How do I download financial institution data (FIDO) into Lacerte with Tax Import?


Solution:
Lacerte Tax Import provides two ways you can download financial institution data from your client's online accounts. 
  1. You can invite clients to download financial institution data by email, or
  2. You can instantly download financial institution data if your client is in the office.



Solution #1- To activate and invite a client to download their financial institution data by email:

  1. Click on the Clients tab (to view the list of your clients).
  2. Click on Import.
  3. Click on Tax Import.
  4. Click on Import Client Data from Online Accounts. 

    This will open the Activate and Notify Clients window.
     
  5. Verify the Client's name and Email address are present.

    *Note- If the email address is missing, you may enter it now; however, we recommend you update the Email address on Screen 1, Client Information
     
  6. Click Next.

    This will take you to the invitation email template window. The email provides your client with all the information they will need to initiate the download of their financial institution data.
     
  7. Select the Name that will appear as the "Tax Preparer" on the client's download website.


     
  8. Verify the Email address for notifications contains your email address. 
  9. Click Next to view the email before sending.
  10. Click Send to deliver the email to your client.

When your client receives the email, they should click on the Get Started button. This will take them to the Intuit Tax Form Dropoff website where they will need to Sign in with their Intuit Account Login, if they do not have an Intuit Account Login they should click on the New to Intuit? Create an account link. (Note- If the invite is sent to a MFJ client, only one login is necessary, your client does not need a separate login for Taxpayer and Spouse for the dropoff website.)

Once your client (Taxpayer/Spouse) is logged in, they will need to:

  1. Select the Document Type to download:
    • W-2
    • 1099


       
  2. Click on Start W-2 download or Start 1099 Download (depending on what Document Type was selected).
     
    • If Start W-2 download is selected:
       
    1. Enter the EIN from the W-2.
    2. Click Continue.
    3. Enter the Control Number from the W-2.
    4. Enter the Social Security Number from the W-2.
    5. Enter the amount from Box 1 of the W-2.
    6. Click Continue.

      They will get a confirmation saying "The following forms were successfully sent to your tax preparer." 
       
    • If Start 1099 Download is selected:
       
    1. Select the Financial Institution.


       
    2. Click on Continue.
    3. The Taxpayer or Spouse should enter their User ID and PassWd for the financial institution.


       
    4. Click Continue.

      They will get a confirmation saying "The following forms were successfully sent to your tax preparer." 
       
  3. Click Send More (to send additional 1099s or W-2s) or Sign Out (if you have no more documents to send).

    Note- If both Taxpayer and Spouse have documents to send, click the Send More button.

The downloaded data will be delivered to Lacerte where you can import it into your client's return. Once the download has processed (time will vary), your Tax Import - Financial Downloads Status column will show Ready to Import...

The Activate and Notify Clients window can also be started using the  button found in Lacerte Screen 11, Interest Income, Screen 12, Dividend Income, and Screen 17, Dispositions.

The downloaded data will be delivered to Lacerte where you can import it into your client's return. Once the download has processed (time will vary), your Tax Import - Financial Downloads Status column will show Ready to Import...
 



Solution #2- To instantly download financial institution data while your client is in the office:
  1. Click on the Clients tab (to view the list of your clients).
  2. Highlight the client file.
  3. Click on Import.
  4. Click on Tax Import.
  5. Click on Import Client Data from Online Accounts Now.

    This will open the Instant Download window.
     
  6. Click Continue to access the Tax Form Dropoff website.

  1. Enter your Email or user ID. (This will typically be the same login you use for MyAccount)
  2. Enter your Password.



    *Note- If you do not already have an Intuit login, click on the New to Intuit? Create an account link.
     
  3. Select the Document Type to download:
    • W-2
    • 1099


       
  4. Click on Start W-2 download or Start 1099 Download (depending on what Document Type was selected).
     
    • If Start W-2 download is selected:
       
    1. Enter the EIN from the W-2.
    2. Click Continue.
    3. Enter the Control Number from the W-2.
    4. Enter the Social Security Number from the W-2.
    5. Enter the amount from Box 1 of the W-2.
    6. Click Continue.

      You will get a confirmation saying "The following forms were successfully sent to your tax preparer." 
       
    • If Start 1099 Download is selected:
       
    1. Select the Financial Institution.


       
    2. Click on Continue.
    3. The Taxpayer or Spouse should enter their User ID and PassWd for the financial institution.


       
    4. Click Continue.

      You will get a confirmation saying "The following forms were successfully sent to your tax preparer." 
       
  5. Click Send More (to send additional 1099s or W-2s) or Sign Out (if you have no more documents to send).

    Note- If both Taxpayer and Spouse have documents to send, click the Send More button.

     

The downloaded data will be delivered to Lacerte where you can import it into your client's return. Once the download has processed (time will vary), your Tax Import - Financial Downloads Status column will show Ready to Import...

The Activate and Notify Clients window can also be started using the  button found in Lacerte Screen 11, Interest Income, Screen 12, Dividend Income, and Screen 17, Dispositions.

The downloaded data will be delivered to Lacerte where you can import it into your client's return. Once the download has processed (time will vary), your Tax Import - Financial Downloads Status column will show Ready to Import
 


To import the data into the client's return:

  1. Click on Ready to Import... in the Tax Import - Financial Downloads Status column.

  1. In the Tax Import window that pops up, select the forms you wish to import and click Import Selected Forms.
  2. The data will appear in the client's detail.

                                            See Related Financial Institution Download Video: 

                                                  Want to learn more? Visit our   online portal .