turbotax not importing 1099 from etrade properly

[hybridtaxguy]

Intuit finally fixed this from an update released on 3/18, trades now import fully and successfully.

I'll never do my taxes again early with this POS software.

[SeptemberC]

Same here!!! Please fix this Intuit!  This will be the last year I purchase TurboTax if  this issue can’t be resolved.  No one wants to enter hundreds of trade types.  Likelihood of an error is NOT my idea of acceptability.

[SeptemberC]

I received an acknowledgment today!  They said try back Monday April 5, 2021 for update. 

[Anonymous]

It is NOT working for me either.

I have  3200 transactions and its just not IMPORTING from Etrade.

When trying to enter an amount in the Summary, it complains about Field Value being too large. 

[AkinaLO]

Please contact Turbotax support for assistance.

What is the TurboTax phone number?

[Anonymous]

1. What is the limit of stock transactions you can import in the CD version of TurboTax premier?
   
   I did NOT see the exact number being advertised or disclosed  else I would have considered other products.

[DD660]

I am having a similar issue but not specifically with e Trade. My data was from Morgan Stanley. I imported all my 1099 data directly into TT.
I have 5 items identified in the "Smart Check" warnings. They are all related and/or may all be connected to single problem or there are multiple foreign investments, each having their own worksheet.
I did see in another post that someone else had a pretty similar problem to me, with data from Vanguard import.
His info helped me fix these 4 errors. The 5th error was form 1116 with some data in it which needed to be deleted. I may have caused that by clicking on the Form 1116 specific box, causing the form to be included with some of the data.
In the 1099 worksheet specifically there was a box which needed the $ amount of the foreign dividends, of the total dividends reported. In mine it was empty. The Smart Check was reporting on likely 3 worksheets, for three foreign investments with the same problem. Also, there was one checkbox that needed to be checked if you preferred to have this computation and outcome put into Schedule A or Form 1116.

It appears the number I needed was in the Morgan Stanley 1099, way in the back, like on page 12 of 14 which had a very brief listing of foreign investment dividends. Like maybe 5 numbers and column details, one line.

I found the total amount of dividend received from the foreign investment. Not sure this was correct but it made sense as I researched. We are talking about some very pretty small $. I also had to make a choice if I wanted to use Schedule A or form 1116, which was also not checked and never came up as a choice in interviews, etc.

If TT is supposed to make the best choice for the user, that didn't work versus asking in the interview. TT didn’t know where to find the #, then if it was trying to make a computation and then make a decision, that didn’t happen. So, it looks like it just skipped it.

The fix to the worksheet was to create the description and input the $. I had to do this three times. As well as making a choice to have this done on Schedule A or Form 1116.

TT was happy with the re-check. No change in $ owed or refunded on Fed and state. All 5 issues were completed.

But what do I know about foreign investments and dividends, etc. I rely on TT to do that. And I recall a similar, maybe even the exact problem occurred last year.

Can someone kick this up to TT and fix this? Finally…???? Or identify if Morgan Stanley (which I doubt) is reporting inaccurately? If that was the case, then add e Trade and Vanguard to the list as well ??

Here is the detailed info:

1. Schedule B – Form 1099 DIV Worksheet.  “Foreign Tax Sch A box or Form 1116 copy should be entered.  Return to the place where this was entered to correct the entry”.  Box 7, Items a and d are highlighted and there is a empty checkbox for Foreign tax Sch A box.
2. Sched B, form 1099 – DIV Worksheet:  “Foreign source amount must be entered”.  Item a and d are highlighted and there is an empty box to input Foreign source amount.
3. Schedule B – Form 1099 DIV.  “Foreign schedule A box or Form 1116 copy should be entered.  Return to the place where this was entered to correct the entry”.  Box 7, Item a and d are highlighted and there is an empty checkbox for Foreign tax Sch A box
4. Schedule B – Form 1099-DIV. “Foreign source amount must be entered”.  Box 7, Items a and d are highlighted and there is an empty box for input, labeled Foreign source amount.
5. Form 1116 (COPY 1) – “Foreign Tax Credit Comp. Wks: Paid/Accrued must be entered”:  Radio buttons are: No Entry, Method: Paid, Method: Accrued.  Part II – Foreign Taxes Paid/Accrued, Line 8 shows highlighted check boxes labeled “Paid and another labeled Accrued and may ask for more data as there are several boxes which are empty.

