Author Topic: Which tax prep software best handles Lending Club and related Folio sales?  (Read 2180 times)

alexgodden

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I've used TaxAct before, but now it has gone up to $60 there is a less of difference between it and TurboTax, who I understand will import Lending Club 1099-B electronically. As well as a bunch of Lending Club notes with their ongoing payments etc, I also need to report selling Lending Club notes through Folio for the first time, which is a lot more transactions.

Can anyone give me their experience to compare? I managed to eventually import my 1099-Bs from Capital One, Lending Club and Schwab to TaxAct last year using CSV, but it required a bit of tweaking, and I didn't have any folio sales then. I used TubroTax back in 2012 and 2013 and they seemed to have a lot more connections with the big brokers to directly import data from your account.

I've looked at the free Credit Karma service but it wants all investments entered line-by-line, and I'm willing to pay to avoid that (my Lending Club alone is over 600 lines, and quite aside from the time required the possibly for error doing it manually is just too high).

Superorb

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Did you ever figure this out? I have LC and I use TaxAct but I con't figure out how to import into TaxAct.

sisto

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I used Turbo Tax for mine. It imported everything fine.

Superorb

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I used Turbo Tax for mine. It imported everything fine.

Yeah I noticed TT will import, LC has a message on their main account screen.

I just used TaxAct's import 1099-B form and was good to go. Luckily TA can log in to Betterment and grab everything needed too.

 

Wow, a phone plan for fifteen bucks!