Open Financial Exchange (OFX) server over a secured Internet connection. All of your account information for the TurboTax® import is located and stored at Baird or an authorized third party. All such information is maintained in accordance with Baird’s privacy policy.

Back to top

28. What is OFX?
Open Financial Exchange (OFX) is a unified specification for the exchange of electronic financial data over the Internet. The 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.

Back to top

29. Does Baird support a CSV file download that can be used by my tax preparer (who does not use TurboTax®)?
Yes, in addition to the TurboTax® Import process, Baird offers a separate process which can be used by you (and your tax preparer) to download the Baird Tax Statement (e.g., Forms 1099-DIV, -INT, -B, -MISC, -OID) directly into a CSV (Comma Separated Values) file. The downloaded CSV file can be electronically transferred into most professional tax accounting software, thus eliminating the majority of the manual data entry and saving considerable time for you and your tax preparer. Click here for the information on the CSV file download.

Back to top

TurboTax and TurboTax Online, among others, are registered trademarks and/or service marks of Intuit Inc. in the United States and other countries. 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 that Intuit Inc. supplied information and content 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 into TurboTax products may not be all of the information required for you to properly complete the investment income portion of your federal and/or state tax return. It is essential that you complete the TurboTax Interview and/or Review processes in their entireties to ensure that all imported information is correctly reported to the IRS and/or the state(s) to which you report.

Be sure to verify the information that 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 printed 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 software 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.