How to Import Data From Bank Into TurboTax

TurboTax allows taxpayers to import financial data from a bank, brokerage or other financial institution into its tax software. If TurboTax does not support your bank or other institution, you may be able to import the data into a financial program such as Quicken or Microsoft Money. Once completed, you can then import the data into TurboTax.

Difficulty: Moderate

Instructions

Things You'll Need:

• TurboTax software

Import Data From Your Bank Into TurboTax

1. Choose "Open Tax Return" from the TurboTax "File" pull-down menu and follow the prompts to make sure you are within your tax-preparation file.

2. Move the mouse icon to "Import" from the TurboTax File pull-down menu, and click on "From Financial Partner" from the list of options that appears to the right of the "Import" command on your screen.

3. Select your bank or institution from the list of financial partners that appears on the screen, if it is included.

4. Enter the information requested, such as user ID, password or social-security number, on the dialog box that appears on the screen for your bank or institution.

5. Verify that the information returned by your bank or institution is correct and follow the on-screen prompts to complete the data-import process.

Import Data Indirectly From Your Bank Through Quicken

6. Use Quicken or another financial-software product as a work-around solution for importing your financial data into TurboTax. Do this if your bank or financial institution is not supported on the TurboTax "From Financial Partner" list.

7. Use the "Help" features and online guide to find instructions for exporting or downloading your financial information to your computer, so that you can import it into Quicken, QuickBooks, Microsoft Money or other financial software.

8. Open your financial-software product and select "Import" from the "File" pull-down menu to import the financial-data file you have downloaded to your computer.

9. Save your data in the financial-software product's format and close the application.

10. Return to TurboTax and select "Import" and "From Accounting Software" from the "File" pull-down menu to import your financial data from Quicken.

Tips & Warnings

• If you need to alter or supplement financial data that you import into TurboTax from a bank or other source, remember that changing it in TurboTax will not change it at the source.
• Note that any information your bank or financial institution gives you may also be provided to tax agencies. Take care to avoid reporting incorrect information.