Yes. TaxAct lets you import investment data from Fidelity through multiple methods, though the process depends on which type of information you need and how your accounts are set up. According to recent data, approximately 45% of individual investors use brokerage account imports in their tax software, yet many don’t know all the options available to them.
What You’ll Learn
📊 How TaxAct connects directly to Fidelity accounts to pull in investment data automatically
🔄 The specific file formats and documents Fidelity generates that TaxAct accepts for importing
📈 Step-by-step processes for importing trades, dividends, capital gains, and cost basis information
⚠️ Common mistakes that delay imports and how to fix them before they cost you money
✅ When to use each import method based on your account type and tax situation
Understanding TaxAct and Fidelity: The Core Connection
TaxAct is tax preparation software that helps you file federal and state income taxes. Fidelity is a major investment brokerage where people hold stocks, bonds, mutual funds, exchange-traded funds (ETFs), and other securities. The challenge is that tax software needs investment data from brokers to calculate your capital gains, losses, and dividend income—but getting that data into the right format takes time and accuracy.
When you invest money through Fidelity, you generate tax events. Every time you buy or sell a security, receive a dividend, or realize a gain or loss, Fidelity tracks it. At the end of the year, Fidelity creates tax documents like Forms 1099-B (for sales and exchanges) and 1099-DIV (for dividends and distributions). TaxAct needs this information to complete your tax return accurately.
How TaxAct and Fidelity Actually Connect
The connection between TaxAct and Fidelity happens through data aggregation technology. TaxAct uses third-party services that link to Fidelity’s secure servers, letting you log in through TaxAct and pull your account information automatically. This process is similar to how you might connect your bank to budgeting apps or financial planning tools.
When you authorize the connection, you’re giving TaxAct permission to read your Fidelity data without sharing your actual password with TaxAct. This is called OAuth authentication, and it keeps your account safer than typing your Fidelity password into multiple websites. The connection is encrypted, meaning the information traveling between Fidelity and TaxAct is scrambled so no one can intercept it.
The import process pulls specific tax-related data: your 1099 forms, transaction history, cost basis for securities you held, and dividend/interest payments. Not all information from your Fidelity account gets imported—only the data TaxAct needs to prepare your taxes. TaxAct’s import features let you select which accounts and what time periods you want to import.
Direct Import Method: The Easiest Way
The simplest way to get Fidelity data into TaxAct is through the direct import feature. This method requires you to connect your Fidelity account to TaxAct by authorizing the link. You don’t need to download files, upload documents, or manually type numbers—TaxAct pulls everything for you.
To use direct import, you need a TaxAct account and a Fidelity account. Log into TaxAct and look for the investment import section. Select Fidelity from the list of supported brokerages, then click to authorize the connection. TaxAct will take you to Fidelity’s login page, where you enter your Fidelity username and password.
After you log in, Fidelity shows you exactly what information TaxAct is requesting permission to access. Review this carefully—TaxAct only asks for tax-relevant data, not your ability to make trades or transfer money. Once you approve, TaxAct returns you to its platform and begins importing your data. The entire transaction happens through secure, encrypted channels.
The import usually completes within seconds to a few minutes. TaxAct shows you what it imported and asks you to verify the information looks correct. You can edit any fields if you spot errors, add missing transactions, or remove duplicates. This verification step is crucial because garbage data in means garbage results out—which could mean owing more taxes than you should or getting audited.
File Upload Method: For Accounts That Won’t Connect
Sometimes direct import doesn’t work. Maybe your Fidelity account uses special authentication, you have an older account type, or there’s a temporary technical problem. When this happens, file upload is your backup plan. Fidelity lets you download your account data in formats that TaxAct accepts, then you upload those files into TaxAct manually.
Fidelity generates several file types you can download. The most important for taxes is the account statement, which contains all your transactions for a specific period. You can also download individual 1099 forms directly from Fidelity’s website, usually in PDF format. Some Fidelity accounts let you download data in formats like Quicken format (.qfx) or comma-separated values (.csv).
To get these files, log into your Fidelity account and navigate to the documents or reports section. Select the time period you want—typically the full calendar year for taxes. Download the file in whatever format is available for your account type. Save it somewhere you can find it easily.
In TaxAct, use the import from file option in the investment section. Select the file format you downloaded, then choose your file from your computer. TaxAct reads the file and extracts the relevant tax data. Just like with direct import, review what TaxAct pulled in to make sure nothing got lost or corrupted in the transfer.
