Help - TurboTax FAQs

      

Help Section

Related Information


Should you have any questions or run into any difficulties, you may find your answers in one of the FAQ’s below. Additional technical questions should be directed to Intuit®, the company that supports TurboTax®.

Please also 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. Tax Information 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 or 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. Can I import IRS Form 1099-Q from Baird?
11. Will TurboTax® products interact with Baird’s Quicken® download service?
12. When will TurboTax® import data be available for download?
13. When will REMIC/WHMT data be available for download?
14. What should I do if the original Baird Tax Statement I receive indicates that I own a REMIC or WHMT?
15. Who should I contact if I have trouble importing the data?
16. What if I do not see Robert W Baird & Co as a Financial Partner to import tax information from within the TurboTax® program?
17. What information do I need to log in to use the TurboTax® import?
18. What if I misplaced my Baird OnLine password?
19. What if I want to change the password used to import my Form 1099-R in TurboTax®?
20. Where do I find my Document ID?
21. What information from my Baird Tax Statement will not import into the TurboTax® return?
22. Will Master Limited Partnership distributions import into TurboTax®?
23. Will cost basis information from Form 1099-B import into TurboTax®?
24. What is the difference between a covered security and a noncovered security on Form 1099-B?
25. What determines if a security is considered covered on Form 1099-B?
26. Will cost basis for noncovered securities be provided on Form 1099-B and included in the TurboTax® import process?
27. What accounting method does Baird use to liquidate tax lots?
28. Will wash sale information from Form 1099-B import into TurboTax®?
29. Where can I find more information regarding the IRS Cost Basis Legislation?
30. Will Original Issue Discount tax information import into TurboTax®?
31. Will option transactions be imported into TurboTax®?
32. What happens if the TurboTax® information is different than the information on tax forms I receive in the mail?
33. Why do the amounts on my Baird Tax Statement differ from my Baird December Client Statement?
34. What happens if I receive a "corrected" Baird Tax Statement in the mail?
35. Can I use the import for my State Tax Return?
36. What type of security do you employ?
37. Do TurboTax® products have my account information?
38. What is OFX?
39. 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 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.

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 or 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?
New this year, any client receiving a 1099 Tax Statement or a REMIC/WHMT Tax Statement can import their data into TurboTax. Accounts receiving Form 1099-R that are enrolled in Baird OnLine will also be able to 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-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), 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 for beneficiaries (Distributions from Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc.).

Back to top

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). These specific items will need to be entered manually into TurboTax®.

Back to top

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

Back to top

12. 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 18, 2014. TurboTax® import data for accounts receiving a Baird Tax Statement in Wave II will be available on or before March 17th, 2014. See www.rwbaird.com/taxes for additional information regarding Mailing Dates of the 2013 Tax Documents..

Back to top

13. When will REMIC/WHMT data be available for download?
The IRS deadline to issue the REMIC/WHMT Tax Statement is March 17th, 2014. Data will be available for import into the TurboTax® return on or before March 17, 2014. 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 17, 2014 will contain the tax related data for both the Baird 2013 Tax Statement and the Baird 2013 REMIC/WHMT Tax Statement combined.

Back to top

14. 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 Statement data at once. See question, “When will REMIC/WHMT data be available for download?"

Back to top

15. Who should I contact if I have trouble importing the data?
For technical questions about TurboTax® product installation, usage and functionality, please visit www.turbotaxsupport.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

16. 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 www.turbotaxsupport.com/support for more details.

Back to top

17. 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 Document ID number.

To import your 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

18. 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

19. What if I want to change the password used to import my Form 1099-R in TurboTax®?
The password you use to import your 1099-R into TurboTax® is the same as your Baird OnLine password. You may change your Baird OnLine password through Baird OnLine's Client Service Center. Changing your Baird OnLine password will also instantly change the password used to import your tax information into TurboTax®.

Back to top

20. Where do I find my Document ID?
Your 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 in the eDocuments section of Baird OnLine.

Download Instructions


Back to top

21. What information from my Baird Tax Statement will not import into the TurboTax® return?  
The “Non Reported Income, Fees, Expenses and Expenditures” (e.g., taxable accrued interest paid, margin interest, partnership distributions, etc.) section on page two of the Baird Tax Statement will not import into TurboTax® returns. This information must be manually entered into the TurboTax® program. Cost basis on certain Form 1099-B transactions (e.g., Undetermined Term) will not import into TurboTax® returns (Please see questions 23-29 for additional information). “Regulated Futures Contracts” (e.g., Section 1256 Contracts) from Form 1099-B, boxes 9, 10, 11, 12, is not supported by the TurboTax® import. This information must be manually entered into the TurboTax® program.

