MultiHub Forum

One of the most time-consuming parts of doing my taxes is entering all the investment transaction data. I have accounts with multiple brokers and the 1099 forms can be dozens of pages long.

I'm looking for tax software with import features that can automatically pull in data from brokerages like Fidelity, Vanguard, Schwab, etc. Manual entry is just too error-prone when you have hundreds of transactions.

Which tax software has the best import capabilities for investment accounts? Do they handle dividend reinvestments, wash sales, and cost basis adjustments properly?

Also curious about tax software for multiple states - I have investments in REITs that generate income in different states, so I need software that can handle state allocations correctly.

Import features are crucial for investors. Here's what I've found in my testing of tax software with import features:

TurboTax: Best import capabilities overall. Works with most major brokerages, handles complex transactions well, automatically adjusts for wash sales.

H&R Block: Good import features, similar to TurboTax but sometimes has issues with less common brokerages.

TaxAct: Decent import, but may require manual adjustment for some transaction types.

FreeTaxUSA: Basic import for common brokerages, may struggle with complex portfolios.

For tax software for multiple states, TurboTax and H&R Block handle state allocations for investments better than the cheaper options. They automatically calculate which states get which portions of REIT income based on the K-1 data.