importing interactive brokers IRA into Turbo Tax 2021

[rbmatt1]

I have six accounts with IBKR, 2 taxable and 4 IRA. Do I use the Token and Query ID to import all six into Turbo Tax 2021? When I do, it seems like Turbo Tax is adding the capital gains on my IRA to my taxable income. Should I leave out the Token and Query ID from the IRA accounts and just add the 1099-R manually from the accounts that took distributions?

[AmyC]

Correct! You certainly don't want your IRA gains on your tax return. While importing is nice, accuracy is critical. Typing them by hand appears to be your best option. You can try clearing you cache and cookies before importing again. That may help.

[rbmatt1]

I'm using the Turbotax desktop not turbotax online so I don't think cookies and cache would affect it would it?

Hand typing really isn't an option as there are in some cases hundreds of transactions.

I guess to get back to my main point, should I only import my two taxable accounts, and not import my IRAs? what information from my IRAs do I need to put in to my taxes to make sure I am compliant?

[DawnC]

For your IRAs, you only need to report contributions and distributions.   Any distribution is reported on Form 1099-R.   You gains and losses need not be reported on your tax return.  

To enter IRA deductible contributions

To enter IRA distributions

For your investment account, you only need the 1099-B forms and data.   If there are too many transactions to type in manually or you can't import the data, filing a summary may be an option for the investment (1099-B) transactions.   How do I enter a large number of stock transactions in TurboTax Online?