The Three Most Common Import Scenarios
Scenario 1: Single Fidelity Account, All Holdings for Tax Year
You have one Fidelity brokerage account where you bought and sold stocks throughout the year. You received dividends and some distributions from mutual funds. You want to import everything into TaxAct so you can file your taxes without manually entering each transaction.
| Your Action | What Happens in TaxAct |
|---|---|
| Authorize direct import to your Fidelity account | TaxAct connects securely and pulls all trades, dividends, and distributions for the tax year |
| Review the imported data for accuracy | TaxAct shows you every transaction and lets you verify it matches your records |
| Edit or add any missing transactions | You can manually add trades Fidelity didn’t report or fix errors in the import |
| TaxAct calculates your gains and losses | Your short-term and long-term capital gains populate automatically on the correct tax forms |
| Your tax return includes the investment income | Form 1040 and Schedule D get filled with accurate investment data |
Scenario 2: Multiple Fidelity Accounts (Brokerage, Retirement, Education)
You have three Fidelity accounts: a regular brokerage account for trading stocks, a Roth IRA for retirement savings, and a college savings account (529 plan) for your kid. You want all three accounts’ information in one tax return. The challenge is that retirement accounts and education accounts sometimes have different tax reporting rules than regular brokerage accounts.
| Your Action | What TaxAct Does |
|---|---|
| Import data from your main brokerage account | Capital gains, losses, and dividends from trades go to your tax return immediately |
| Import or manually add Roth IRA transactions | TaxAct correctly identifies that Roth earnings aren’t taxable but tracks contributions |
| Import 529 account activity | TaxAct notes education account information and flags if any non-qualified distributions apply |
| TaxAct separates tax-reportable vs. non-reportable income | Your return only includes taxable events, protecting you from over-reporting income |
| Each account appears in the right place on your forms | Brokerage gains go to Schedule D, dividends to Schedule 1, education info to separate sections |
Scenario 3: Switching from Another Tax Software to TaxAct Mid-Year
You filed your prior-year taxes with a different company but switched to TaxAct this year. Your Fidelity account data still exists and you want to bring it into TaxAct for this year’s return. However, some prior-year data matters too because you held positions that span multiple tax years, and cost basis information follows the security from year to year.
| Your Action | What Happens |
|---|---|
| Import this year’s Fidelity data into TaxAct | Current-year transactions and reported amounts come in smoothly |
| Manually add prior-year cost basis for open positions | You enter what you originally paid for securities you still hold |
| TaxAct calculates gains/losses using correct cost basis | Your return reflects accurate gains because cost basis is now in the system |
| You avoid double-reporting or missing transactions | Switching software mid-year doesn’t create gaps or duplicates |
| Your records stay consistent across software platforms | You have a complete history from Fidelity that matches TaxAct |
What Files and Formats Does Fidelity Provide?
Fidelity gives you several ways to export your data, depending on what you need and what your account type supports. Understanding these options helps you choose the right one for your situation.
1099 forms are the official tax documents Fidelity creates and sends to you and the IRS. These come as PDF files and show your dividends, interest, capital gains, and other taxable income. Fidelity makes these available online usually by late January each year. You can download them individually or request them all at once. These forms are legally required—the IRS gets copies too—so they’re the most trustworthy data source.
Account statements show every transaction in your account during a specific month or time period. Statements include trades you made, dividends received, fees charged, and account balances. You can download statements as PDF files or, on some account types, as .csv (spreadsheet) files. Statements are great for double-checking what TaxAct imported because they show the actual dates and prices of your trades.
Tax reports are custom documents Fidelity generates showing your realized gains, losses, and other tax events for a full year. These reports break down short-term gains (held less than one year) from long-term gains (held more than one year), which matters for taxes. Tax reports sometimes come in PDF, .csv, or even Quicken format (.qfx). Not all account types generate these automatically, so you may need to request one.
Quicken format (.qfx) is a standard financial file format that many financial institutions use. If your Fidelity account supports it, you can download your transactions in .qfx format and TaxAct can read this file. This format works well because it’s structured—meaning the data is organized in a specific way that software understands. TaxAct’s import engine handles .qfx files smoothly.
CSV files (comma-separated values) are spreadsheet-style exports where each row is a transaction and columns are pieces of information like date, description, and amount. CSVs are easy for humans to read and edit, but they require more work from TaxAct’s import engine to interpret. If you download a CSV, you might need to tell TaxAct which columns mean what before it can import properly.
