Import from financial institutions for older tax years

Forum|Forum|3 years ago
November 27, 2022
4 replies
15 views

I'm still completing my 2021 tax year return (past the final October deadline). When I try to import tax documents from my financial institution, I receive a message that the documents will not be available until 2023. This obviously refers to tax year 2022.

Is there a way to get the 2021 tax documents imported from financial institutions? Or can tax document pdf's from financial institutions be uploaded into turbotax?

fanfare

Level 15

As an active investor, be aware that your category Box A or Box D sales without adjustments do not require Form 8949, so there is no reason to import or key in those transactions.
Instead use the "enter a summary" option to put your numbers on Schedule D Line 1a or Line 8a.
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If you have wash sales, it gets more complicated since those adjusted transactions have to be itemized on Form 8949 and the summary totals adjusted accordingly.

Enter the wash sales on Form 8949, then use the subtotal results on the bottom of that form (Line 2) to know how much to subtract which gives you the Schedule D line 1a totals. Be sure to NOT check the adjustments box in the summary window.
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Alternatively, if entry of Wash Sales is too tedious,
summarize and check the box for adjustments and enter the disallowed amount.
This summary will go on Schedule D Line 1b.
You will be making the mail-in election.

rjs

Level 15

Importing from a financial institution is only for the current tax year. You can no longer import data for 2021, and there is no way to upload a PDF.

You didn't say what kind of income documents you want to import. If it's Form 1099-B for investment sales, and Form 8949 is required, you can make summary entries and attach a copy of the brokerage statement to your tax return. You can no longer e-file a 2021 tax return, so you have to file by mail in any case.

If you have wash sales, and the adjustments are shown on the brokerage statement, you do not have to enter them separately or calculate the adjustments yourself.