The TurboTax website says the Deluxe version allows the user to "Automatically import 1099 tax form data from participating financial institutions." Isn't the Deluxe version of TurboTax doing the same thing that the Premier version does?

Answer

Yes, all versions of TurboTax can import 1099 data from your financial institution. Note, however, that investments such as stocks or bonds are reported on 1099-B. You need TurboTax Premier or higher to complete the forms related to investments.

Contact your bank or broker to find out if they participate in the download feature. You may need to enable it before TurboTax can access your account, since it might be blocked by default so that hackers can't download your personal financial information. Once you download the data to TurboTax, I recommend you disable the feature again, with your bank or broker, for your protection.

Updated on December 28, 2019

Original Article:

Five TurboTax Versions for Tax Year 2019: How to Choose and Avoid Errors
By Glenn Stok
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