Importing from Charles Schwab - Does it account from Commissions on trades, margin interest

[akhileshv]

I want to import the Charles Schwab , 1099 Composite into TurboTax premier and wanted to know would the software import the commissions on trades, margin interest as well or that has to be done manually? Any advise is appreciated.

[RayW7]

Yes, your 1099 Composite will include all summary sheets as well as individual transactions, commission and interest .

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:

1. Sign in to TurboTax and open or continue your return. 
2. Search for 1099-B and select the Jump to link in the search results.
3. Follow the screens and you’ll be able to import your form.

Tip: Be sure to select the right financial institution or brokerage from the list. 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.

You can import up to 1,500 transactions from your financial institution in TurboTax Online.

Go here to see how to take a picture of your 1099-MISC in the mobile app.

-follow this link for more information on 1099-B-

What is Form 1099-B: Proceeds from Broker ... - TurboTax

[akhileshv]

Thanks for the quick reply.

My specific question is, yes I agree that all the 1099 forms can be imported from the financial institution, but would the TurboTax Premier software account for the Commissions, margin interest when calculating the cost basis for the Stock sale/ Equity sale profit/income calculation? or we will have to do that manually.

[akhileshv]

Any thoughts on this 2nd questions?  A reply is appreciated

[RayW7]

Yes, all versions of TurboTax can import 1099 data from your financial institution...

Note, however, that investments such as stocks or bonds are reported on 1099-B. You need TurboTax Premier or higher to complete the forms related to investments."

[JoeJackBlow]

Well, it does not work. Cannot download Schwab tax forms into

TurboTax Software (Home Business' fully updated) does not provide screen to get credentials from Schwab.

My Schwab third party permission switch is turned on and ready for data transmission.

In my case, manually entering data not an option due to the volume of data.

I must file extension with IRS due to bug in TurboTax software.

Getting hold of any one with little knowledge to provide guidance is impossible.

 I have tried the phone number to end up with some person with no information or lack

Will to help because it's not a tax problem. I even got hang up once by an agent .

I am at the end of my rope with these people and lack of customer and technical support

I paid lots of money for this package.

[GeorgeM777]

In TurboTax Home & Business, these are the screens you should see to begin the process of importing your 1099-B from Schwab.  Let us know if you see these screens.

@JoeJackBlow

[JoeJackBlow]

Thanks for data but theses are trivial steps to a  bigger problem.  If georgeM77 would have spend more time and gone to the Schwab screen and try to download he would have seen the problem.

I have been chasing this problem for at least three months without any results. That's including talking to an incompetent customer  support today for about 2 hours without any result ions.  I am still in the place I was three months ago.

However, I did verify with couple of friends whom also have H&B installed from CD that problem indeed is a bug in software.  They see the same incomplete screen when it comes to data downloading from Schwab in Home and Business TurboTax (CD version) .

Whom should I contact next, how do I contact a developer and when it will be fixed these are phantoms that I am chasing.

I have forced by Intuit and their incompetent customer support team  to file extension on my taxes.

[GeorgeM777]

Given that it appears your CD is defective, contact TurboTax Live support again and request that they "push" out to you the TurboTax download version.  You can reference this post when speaking with Live support.  

@JoeJackBlow

[JoeJackBlow]

Thanks GeorgeM777 for another empty advise. My CD is not defective. I have verified this bug with three other 

people whom have the same CD.

I wish someone with a little more knowledge and understanding would contact me.

[JoeJackBlow]

Well, I received an email today from " <[email address removed]> account. The email included 

 download link to a one line version of (H & B) . This is the software I already have. They also included a new software key. Apparently someone in customer service thought if I replace my software with the same software it make it  batter and all going to  be good.

To give them the benefit of doubt , I did that, I removed my software and installed the one they gave me. 

GUESS what SAME PROBLE EXIST. if you replace the software package with the identical one  its NOT going to fix the problem.

This is so typical of Intuit customer support group. if you want to know my problem contact me not with

no-reply mailbox. Open the line of communication to solve the problem.

I am sure they are so proud of themselves by sending me a free duplicate of the same none working thing I have.

Inuit customer support YOU ARE THE WORST

These people are the worst customer service ever. They have no idea how to deal with real problems

[wshi8888]

When I tried to download Form 1099-B from Charles Schwab, after select the broker, I click on "Get my form" button on "Let's import your tax info" window, a new window pops up.

The title of the window is: Bank Login

But the form is total blank, there is no UI element on the window, just a complete blank screen.

I do have "3rd party access" enabled in my Charles Schwab account.

This is a software problem. I'm using Home and Business 2021 version, with the latest software upgrade downloaded.

Any suggestion?

[Mike9241]

that's not what's supposed to appear after clicking on "get my form" the Charles Schwab logo is supposed to appear at the upper left along with boxes to enter your user id and password. I would close the Schwab windows and try again. this may be just a temporary glitch because it works on desktop deluxe. if it fails again then it's likely what you think it is  - a software glitch. 

[wshi8888]

Thank you for reply.

I tried it over 2 day span, even restarted windows computer.

But still getting blank screen.

[Mike9241]

if all updates have been applied then it's likely a software glitch because I just tried multiple times with Desktop Deluxe and was successful every time.  if you have imported from other sources successfully then is almost certainly a programming glitch. you could always try a uninstall/reinstall but that won't help if there's a bug in the program. i recommend contacting support  

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