You'll need to sign in or create an account to connect with an expert.
You may be able to import directly in product by logging in to your BoA/Merril Lynch account.
If not- you can manually enter your 1099 form- do you have the paper copy or can you access it directly from the BoA/Merril Lynch Website?
I can't access my tranactions from BOA / Merrill Lynch account. BOA ID and pw seem to work, but then when I enter Code, it does not work.
It depends. Having a password for the app to connect to TurboTax often resolves the import issue.
If your code is not working, click this article: My code doesn't work.
For more details, see:
Does my device meet system requirements?
If your institution has a discount, click the link for more information.
How do I get my TurboTax affiliate partner discount
@dana-craig1
dana-craig1,
I certainly hope the tax expert's reply gets you through the hurdle for I certainly feel your pain.
You may not be aware, but the IRS allows and even encourages reporting the bottom line totals of the various stock and bond sections of a 1099-B. This is allowed according to IRS Instructions for Form 8949 (https://www.irs.gov/pub/irs-pdf/i8949.pdf) when:
" Exception 1. Form 8949 isn't required for certain transactions. You may be able to aggregate those transactions and report them directly on either line 1a (for short-term transactions) or line 8a (for
long-term transactions) of Schedule D. This option applies only to transactions (other than sales of collectibles) for which:
• You received a Form 1099-B (or substitute statement) that shows basis was reported to the IRS and doesn't show any adjustments in box 1f or 1g;
• The Ordinary box in box 2 isn’t checked;
• You don't need to make any adjustments to the basis or type of gain or (loss) reported on Form 1099-B (or
substitute statement), or to your gain or (loss); and
• You aren’t electing to defer income due to an investment in a QOF and aren’t terminating deferral from an investment in a QOF.
If you choose to report these transactions directly on Schedule D, you don't need to include them on Form 8949 and don't need to attach a statement. For more information, see the Schedule D instructions."
We did this frequently last year when assisting taxpayers through the free IRS Volunteer Income Tax Assistance (VITA) program.
In my case this year I got a 185 page 1099 from my bank/broker managed account and it wasn't an option to import or summarize on Schedule D. I worked around it by downloading the PDF 1099 and using copy-paste into an Excel spreadsheet so that I could add up all the little dividend reinvestment purchases and report them with a purchase date of VARIOUS and the appropriate holding period and basis report.
Good luck!
Thank you for your suggestions!
Thank you.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
andersmichaela1
New Member
seanvector7
New Member
Nchristy
New Member
nellisned
New Member
Brunnehilde
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.