Guys,
I went through this and it was painful trying to debug this. It happened for me with coinbase API, for some of you it is brokerage. My gut feeling is once it hits a certain amount of transactions it craps out.
Here is my suggestion
1) Open a new account if you do not have option to clear and start over. The customer reps don't also have ability to clear and start over for you. They confirmed it to me. Though at some point, they think it will clear itself out after filing timeline( wont be useful for you this year).
2) Forget 7000 transactions, even i was successful importing almost 5k transactions but it will not work when attempt to file, it will throw an error - unable to save your return when you attempt to efile. This is because turbotax has a limitation currently on file size. it gets really big once you upload x amount of transactions, dont ask me why.
The tax expert gave me this direction after trying all possibilities and my return recently got accepted by IRS.
So the solution depends on your case, reach out to tax expert within turbotax live.
Normally lets say you have 7000 transactions, 5000 of them have no wash sales, you can add it up and summarize it as one row. the remaining 2000 wash sales you are technically supposed to enter one by one but you can summarize it as well if your amount is too large and run into the turbotax size problem.
What i mean by that is , count the number of digits in your proceeds/costbasis/ washsale-adjustments.
If it is more than 7 digits figure, you cannot type it in anyway. Turbotax has a limitation , it wont let you enter big numbers like 9 digits. They allow only up to 7 digits.
So in an example where you have 9 digit proceeds, 9 digit cost basis , 6-7 digit wash sale, you can technically break it into fewer smaller transactions that fit in 7 digits and you don't have to worry about specifying which stock ticker it is. Something like short term or long term TD stock for description , start date of 1.1.21 , end date of 12.31.21 and type in proceeds, cost basis and wash sales in adjustments. That should allow you to consolidate all your 7k transactions in less than 50 to 100 transactions.
Don't go by my advise, talk to the tax expert from turbotax, they will help you figure it out based on your unique situation.
I was somewhat happy when i figured out coin base APi was causing the oops error. But i when managed to import almost 5k transactions from brokerage but ran into the file size problem, i realized turbotax fixed the front end of allowing you to import but forgot to fix the back end to allow for bigger file size. I tried it in online, i tried it in desktop , Online will throw error, desktop will literally crash. So no use trying to figure out how to import the 7k transactions because they still either need to fix the file size or increase the api duration to be able to handle the larger amount of transactions for filing.
Best option is ask to speak to their tax expert once you start with a new account. That will help you to file given the limited time left. If not, request for additional time by filing extension , it is free within turbotax.
Good luck.
