Schwab 1099-Composite

Forum|Forum|4 years ago
November 8, 2021
1 reply
11 views

Good morning Community.

About 11 months ago I engaged this community about the Charles Schwab 1099-Composite and received tremendous support. In fact, the support I received allowed filing my 2020 brokerage account distributions (Dividends, Interest and Capital Gain distributions) very easy. Therefore I'd like to try again in preparation for filing my 2021 return in about 4 months.

Specifically, in the same Schwab brokerage account we sold some mutual funds in 2021. Of course they generated a Capital gain which will have to be reported. When I import the 2021 Schwab 1099-Composite I understand it will contain the necessary 1099-B information.

How does that "sell" information get entered into TT? In other words, when I tell TT that we "sold a mutual fund" what will happen? Obviously this is a first time for me so I'd appreciate the TT community lending thoughts and/or experience. Thank you.

fanfare

Level 15

"when I tell TT that we "sold a mutual fund" what will happen? "

This step is unnecessary.

The 1099-B has the needed information already on it.

artgAuthor

Level 4

fanfare:

Thank you but may I ask you to elaborate on your answer please?

I agree that the 1099-B will contain the needed information. My question is how do I input that information from the imported 1099-Composite? I'd prefer not to "type it myself" but instead import the information directly from the imported 1099-Composite. I'm sorry I'm not articulating my question properly.

Critter-3

Level 15

When you get to the int, div & stock sale sections of the program the option to import the information will be available ... simply import the information and the program will do the work for you.

How do I import my 1099?

You can securely import your 1099-B, 1099-DIV, 1099-INT, 1099-OID, or 1099-R into TurboTax, provided your broker or financial institution participates in our TurboTax Partner program.

When you get to the place in TurboTax where we ask if you received that form, answer Yes and we'll give you the option to import.

You can also jump straight to the section for your specific 1099 form. Here's how:

With your return open, search for the form – For example, search for “1099-B”.
Click the Jump to link in the search results.
Now follow the screens and you’ll be able to import your form.

Tip: When selecting your financial institution or brokerage from the list, be sure to select the right one. For example, several participating partners' names start with First National Bank and if you select the "wrong" First National Bank, you won't be able to import.