Mistakes to Avoid When Importing from Fidelity
Mistake 1: Importing the Same Account Twice
You authorize the direct import connection, and data flows in perfectly. Later, you download a Fidelity statement and upload it too, thinking you’ll double-check the data. TaxAct now has duplicate transactions—each trade, dividend, and fee appears twice. When you calculate capital gains, they’re wildly inflated because you’re counting everything twice.
The consequence is simple but serious: your tax return shows twice the income and twice the gains you actually have. The IRS gets confused, you owe far more taxes than you should, and when you eventually file, the numbers won’t match what Fidelity reported to the IRS. This triggers an audit or a correction notice demanding payment plus penalties.
Mistake 2: Importing Data from the Wrong Tax Year
You have Fidelity data from multiple years. You’re filing your 2025 taxes but accidentally import transactions from 2024 and 2025 together. TaxAct now has 2024 data on your 2025 return. When the IRS compares your return to what Fidelity reported, the numbers are off by exactly one year’s worth of transactions. This is a red flag for audits because the mismatch is obvious and systematic.
Mistake 3: Not Verifying Imported Cost Basis
TaxAct imports your transactions, but cost basis—the price you paid for each share—is sometimes missing or wrong. Cost basis matters enormously because it determines your actual gain or loss. If cost basis is wrong, you calculate the wrong gain, and your taxes are off. You might end up overpaying by thousands of dollars or underpaying and facing penalties.
Always double-check that cost basis information came through correctly. Compare what TaxAct shows against your Fidelity statements. If TaxAct shows cost basis as zero or blank for any position, manually look it up in Fidelity and enter it before you finish your return.
Mistake 4: Ignoring Currency or International Account Issues
If you have a Fidelity account that trades international securities or foreign currencies, the import might not capture everything correctly. Foreign stocks have different reporting rules. Currency gains or losses might not import at all, or they might import in a way TaxAct doesn’t understand. The result is missing or incorrect income on your return.
Mistake 5: Not Checking for Wash Sales
A wash sale happens when you sell an investment at a loss and then buy it back within 30 days. The IRS doesn’t let you claim that loss in the year of the sale—you have to adjust it. TaxAct’s import might not automatically catch wash sales, especially if you’re doing complex trading. If you don’t identify wash sales yourself, you claim losses you’re not entitled to claim, and the IRS will disallow them later and demand the taxes you should have owed.
Mistake 6: Mixing Manual Entry with Imports
You import some Fidelity transactions but manually type in others. Now you’re not sure which transactions came from the import and which you entered by hand. Some transactions might be listed twice—once from the import and once from your manual entry—without you realizing it. The cure is to pick one method (import or manual) and stick with it, only using the other method for truly missing data.
Do’s and Don’ts for Importing Successfully
| Do’s | Why This Matters |
|---|---|
| Verify that your Fidelity account shows the “cash management” or “brokerage” designation clearly before importing | Different account types have different tax rules; importing the wrong account type can trigger errors in your return |
| Export a Fidelity account statement before you import anything into TaxAct to use as a verification document | You’ll have an independent record to compare against what TaxAct imported, making it easy to spot missing or duplicate transactions |
| Check your TaxAct import settings to confirm it’s set to grab data for the correct calendar year only | Accidentally importing data from the wrong tax year is a common error that creates huge mismatches between your return and IRS records |
| Test the direct import connection by authorizing it first and seeing what comes through before you upload any files | This tells you whether direct import will work for your account or whether you need to use the file upload method instead |
| Review TaxAct’s report showing what it imported and confirm each security name, trade date, and amount match your Fidelity records | Catching errors here prevents them from becoming permanent problems on your tax return |
| Don’ts | Why This Matters |
|---|---|
| Don’t assume direct import captured everything; always verify by comparing the TaxAct import against your Fidelity statement | Sometimes technical hiccups cause partial imports or missing transactions that TaxAct won’t flag for you automatically |
| Don’t import the same account twice through different methods (e.g., direct import plus file upload in the same tax year) | Duplicate data inflates your reported income and gains, triggering IRS scrutiny or corrections you don’t want |
| Don’t ignore warnings or error messages that TaxAct shows during import | These warnings often signal real problems—like cost basis missing or security names that TaxAct doesn’t recognize—that will cause wrong calculations if ignored |
| Don’t leave cost basis blank or zero if TaxAct can’t figure it out on its own | Cost basis is how TaxAct calculates your actual gain or loss; without it, your capital gains taxes are completely wrong |
