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Level 2
posted Mar 23, 2022 8:39:38 AM

Import feature of 1099 not working, so how do I enter broker 1099 with DIV, MISC, B, INT, and OID properly?

I have LPL Financial and their import feature has been under maintenance for 3 weeks now.  I am not waiting any longer and want to enter the 1099 information manually.  I am very nervous given some of the complexities in my accounts, where there is a 1099-DIV, 1099-MISC, 1099-B, 1099-INT and 1099-OID information on a single account.  Any guidance or nuances from the experts to ensure I enter the proper information fully?  

 

Best practices or special tips are desired as well.

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1 Best answer
Expert Alumni
Mar 23, 2022 9:20:03 AM

All of the items you listed can be entered manually into TurboTax.  Moreover, all of the items you list begin on the Income & Expense page of TurboTax.  The steps to follow for each are as follows:

 

For 1099-DIV and 1099-INT:

  1. Scroll down the page to Interest and Dividends
  2. Click on the drop-down arrow to reveal all the options in this category
  3. Select Interest or Dividends as appropriate

For 1099-B:

  1. Scroll down the page to Investment Income
  2. Click on the drop-down arrow to reveal all options if necessary
  3. Click on Start across from Stock, Cryptocurrency, Mutual Funds....etc
  4. Enter your information on the pages that follow.

Regarding the 1099-Misc, what does that relate to?  We need to know the character of this type of income in order to determine where to include it in TurboTax.  

 

Regarding OID, an original issue discount is the discount in price from a bond's face value at the time a bond or other debt instrument is first issued.  The IRS defines OID as the excess of an obligation's stated redemption price at maturity over its issue price (acquisition price for a stripped bond or coupon). In the case of a taxable obligation, a discount of less than 1/4 of 1% of the stated redemption price at maturity, multiplied by the number of full years from the date of issue to maturity, is considered to be zero.

 

To enter the 1099-OID:

  1. In the search bar (upper left side of the screen) enter 1099-oid original issue discount
  2. Click on the jump to link
  3. On the Miscellaneous Investment Income screen, select the first box for Form 1099-OID
  4. Select Continue
  5. Answer Yes on the next screen and continue to enter your information. 

@SM401

1 Replies
Expert Alumni
Mar 23, 2022 9:20:03 AM

All of the items you listed can be entered manually into TurboTax.  Moreover, all of the items you list begin on the Income & Expense page of TurboTax.  The steps to follow for each are as follows:

 

For 1099-DIV and 1099-INT:

  1. Scroll down the page to Interest and Dividends
  2. Click on the drop-down arrow to reveal all the options in this category
  3. Select Interest or Dividends as appropriate

For 1099-B:

  1. Scroll down the page to Investment Income
  2. Click on the drop-down arrow to reveal all options if necessary
  3. Click on Start across from Stock, Cryptocurrency, Mutual Funds....etc
  4. Enter your information on the pages that follow.

Regarding the 1099-Misc, what does that relate to?  We need to know the character of this type of income in order to determine where to include it in TurboTax.  

 

Regarding OID, an original issue discount is the discount in price from a bond's face value at the time a bond or other debt instrument is first issued.  The IRS defines OID as the excess of an obligation's stated redemption price at maturity over its issue price (acquisition price for a stripped bond or coupon). In the case of a taxable obligation, a discount of less than 1/4 of 1% of the stated redemption price at maturity, multiplied by the number of full years from the date of issue to maturity, is considered to be zero.

 

To enter the 1099-OID:

  1. In the search bar (upper left side of the screen) enter 1099-oid original issue discount
  2. Click on the jump to link
  3. On the Miscellaneous Investment Income screen, select the first box for Form 1099-OID
  4. Select Continue
  5. Answer Yes on the next screen and continue to enter your information. 

@SM401