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.
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:
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-
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.
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."
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.
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.
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.
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.
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.
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.
Apparentlysomeone in customer service thought if I replace my software with the same
softwareit 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
supportgroup. if you want to know my problem contact me not with
no-reply mailbox. Open the line of
communicationto 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
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?
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.
Thank you for reply.
I tried it over 2 day span, even restarted windows computer.
But still getting blank screen.
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
5am-5pm Pacific Time (8-8 Eastern) Monday - Friday
https://support.turbotax.intuit.com/contact
800-446-8848
I imported 1099 from E*Trade without any problem.
Thanks for the suggestion. Not sure why it's different for Home and Business version vs. Deluxe version.
@wshi8888 wrote:I imported 1099 from E*Trade without any problem.
Thanks for the suggestion. Not sure why it's different for Home and Business version vs. Deluxe version.
Sometimes a quirky blank popup window in TurboTax can be caused by the Windows scaling setting or screen resolution. It may turn out to be a wild goose chase, but it's at least something quick and easy to check to rule it out as a cause.
Click the Windows start button in lower left corner, then choose Settings (gear icon), then System, then Display. Or for a shortcut, you may be able to simply right-click on an empty area of the main Windows desktop monitor screen (not the TurboTax program screen) and in the popup menu choose "Display settings".
***NOTE: After you change the scaling or resolution setting as discussed below, you may need to close and relaunch TurboTax for the change to take place in that popup window.
First try the scaling setting. In your Windows Settings do you have scale set to a higher value than the normal 100%? If so, change it back to 100%. See if that allows the Schwab log-in form to appear in the next popup after you click "Get Form".
If lowering the scaling to 100% didn't help, then it may be screen resolution. Keep the scaling at 100%, and try a lower screen resolution such as 800x600. If that doesn't work, then try 1024x768. If still not working, then gradually increase the screen resolution to the next level. If that's successful (or if it doesn't work,) you can later revert your resolution setting back like it was.