| Don’t forget that some account types (like certain IRAs or education savings plans) have special import requirements that regular brokerage accounts don’t have | Importing a Roth IRA the same way you’d import a taxable brokerage account misclassifies your income and creates compliance problems |
Pros and Cons of Different Import Methods
| Aspect | Direct Import | File Upload |
|---|---|---|
| Speed of Setup | Takes 2–3 minutes; you authorize once and data flows immediately | Takes 10–15 minutes; you download a file, locate it on your computer, then upload |
| Ongoing Updates | If you add new trades to Fidelity after importing, you might need to re-import to catch them; some TaxAct versions auto-update | Once you upload a file, it’s a snapshot; new Fidelity transactions won’t appear unless you download and upload a new file |
| Data Completeness | Usually captures all investment income, dividends, and capital gains in one pull | Depends on which file type you download; some formats are more complete than others |
| Accuracy of Data | Fidelity’s API (the tech connection) is built specifically for tax software, so data is usually very clean | File downloads sometimes have formatting quirks that can cause TaxAct to misinterpret data |
| Troubleshooting Difficulty | If something goes wrong, you’re working with Fidelity’s tech team to debug the connection | If something goes wrong, you can open the file yourself, see what’s in it, and manually fix problems |
| Security Concerns | You’re sharing your Fidelity login with a third-party aggregator (though it’s encrypted), which some people find uncomfortable | You’re downloading a file to your computer, which is local and private, but you need to protect the file from loss or theft |
| Works for All Account Types | Doesn’t work well with some older accounts, international accounts, or special account types | More flexible; can often work with non-standard accounts by downloading whatever format Fidelity offers |
| Cost to You | Free; included with TaxAct | Free; downloads from Fidelity are always free |
Why Some Fidelity Accounts Can’t Import Directly
Not every Fidelity account can use direct import. Some accounts are too new and don’t have full tax data yet. Others are specialized types that TaxAct’s import system doesn’t recognize. Understanding why helps you know which workaround to use.
IRAs and retirement accounts sometimes fail to import directly because TaxAct needs to handle them differently than taxable accounts. A Traditional IRA has different reporting rules than a taxable brokerage account. TaxAct’s direct import system is built primarily for taxable accounts, so older or specialized retirement accounts might not connect. The workaround is to manually enter IRA transactions or use file upload if Fidelity’s file formats support it.
International or foreign currency accounts don’t import smoothly because the data format for foreign securities and currency transactions is more complex. The IRS has special forms for international income, and TaxAct’s standard import engine might not handle them. You’ll likely need to manually enter these or download specific tax reports Fidelity creates for international accounts.
Accounts held in joint names sometimes cause connection issues because the authorization process gets confused about who owns what. If two people own an account jointly, TaxAct might not know whether to connect as the primary or secondary owner. Contact Fidelity to clarify ownership before trying to import.
Super old accounts or accounts that haven’t been active in years sometimes have incomplete tax data in Fidelity’s system. If you opened an account in 1995 but never touched it until 2025, Fidelity might not have clean historical data for that account. You might be able to import recent activity but need to manually add historical cost basis.
Accounts with special permissions or restrictions (like custodial accounts for minors or accounts with power of attorney) sometimes fail to connect because the authorization is unclear. Who is allowed to access the account—the minor, the parent, or the guardian? TaxAct’s system can get confused. Use file upload or manual entry for these specialized accounts.
Step-by-Step: Direct Import Process
Step 1: Log into TaxAct and navigate to your return’s investment section. In TaxAct, find the area where you enter investment income. This is usually labeled “Investment Income” or “Stocks, Bonds & Funds.” Look for a button or link that says “Import” or “Add from Financial Institution.” Click it.
Step 2: Choose Fidelity from the list of supported brokerages. TaxAct shows you a list of banks and brokerages it can connect to. Fidelity will be there. If you use a specific Fidelity subsidiary (like Fidelity Investments or Fidelity Brokerage), make sure you pick the right one.
Step 3: Click “Connect” or “Authorize.” TaxAct takes you to a secure connection page. Your browser address bar should show you’re on Fidelity’s website (the URL starts with “fidelity.com”), not TaxAct’s site. This is correct and shows the connection is legit. If the URL stays on TaxAct’s domain, stop and don’t enter your password—something went wrong.
Step 4: Enter your Fidelity username and password. You’re now on Fidelity’s login page. Type your username and password exactly as you would to log in to Fidelity normally. If you have two-factor authentication enabled (which you should), Fidelity will send a code to your phone or email. Enter that code when prompted.