Back to top

22. Will Master Limited Partnership distributions import into TurboTax®? 
No, the tax information imported into TurboTax® does not include Partnership distributions paid to your account. In addition, you should refer to your own tax records to accurately record the cost basis information to supplement any sale information, which will be imported into TurboTax®. You should receive a separate Schedule K-1, issued directly by the partnership. General partners normally do not issue K-1s until after March 15.

Back to top

23. Will cost basis information from Form 1099-B import into TurboTax®?
Yes, if known to Baird, cost basis will be displayed on from 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

24. What is the difference between a covered security and a noncovered security on Form 1099-B?
Covered securities are those that are acquired on or after the applicable dates outlined by IRS Cost Basis Legislation. Both the gross proceeds and adjusted cost basis amounts for covered securities provided on Form1099-B will be reported by Baird to the IRS. For sales of covered securities, your tax return must include all gross proceeds and adjusted cost basis amounts Baird reports on Form 1099-B, as the IRS will compare your tax return to what is reported by Baird. You should reconcile any differences with your own tax records and provide supporting documentation accordingly.

Noncovered securities are those that are acquired before the applicable dates outlined by IRS Cost Basis Legislation. Only the gross proceeds for noncovered securities provided on Form 1099-B will be reported by Baird to the IRS. The cost basis will not be reported to the IRS but is provided to you for informational purposes only. For sales of noncovered securities, your tax return must include all gross proceeds amounts Baird reports on Form 1099-B, as the IRS will compare your tax return to what is reported by Baird. The cost basis provided on Form 1099-B for noncovered securities may require adjustment and should be validated against your own tax records.

Back to top

25. What determines if a security is considered covered on Form 1099-B? 

Beginning with securities purchased on or after January 1st, 2011, Baird is required to report both adjusted cost basis and gross proceeds of any covered security to the IRS. A security is considered covered based on the year of purchase:

Type of Security   Acquired on or after (Effective Date)
Equities   January 1, 2011
Mutual funds and dividend reinvestment plans   January 1, 2012
Simple debt and options   January 1, 2014
Complex debt   January 1, 2016
CBL exceptions   Permanently noncovered

Current Cost Basis Legislation excludes some securities from becoming covered (e.g. Royalty Trusts, HOLDRs, UIT Grantor Trusts, and Widely Held Mortgage Trusts). The cost basis for these types of securities and those that are not yet effective (noncovered) will not be reported to the IRS. All gross proceeds amounts will be reported to the IRS regardless if the securities are considered covered or noncovered.

More information can be found in the 2013 Client Cost Basis Legislation Guide.


Back to top

26. Will cost basis for noncovered securities be provided on Form 1099-B and included in the TurboTax® import process?
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 be missing, 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

27. What accounting method does Baird use to liquidate tax lots?
Baird liquidates tax lots based on your default accounting method (usually HIFO) unless you have instructed us otherwise. Due to IRS regulations, tax lots cannot be changed after the settlement date of the sale trade.

Back to top

28. Will wash sale information from Form 1099-B import into TurboTax®?
Yes, but only for certain transactions identified on Form 1099-B as wash sales.

It is important to note that the Cost Basis Legislation requires Baird to track wash sales that occur in the same account (although not across different accounts for the same client) with securities that have the same CUSIP. This is different than the formal definition of a wash sale, which includes any “substantially identical” securities, including those which may have different CUSIP numbers. Note: Although the IRS has provided simplified assumptions for brokerage firms to report wash sales, as a client you must continue to keep track of wash sales if they occur across multiple accounts or in “substantially identical” securities.

Back to top

29. Where can I find more information regarding the IRS Cost Basis Legislation?
Please see rwbaird.com/taxes for more information on how Cost Basis Legislation impacts the reporting of certain transactions to the IRS.

Back to top

30. Will Original Issue Discount tax information 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. The import feature of TurboTax® does not calculate any OID adjustments to reflect your purchase date or purchase price. Cost basis related to these types of transactions is not supported in the TurboTax® download. Refer to your own tax records to accurately record the cost basis information to supplement the sale information, which will be imported into TurboTax®.

Back to top

31. Will option transactions be imported into TurboTax®?
Yes, the tax information import does support the import of certain Closed Options Transactions (calls/puts) and the related cost basis information. While these transactions are not reported to the IRS, Options transactions must be reported on your IRS Form 8949 and Schedule D. All Option transactions must be reviewed with your tax records. Consult your tax advisor for additional information.

Back to top

32. 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 OnLine Support 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

33. Why do the amounts on my Baird Tax Statement differ from my Baird December Client Statement?
The reclassification of distributions between the end of December (when the December statement is issued) and mid-February or March (when the Baird Tax Statement 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 Tax Statement do not match, you should use the information contained on the Baird Tax Statement when preparing your tax return.

Back to top

34. 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

35. 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

36. 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

37. 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

38. 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

39. 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.