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Downloaded 8949 & 1099B totally incorrect

I have dowloaded Interactive broker to my Turbo Tax.  At IB the information is correct but after transfer into  TT is totally incorrect. I understand some cost basis needs to be added but proceeds and costs are in the millions vs in 100 thousands. Removed and downloaded twice do I go to mannual entry?

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3 Replies
MelindaS1
Employee Tax Expert

Downloaded 8949 & 1099B totally incorrect

If the import process is not recognizing the digit notation of your 1099-B, you can manually enter the form - follow the below instructions for your product type. 

 

Manually enter your 1099-B in TurboTax Online by following these navigational steps:

  1. Tax Home
  2. Federal
  3. Income
  4. Investment and savings
  5. Select Start next to Stocks, Cryptocurrency, Mutual Funds, Bonds, Other
  6. Select (+) Add investments
  7. Select Enter a different way
  8. Select Type it in myself
  9. Select Stocks, Bonds, Mutual Funds, select Continue
  10. Proceed through the question screens to enter all your 1099-B info.

Manually enter your 1099-B in TurboTax Desktop by following these navigational steps:

  1. Federal
  2. Wages & Income
  3. Select I'll choose what I work on
  4. Investment Income
  5. Select Start next to Stocks, Cryptocurrency, Mutual Funds, Bonds, Other
  6. Select (+) Add investments
  7. Select Skip Import
  8. Select Stocks, Bonds, Mutual Funds, select Continue
  9. Proceed through the question screens to enter all your 1099-B info.
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Downloaded 8949 & 1099B totally incorrect

Unfortunately I have mentioned 8949 as a day trader this means hours of work. If only I can download a expanded TT 8949 to compare with the IB download.

 

Also it takes different tries to get to the actual program due to turbo tax not working and stuck on Updater.

 

I have worked for many years with TT and this is the buggiest yet.

Downloaded 8949 & 1099B totally incorrect

Unfortunately no one reads the questions , answers are always simplistic as if going to manual entry is the answer. My 8949 is 4 pages am I to spent hours trying to fix the problem. Now on another account cannot dowload InterActive brokers even though all is correct query token and connection is established , after using TT for so many years I cannot belive your instructions is to enter manually again. This is your problem own up to it.

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