Step 5: Review what TaxAct is requesting permission to access. Fidelity shows you a permissions screen that explains what TaxAct wants to read. It should say something like “TaxAct is requesting permission to access your investment accounts and transaction history for tax preparation.” Read this carefully. TaxAct should never request permission to make trades, transfer money, or withdraw funds. If it does, something is wrong—go back and try again.
Step 6: Click “Allow” or “Authorize.” You’re confirming that you want TaxAct to pull your tax data. Once you click this, you’re sent back to TaxAct, and the connection is live.
Step 7: TaxAct shows you which accounts it found and is ready to import. You’ll see a list of your Fidelity accounts (brokerage, IRAs, etc.) and checkboxes next to each. Select which accounts you want TaxAct to import. Usually, you want to import all accounts that have taxable events, but if you have retirement accounts that shouldn’t be on your tax return, uncheck those.
Step 8: Choose the tax year and date range. TaxAct asks you which tax year you’re filing for. Select 2025 if you’re filing 2025 taxes. TaxAct usually defaults to the correct year, but double-check. You can also select a custom date range if you only want data from part of the year.
Step 9: Click “Import” and wait for the data to transfer. TaxAct connects to Fidelity’s servers, pulls your data, and displays what it found. This usually takes a few minutes. Don’t close the browser or navigate away during this step. You’ll see a progress bar or status message.
Step 10: Review the data TaxAct imported and verify accuracy. Once the import finishes, TaxAct shows you a summary of what came through: number of trades, total dividends, securities identified, and any data gaps or errors. Compare this against your Fidelity account statement to make sure it looks right. If the numbers match what you expected, you’re good. If something seems off, note it and investigate.
Step 11: Make any corrections or add missing data. If TaxAct missed a transaction or got cost basis wrong, you can manually edit entries. Click on individual transactions to correct them. Add new ones if needed. This is your chance to fix errors before they become permanent on your return.
Step 12: Save your import and move forward with your return. Once you’re satisfied with the data, save the import. TaxAct updates your return to include all the investment income and calculates your capital gains and losses automatically.
Step-by-Step: File Upload Process
Step 1: Log into your Fidelity account on Fidelity’s website. Go to www.fidelity.com and enter your username and password. You want to be on your account’s main dashboard where you can see your holdings and account summary.
Step 2: Find the Documents or Reports section. Look for a menu item labeled “Reports,” “Statements,” “Documents,” or “Downloads.” This is usually in the top navigation or in a sidebar menu. Click it to see all the documents Fidelity has generated for you.
Step 3: Locate and download your 1099 forms and/or account statements. For taxes, you want documents that show your transactions and tax events. Look for:
- 1099-B (if you sold securities during the year)
- 1099-DIV (if you received dividends)
- 1099-INT (if you earned interest)
- A full-year account statement or tax report
Select each document and download it. Fidelity will offer format options—usually PDF is always available, and sometimes CSV or Quicken format too. Save the files to a folder on your computer where you can find them later.
Step 4: Return to TaxAct and go to the investment import section. Open TaxAct, navigate to your return’s investment section, and look for “Import” or “Add from File” button. Click it.
Step 5: Select “Upload a File” or “Import from File.” TaxAct will ask whether you want to connect directly to Fidelity or upload a file you’ve downloaded. Choose the file upload option.
Step 6: Choose the file format you downloaded. TaxAct asks what format your file is in. If you downloaded a PDF, select “PDF.” If you downloaded a CSV, select “CSV.” If you downloaded a Quicken file, select “.qfx” or “Quicken Format.” Choose the format that matches the file you’re about to upload.
Step 7: Select the file from your computer. Click “Browse” or “Choose File” and navigate to wherever you saved the Fidelity document. Select it and click “Open.” The file path appears in TaxAct.
Step 8: Click “Import” and let TaxAct read the file. TaxAct opens the file, reads its contents, and extracts tax-relevant information. This usually takes a minute or two. You might see a progress bar or status messages. Don’t close the application.
Step 9: Review what TaxAct extracted from the file. TaxAct shows you what it found: trades, dividends, interest, or other transactions. Check this against your Fidelity document to make sure nothing was skipped or misinterpreted. If the information looks correct, approve the import.
Step 10: Repeat for any additional Fidelity files. If you downloaded multiple files (like a 1099-B plus a separate statement), repeat Steps 4–9 for each file. Be careful not to import the same file twice; that creates duplicate data.
Step 11: Make corrections and add missing data. Just like with direct import, review TaxAct’s data and fix any errors or gaps. Manually add transactions that didn’t come through correctly.
