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. You should verify the cost basis information supplied on your Consolidated-1099 and in the TurboTax ® import against your own tax records. (Note: For cost basis adjustments for limited partnerships, please refer the IRS Partner Instructions for Form K1 (1065)). Manual adjustment(s) may be needed if you have used other methods for tracking and/or reporting the cost basis for certain securities. Any cost basis provided for noncovered securities may not reflect all necessary adjustments. 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. The Consolidated 1099 is the official 1099 and you should verify that your federal and/or state tax return(s) include all of the items shown on the Conslidated 1099. The items listed above are not intended to be all inclusive. “ 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.Cost basis on certain Form 1099-B transactions (e.g., Undetermined Term) will not import into TurboTax ® returns (Please see "Will cost basis information from Form 1099-B import into TurboTax®?" and " Will cost basis for noncovered securities on Form 1099-B import into TurboTax®?" for additional information).The section designated by "The following amounts are not reported to the IRS" located beneath the 1099-INT on page 2 of the Consolidated 1099 will not import into Turbo Tax ®.Amounts that are designated as “ noncovered" or "lots not reported” in the "Original Issue Discount and Adjustments" section on page 2 will not import into Turbo Tax ®.The “ Reconciliations, Fees, Expenses and Expenditures ” (e.g., margin interest and partnership distributions) section on page 2 of the Consolidated 1099 will not import into Turbo Tax ® returns.The following items from the Consolidated 1099 will not import into Turbo Tax ® and will require the information to be manually entered into the Turbo Tax ® program: Items with Import listed in the Source column are items that were imported from Baird or another financial institution) select Cancel when you are finished reviewing the information. To review the data imported into your TurboTax ® return at any time, go to the Tools menu in the TurboTax ® program and select My Tax Data (a dialog box will appear to show the details. If you have multiple accounts with Baird, please repeat the above steps for each account to import the relevant tax information for each account into your TurboTax ® return. Click Continue to begin the TurboTax ® interview process.From the Import Summary screen, select Done.Click Import Now to import the selected items into your TurboTax ® return (a dialog box will appear to let you monitor the status of the download).A dialog box will appear detailing the items TurboTax ® will import when you are finished reviewing the details, select Close to return to the These Documents Are Now Ready for Import: screen. To view the details of each document, click View Detai ls to the right of the document. Your tax documents will appear on the These Documents Are Now Ready for Import: screen. Enter your Document ID as displayed on the Baird Tax Statement.
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