Investment transactions can be a headache to manage during tax season. Manually entering each sale or disposition can be time-consuming and prone to error. This is where the 1099-B Importer software comes in. 1099-B Importer is a tool designed to help import and organize investment transactions. This can save time and reduce the risk of errors during tax preparation.
In this review, we will take a closer look at 1099-B Importer. We will discuss its price, basics, pros and cons, our thoughts on the software, what 1099-B Importer identifies, how to use this software, and alternatives to 1099-B Importer.
Video Tutorial:
What is 1099-B Importer?
1099-B Importer is a software tool that imports investment transactions from various brokerages, including TD Ameritrade, E*TRADE, Fidelity, and Charles Schwab. Once the transactions are imported, 1099-B Importer organizes them by tax year and generates the necessary tax forms, including Form 8949 and Schedule D. The software is compatible with both Windows and Mac.
Price:
1099-B Importer is priced at $99 per year, which includes support for an unlimited number of brokerage accounts. This is a competitive price compared to other similar software tools on the market.
Basics:
1099-B Importer is easy to install and set up. The software offers a CSV template to help facilitate importing transaction data. The user can also choose to manually enter the details of the transactions into the software. Once the transactions are imported, the user can export the data to a tax software such as TurboTax or H&R Block.
Pros & Cons:
Pros:
1. Saves time by importing investment transactions from various brokerages.
2. Organizes transactions by tax year and generates necessary tax forms.
3. Easy to use with user-friendly interface.
4. Excellent customer support.
Cons:
1. Only compatible with certain brokerages.
2. Slightly expensive compared to similar software tools.
3. Limited customization options.
Our Thoughts on 1099-B Importer
Overall, 1099-B Importer is a useful tool for those who have multiple investment accounts and transactions to manage during tax season. It can save time and reduce the risk of errors during tax preparation. The software is easy to use and the customer support is excellent. However, the limited brokerages and customization options may be a drawback for some users.
What 1099-B Importer Identifies?
1099-B Importer identifies various investment transactions, including sales and dispositions of stocks, bonds, and mutual funds. The software categorizes these transactions by short-term or long-term, and can generate the necessary tax forms based on the user’s preferences.
How to Use 1099-B Importer?
Using 1099-B Importer is easy. Here are the steps to follow:
1. Download and install the software from the official website.
2. Import investment transactions using the CSV template or manually enter the details of each transaction.
3. Organize the transactions by tax year.
4. Generate necessary tax forms, including Form 8949 and Schedule D.
5. Export the data to a tax software such as TurboTax or H&R Block.
Alternatives to 1099-B Importer
While 1099-B Importer is a useful tool for investment transaction management, there are other options available. Here are three alternatives to 1099-B Importer:
1. TradeLog
TradeLog is a software tool designed for active traders. It offers advanced accounting and tax reporting, including Form 4797 and Form 6781. TradeLog is compatible with various brokerages and offers customization options. The price for TradeLog ranges from $69.95 to $379.95, depending on the features selected.
Download Link: Download Link
2. GainsKeeper
GainsKeeper is a software tool designed to help investors manage their capital gains taxes. It offers tax reporting tools, including Form 8949 and Schedule D. GainsKeeper is compatible with various brokerages and offers integration with tax software such as TurboTax and H&R Block. The price for GainsKeeper ranges from $69.95 to $649.95, depending on the features selected.
Download Link: Download Link
3. 1099Pro
1099Pro is a software tool designed for tax professionals and businesses. It offers a range of tax reporting services, including 1099 forms and W-2 forms. 1099Pro is compatible with various forms of data entry, including CSV and Excel. The price for 1099Pro ranges from $169 to $1,399, depending on the features selected.
Download Link: Download Link
5 FAQs about 1099-B Importer
Q1: Can 1099-B Importer import transactions from all brokerages?
A: No, 1099-B Importer is only compatible with certain brokerages, including TD Ameritrade, E*TRADE, Fidelity, and Charles Schwab.
Q2: Can 1099-B Importer be used on both Windows and Mac?
A: Yes, 1099-B Importer is compatible with both Windows and Mac.
Q3: Can 1099-B Importer generate Form 8949 and Schedule D?
A: Yes, 1099-B Importer can generate both Form 8949 and Schedule D.
Q4: Can 1099-B Importer be customized?
A: 1099-B Importer has limited customization options. However, the software offers a variety of data entry options, including CSV and manual entry.
Q5: What is the price of 1099-B Importer?
A: 1099-B Importer is priced at $99 per year, which includes support for an unlimited number of brokerage accounts.
Final Thoughts
1099-B Importer is a useful tool for investment transaction management during tax season. The software is easy to use and offers excellent customer support. Although the limited brokerages and customization options may be a drawback for some users, overall, 1099-B Importer is a solid option for managing investment transactions.