Step 12: Save your import. Once you’re confident in the data, save the import and TaxAct updates your return.
How Cost Basis Works in Imports
Cost basis is the price you originally paid for an investment. It’s not the current market price; it’s what you paid when you bought it. Cost basis matters enormously for taxes because your capital gain or loss is the difference between what you sold it for and your cost basis.
Here’s a simple example: You buy 100 shares of XYZ stock at $50 per share. Your cost basis is $5,000 (100 shares × $50). Two years later, you sell those 100 shares at $75 per share. You receive $7,500. Your capital gain is $2,500 ($7,500 selling price minus $5,000 cost basis). If TaxAct doesn’t know your cost basis ($5,000), it can’t calculate your gain correctly.
When you import from Fidelity, TaxAct receives your cost basis information. Most of the time, this works perfectly. But sometimes it doesn’t: Maybe Fidelity didn’t record cost basis when you originally bought the stock. Maybe you transferred shares from another brokerage, and the cost basis information didn’t transfer correctly. Maybe the security was a stock split or a dividend reinvestment, and the cost basis got complicated.
If cost basis is missing or zero in TaxAct after import, you have to look it up yourself. Check your Fidelity statements or tax reports from previous years. Call Fidelity and ask them to provide cost basis for specific securities. Use any buy confirmation emails you have. Enter the correct cost basis into TaxAct manually.
Why is this so important? Because if you claim a $2,500 gain when your real gain was $500, you’re overpaying taxes by roughly $500. If you claim a $2,500 loss when your real loss was only $500, you’re understating your loss and overpaying taxes. Either way, your return becomes inaccurate and potentially triggers an audit.
Special Rules for Specific Account Types
Different kinds of Fidelity accounts have different tax implications, and imports handle them differently.
Taxable Brokerage Accounts are regular investment accounts with no tax protections. Every gain, dividend, and interest payment is taxable in the year you receive it. Imports work smoothly here—everything TaxAct brings in goes straight onto Schedule D (for capital gains) and Schedule 1 (for dividends and interest). These are the easiest accounts to import because there are no special rules or restrictions.
Traditional IRAs and SEP IRAs are retirement accounts where contributions are often tax-deductible and growth is tax-deferred. You don’t pay tax until you withdraw money. Imports are tricky here because normally IRA activity doesn’t appear on your annual tax return—you only report it when you take distributions. However, if you took a distribution or conversion during the year, that gets reported. TaxAct’s import might not handle this automatically, so you might need to manually note IRA activity or let TaxAct know which distributions are reportable.
Roth IRAs are retirement accounts where contributions are made with after-tax money and growth is tax-free forever. Roth earnings never get reported on your annual return. Imports can cause problems here because TaxAct might try to report Roth dividends or gains as taxable income, when they’re actually not. You need to confirm that TaxAct correctly marks Roth activity as “non-taxable” during the import process.
Education Savings Plans (529 Plans) are accounts set up to pay education expenses with tax-favored growth. If you take a qualified distribution (for education costs), it’s not taxable. If you take a non-qualified distribution, the earnings are taxable and penalties apply. Imports need to flag whether distributions are qualified or non-qualified. If TaxAct doesn’t understand this during import, you might report earnings as non-taxable when they should be taxable, or vice versa.
Custodial Accounts for Minors (UTMA/UGMA) are accounts owned by children but managed by parents. A portion of the income in these accounts might be taxable to the minor, or it might be taxable to the parent under “kiddie tax” rules. Imports often don’t handle custodial account rules automatically. You need to manually tell TaxAct about the account and ensure the income is reported on the correct person’s tax return.
HSA Accounts are Health Savings Accounts that function like investment accounts. Withdrawals for qualified medical expenses are tax-free. If you invested your HSA balance in stocks or mutual funds, those investments generate gains or losses. Imports here need to be precise because HSA tax rules are strict. Wrong information creates big problems.
When Import Doesn’t Work and What to Do
Sometimes the import simply fails. You try to authorize the direct connection, and TaxAct returns an error. Or the file upload doesn’t work—TaxAct can’t read the file. Or the import starts but stops halfway. Here’s what to do.
For direct import failures, first check your internet connection. A weak connection can interrupt the authorization process. Try again. If it fails again, clear your browser cache and cookies, then try once more. Still failing? Contact TaxAct support. Tell them which Fidelity account type you’re trying to import and what error message you’re getting. They can investigate whether there’s a technical issue between their system and Fidelity.
