topic Schwab does not allow Turbotax to import my CLOSED account's 1099 composite. What are my options other than manually entering the data? in Get your taxes done using TurboTax

Schwab does not allow Turbotax to import my CLOSED account's 1099 composite. What are my options other than manually entering the data?

kevinr12240 — Fri, 28 Feb 2025 22:30:29 GMT

Re: Schwab does not allow Turbotax to import my CLOSED account's 1099 composite. What are my options other than manually entering the data?

Mike9241 — Fri, 28 Feb 2025 23:11:05 GMT

for your 1099-DIV and INT, those numbers will have to be entered manually

for security transactions, you can enter summary totals in one of two ways

if there are no adjustments then you can use the 1099-B worksheet to enter just totals for sales proceeds and tax basis so short-term appears on line 1a and long-term appears on line 8a of schedule D. In this situation nothing further needs to be provided to the iRS

on the other hand, if this is not the case you can enter summary totals by type. Forms 8949 will be completed

for each type and the totals carried to Schedule D. Then you'll need to e-file your 1040. Within the time limit specified in the instructions for Form 8453 mail it and a copy of your 1099-B to the iRS (the 8949 box should be checked)

https://www.irs.gov/pub/irs-pdf/f8453.pdf

Re: Schwab does not allow Turbotax to import my CLOSED account's 1099 composite. What are my options other than manually entering the data?

kevinr12240 — Sat, 01 Mar 2025 01:20:10 GMT

YOU DO NOT HAVE TO MANUALLY ENTER THE DATA!!! There's a simple fix:

I found a March 2024 answer to a similar question and tried it: "Call Schwab, they will temporarily reactivate your closed account so Turbotax can recognize and import from it."

I just contacted Schwab today and the solution is still accurate. Schwab gives you a one-hour window where the closed account is reactivated so you can import to Turbotax. I had no problem importing the data from the "closed" account.

***Be sure you ask them specifically to reactivate the account to enable importing the data.

Re: Schwab does not allow Turbotax to import my CLOSED account's 1099 composite. What are my options other than manually entering the data?

kevinr12240 — Sat, 01 Mar 2025 01:18:23 GMT

Mike9241, I want to thank you for your helpful and thorough response. It may come in handy should I not be able to reactivate a closed account in the future. (See details in my earlier response).