Importing from Charles Schwab - Does it account fr...
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akhileshv
Level 1

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

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.

4 Replies
RayW7
Employee Tax Expert

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

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
Level 1

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

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
Level 1

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

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

RayW7
Employee Tax Expert

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

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."

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