You can also try contacting Fidelity’s customer support to confirm that your account is set up correctly and doesn’t have any security blocks preventing third-party connections. Sometimes Fidelity disables API connections for suspicious activity or unusual login attempts. If your account is flagged, Fidelity can unflag it.
For file upload failures, the most common cause is a file format mismatch. You selected “CSV” in TaxAct but uploaded a PDF. Or the file got corrupted during download. Download the file again from Fidelity. Double-check what format you’re downloading. Make sure the file size seems reasonable—if the file is only a few kilobytes when you were expecting something larger, it might be corrupted. Try uploading again.
If the file still won’t upload, try a different format. If CSV won’t work, try PDF. If Quicken format won’t work, try CSV. Different file formats sometimes trigger different code paths in TaxAct’s import engine. One format might work when another doesn’t.
If TaxAct imports the file but shows incomplete or garbled data, open the file yourself with a spreadsheet program (if it’s a CSV) or a PDF viewer (if it’s a PDF) and verify the content looks right. If the raw file has errors or is missing data, that’s a Fidelity problem—contact Fidelity and ask them to regenerate the document. If the raw file looks good but TaxAct misinterpreted it, manually fix the data in TaxAct or contact TaxAct support.
If you accidentally imported duplicate data, don’t panic. You can delete the duplicates from TaxAct. In the investment section, look for duplicate transactions and click the delete button next to them. Or, in some TaxAct versions, you can “clear” an entire import and start over. Before you clear, make sure you’re not deleting data you manually entered that you want to keep.
Comparing TaxAct Import to Other Tax Software
If you’re considering using TaxAct specifically because of its import features, it’s worth comparing it to competitors. TurboTax, H&R Block, and FreeTaxUSA all have investment import features too, but they work slightly differently.
| Tax Software | Direct Import Works with Fidelity | File Upload Supported | Cost (Basic Version) | Mobile App Available |
|---|---|---|---|---|
| TaxAct | Yes, through aggregator | Yes, CSV and PDF | $49–$70 depending on form complexity | Yes |
| TurboTax | Yes, through aggregator | Yes, Quicken and CSV | $70–$120 depending on form complexity | Yes |
| H&R Block | Yes, direct partnership with major brokers | Yes, multiple formats | $50–$100 depending on form complexity | Yes |
| FreeTaxUSA | Yes, through aggregator | Yes, CSV | Free (donations accepted) | Limited |
The main differences are in user interface, extra features, support options, and price. For imports specifically, all four let you connect to Fidelity either directly or by uploading a file. The import functionality is roughly equivalent across all of them.
What Happens After You Import
Once data is in TaxAct, the software calculates your taxes automatically. Here’s what changes on your return.
TaxAct looks at every trade you made and determines whether it’s a short-term gain or loss (held less than one year) or a long-term gain or loss (held one year or more). This distinction matters because long-term gains are usually taxed at a lower rate than ordinary income. Short-term gains are taxed as regular income.
TaxAct fills in Form 1040 and Schedule D (or Schedule 1-adjusted gross income) with your investment income. If you had significant capital gains, you might need to fill out additional forms like the “Unrecaptured Section 1250 Gains” schedule (for real estate) or the “Net Investment Income Tax” form (if your income is above certain thresholds). TaxAct handles these automatically once the import data is in place.
Your tax liability increases or decreases based on your net gain or loss. If you had $5,000 in gains and $2,000 in losses, your net gain is $3,000. That $3,000 gets added to your other income and your tax is calculated on the total. If you had $5,000 in losses and $2,000 in gains, your net loss is $3,000. That loss can reduce your ordinary income by up to $3,000 per year, and any remaining loss carries forward to future years.
TaxAct also tracks whether you owe the Net Investment Income Tax, a 3.8% additional tax on certain investment income if your modified adjusted gross income exceeds $200,000 (for single filers) or $250,000 (for married filing jointly). This only applies to high-income earners, but it’s calculated automatically once TaxAct knows your full picture.
Timelines and Important Dates
Late January: Fidelity begins issuing 1099 forms. By the end of January, your 1099-B, 1099-DIV, and 1099-INT are usually available in your Fidelity account online. The IRS gets copies too.
By February 1: Fidelity sends you physical copies of your 1099 forms in the mail. You should keep these with your tax documents.
February 1 through March 31: This is the ideal window for importing your Fidelity data into TaxAct. You have your 1099s, you’re thinking about taxes anyway, and you’re in no rush. Using this window lets you file early and potentially get your refund faster.
