topic Received corrected 1099 from brokerage, TurboTax still imports old data. How to fix this? in Get your taxes done using TurboTax

Received corrected 1099 from brokerage, TurboTax still imports old data. How to fix this?

smartfly1 — Tue, 23 Mar 2021 02:12:05 GMT

Hi,

I have got Amended 1099 document from my Robinhood brokerage today (the original one had errors/missing transactions). When I try to import the data after deleting the old one like you described, I still see the old data being imported. How to import the new data?

The new 1099 has the same account number and Document ID, not sure if this is causing the issue but the new document clearly shows "Statement Date: 03/22/2021 AMENDED".

Any help is appreciated.

TIA!

Re: Received corrected 1099 from brokerage, TurboTax still imports old data. How to fix this?

DavidD66 — Tue, 23 Mar 2021 02:34:53 GMT

If the corrected 1099 is not importing, and instead the original is importing, that would be a RobinHood issue. TurboTax can only import what is made available. I would give it a couple of days and try again. If you still don't get the corrected 1099, you can either make manual changes, or enter the information manually. If you have too many transactions to enter, you can enter category summary totals.

It will require you to either upload to TurboTax a copy of your Form 1099-B, or mail it, with Form 8453, (which TurboTax will generate). To do this in TurboTax Online:

Click on Search and type in "Form 1099-B"

Click on "Jump to 1099b"
Answer Yes to "Did or will you receive a 1099-B form or brokerage statement for these sales? "
Click on "I'll type it in myself"
Answer the questions about employee stock, etc.
Click on "Let's enter a summary" button and click Continue
Enter your Investment Sale information and repeat until you have entered for each category.

After entering all your category summaries, Look for "To finish reporting these sales, follow the mailing instructions" and click on the link for these instructions:

Mailing Instructions

Take a moment to double-check that your statements are complete. For each sale listed, there should be:

- A Description

- Date Acquired

- Date Sold

- Sales Price

- Cost Basis

- Gain or loss for each sale

- A sale category based on how the sale was reported to you and the IRS

In some uncommon cases, there will be an adjustment code and adjustment amount.

NOTE: Any sales summaries that include only Box A or Box D sales, and which have no adjustments to gain/loss, do not need to be included on a statement mailed to the IRS.

Here's how to mail your statements:

If you are e-filing your tax return, then mail your statements along with Form 8453 to:

Internal Revenue Service

Attn: Shipping and Receiving, 0254

Receipt and Control Branch

Austin, TX 73344-0254

If you are not e-filing, then mail your statements with your entire tax return to your local IRS office.

* The questions you are asked by the program may vary depending upon what, if anything, you may have already entered related to investment sales.

Re: Received corrected 1099 from brokerage, TurboTax still imports old data. How to fix this?

smartfly1 — Thu, 25 Mar 2021 00:56:19 GMT

Thank you for the quick response on this one. Like you said, I tried to pull the data today and the updated data was obtained by TurboTax. In the corrected 1099 document, there were just two new data entries.

Alternately, I wish TurboTax software had a way to add additional transactions/data entries into the imported data, it currently provides way to edit the imported entries but does not allow to add new entries. Atleast this is what I figured out as I was not able to add additional entries into the imported 1099 data.

Tanks a lot for the help.

Re: Received corrected 1099 from brokerage, TurboTax still imports old data. How to fix this?

cdaa — Tue, 12 Mar 2024 21:21:44 GMT

My problem is that both are importing, or one of the originals was not cleared.

Re: Received corrected 1099 from brokerage, TurboTax still imports old data. How to fix this?

MarilynG1 — Wed, 13 Mar 2024 22:14:25 GMT

If you using TurboTax Desktop, from the FILE menu, choose Remove Imported Data.

In TurboTax Online, go to the item in the Wages & Income section you need to edit/delete.

Here's more info on How to Update or Delete Imported Data.

@cdaa