Buckeye Sue and I use TurboTax Premier software to process our Federal income taxes. It usually works well. However, I was wondering, can users rename the income labels that the program automatically assigns?

For example, customers might have multiple accounts with a bank, or brokerages such as Fidelity, or Vanguard. After automatic import of the financial data, TurboTax will label all 1099-DIV or 1099-B account data with the same name. For example, under National Financial Services LLC (Fidelity) : we have multiple entries for stocks, bonds, etc. and dividends (for both 1099-B,1099-DIV). This is because we have more than one brokerage and bank investment accounts with Fidelity. These labels are automatically generated by TurboTax and they don't indicate which account is being listed.

Having the same name, means that checking each dataset entry for accuracy, or reviewing each dataset requires customers to open up each dataset to see which account is being listed.
Being able to modify income labels instead of the automatically assigned generic "stocks, bonds, etc" or "Dividends" descriptor names would be extremely useful for us.

Does anyone have any suggestions?

 

A further clarification, TurboTax does not generate the names, it only pulls the name information from the 1099-B and 1099-DIV form. However, I still want to add my account info such as account number into the program label so I can tell which 1099-B dataset is being listed.

Or, maybe we should pay a CPA to do our taxes!

 

I use TurboTax D for business. I get the CD every year which I prefer over download for posterity purposes. I can name everything anything I want. I do breakdown some accounts into custom names and TT provides extra "documentation" I generate to label and "explain" everything. It is not all cookie cutter stuff.

 

Hi, Cosmo. Thank you for your response.

I am buckeyesue, the better half (wife) of gobluesS2K.

Are you entering all of your data manually or are you importing any data?

 

You should be able to contact TurboTax directly to get your answer.

 

^^^
Hi Dave,how are you feeling today ???

 

Or Google your question.

 

A little better every day. It's 3 weeks today of laying on my back most of the day. I can sit in a chair finally with ice. I can't imagine how terrible a life would be if one had to lay on their back for the rest of it. Thanks for asking Emil. Hope all is well with you.

 

I have imported W2s in the past but now that I am retired, I find I can enter the data manually faster than trying to download. All I have now are 1099s and investments. Morgan Stanley has streamlined forms that are easy to enter.
My goofy business gains and losses (I have significant carryovers) are entered manually. Takes a few minutes but I don't find it a big deal. Waiting to file as I owe federal.

 

Cosmo, do you have suggestions for Goblue on how to change the payers on his TurboTax?