By April 15: Tax filing deadline for 2025 returns (unless you get an extension). If you haven’t filed by this date, you owe late penalties even if you’re getting a refund.
If you get an extension: You can extend to October 15, but you still owe any taxes due by April 15. Extensions give you more time to prepare, not more time to avoid paying.
Additional Help and Resources
If you run into specific problems during import, TaxAct’s support page has articles, videos, and a live chat option. You can also call TaxAct’s customer service during tax season.
For questions about your specific Fidelity account, Fidelity’s help center covers tax reporting, document downloads, and account-specific issues. Their phone support is available 24/7 during tax season.
The IRS website has publications about investment income and capital gains. Publication 550 covers investment income in detail, and Publication 587 covers capital gains and losses.
FAQs
Can I import a Fidelity IRA into TaxAct?
Yes, but with limits. Traditional and Roth IRAs usually don’t need to be imported unless you took a distribution or conversion—those are the only IRA events reported on your tax return. TaxAct can import the transactions, but you need to flag which parts are taxable.
Does TaxAct charge extra for importing from Fidelity?
No. Imports are included in your TaxAct subscription price. Direct imports, file uploads, and unlimited manual edits are all free.
What if Fidelity doesn’t provide cost basis information?
Then you need to research it yourself. Check Fidelity statements from the year you bought, look for buy confirmations emails, or call Fidelity directly. You cannot leave cost basis blank.
Can I import multiple Fidelity accounts at once?
Yes. Direct import lets you select multiple Fidelity accounts in one authorization. File upload requires one file at a time, but you can upload several files in sequence.
Will importing from Fidelity automatically calculate my capital gains tax?
Yes. Once imported, TaxAct automatically calculates whether each sale is a short-term or long-term gain and determines your tax liability.
What if my import shows the wrong security name or ticker symbol?
You can manually edit the security name in TaxAct. This doesn’t affect the actual gain or loss calculation, but it’s good for record-keeping clarity.
Does TaxAct import Fidelity fees and commissions?
It depends. Some Fidelity accounts have zero commissions, so there’s nothing to import. Older accounts or certain account types might have fees listed. TaxAct captures these if Fidelity reports them.
Can I use both direct import and file upload for the same account?
No. Doing this creates duplicates. Pick one method and stick with it for each Fidelity account.
What if I forgot to claim a loss from last year’s Fidelity trades?
You can file an amended return using Form 1040-X. TaxAct can help you file amended returns with the corrected investment data.
Does TaxAct handle wash sales automatically?
No. You need to identify wash sales yourself. TaxAct doesn’t automatically match sales and repurchases within 30 days, so you might need to manually adjust losses.
What happens if my Fidelity data changes after I import it?
TaxAct keeps the imported data as a snapshot. New Fidelity trades won’t appear unless you re-import. You can manually add new trades or re-import to update everything.
Can I import Fidelity data on my mobile phone?
Limited. TaxAct’s mobile app exists, but complex imports work better on the desktop version. You can access TaxAct on mobile for simple edits, but do the main import on a computer.
What if TaxAct’s import page doesn’t show Fidelity as an option?
This is rare. Make sure you’re using the most current version of TaxAct. If Fidelity truly isn’t listed, you can use file upload as a workaround.
Do I need to import if I receive a 1099-B from Fidelity?
No, but it’s faster to import. You can manually enter all trades from your 1099-B into TaxAct, but importing saves time and reduces entry errors.
How long does the direct import connection last?
It stays active until you revoke it or change your Fidelity password. If you change your Fidelity password, you might need to re-authorize the import connection.
Can TaxAct import fractional shares or dividend reinvestment shares?
Yes. TaxAct handles fractional shares, dividend reinvestments, and stock splits—all these events import and affect your cost basis correctly.
What if I had a Fidelity account that I closed during the tax year?
Import the data for the months you held the account. You’ll report gains or losses from that closed account, and you’re done with that account going forward.
Related reading
- Do Trusts Really Need to File Tax Returns? – Don’t Make This Mistake + FAQs
- Are Trust Distributions Really Taxable? – Don’t Make This Mistake + FAQs
- Can Retirement Accounts Be in a Trust? (w/Examples) + FAQs
- Can TaxAct Import from Robinhood? (w/Examples) + FAQs
- Can TaxAct Import from Schwab? (w/Examples) + FAQs
- Does Fidelity Do Retirement Planning? (w/Examples) + FAQs
- Should I Have TurboTax Do My Taxes? (w/Examples) + FAQs