[DD660]

@hybridtaxguy I am not seeing that.  Likely I had that part all done, possibly before 3/18.  I know my Investment house reports rather late, to avoid corrections and knee jerks.  Just don't remember when I imported their data in TT.  Hard to say what would or could have occurred.  The fixes may be outside of my specific issue.

DD

[user123451]

Spoke to support agent named Chizel at TurboTax today, April 24th about problems with Cost Basis transfer from eTrade.

She said they know about it, it just started happening this year and  and are working on fixing it for next year - no plan to fix it this year!  For this year either enter them all by hand from printed 1099 or do this (which she confirmed as "legal")...

"You are not required to upload or enter all of your trades. 

First make sure you completely delete anything you imported.  Then go back and select to enter trades manually.   You are only entering 1 SALE for each account.  The SALE you enter will be the total of your Proceeds and Cost Basis.   eTrade provides this information on the 1099-B Total Summary Page. "

Unbelievable!

[xz4]

I can't upload the 1099-B either. A customer service agent told me that sometimes, it just doesn't work. He suggested the Desktop version, but that doesn't seem to work either according to this thread. So I opted in for a Turbo Tax CPA to do my taxes who isn't being thorough. What a mess.

[TriGuy]

Yeah, it's importing short transactions weirdly.  Instead of importing sales proceeds as the proceeds from selling short and cost basis as the cost of covering, it is importing the net profit / loss from the position as the sales proceeds and leaving the cost basis field blank.  You can manually correct proceeds and basis on each transaction, or you can just put a "0" in the basis field and TT is able to manage it.  I'm no accountant, so I can't comment on how the IRS would feel about option 2 (reported gains are the same either way).  At least this is the specific issue I ran into.

[romelrkhan]

Turbotax premiere cloud software is having issues with basic handling of 1099-B. I imported from my trading firm successfully. But turbotax is putting checks that acquired date cannot be after sell date. But many trading instruments (eg short selling and sell put  or call options) allow acquire date to be after sell date. Turbotax software is not allowing me to proceed with this. Also, the tax year is when transaction closes, which is whatever the latest year in box 1b & 1c is (does not matter if that is year of acquire or sell). I have a transaction where sell is in 2019 (box 1c) and close is in 2020 (box 1b) and so tax year should be 2020. But it is not allowing for that.
I did not have this issue last year with Turbotax premiere. 

[Ajimmy19]

My turbo tax version is premier CD/Download. I didn’t see any “Jump To” for the button. It should be a mistake. I purchase portfolio thru Etrade and they have many transaction including 2021 consolidated forms 1099 with 2021 form 1099-Div ( this one i know how to put in 1099-div)  and then Form 1099-B total summary. Short term, long term report to 8949 part 1, part II, and unknown term - code x report to 8849 part 1 or part ii. 
The next is 2021- from 1099-b proceeds from broker and barter exchange transactions.

the next one is Detail of 2021 form 1099-DIV

and the next one is 2021 investment detail.

so my question is which one i have to reported it to turbo tax. The form and column are not same. Also turbo tax CD premier can’t import tax file. I use imac to filing this tax. Your help is appreciate!

[cityhunter007]

I am having the same issue again in 2022 (for 2021 tax).

Turbotax gives 70+ warnings for "the date acquired is earlier than the date sold" - which I manually have to force to review and click through them to close one by one.  (No group edits... it sucks)

And it also gives errors for the date sold is being in 2020 - these ones I can't force close; therefore, I can't complete my tax.

Turbotax - You need to put proper checks on these fields.  These are all valid - I checked against the paper copy to verify.  Please fix this so I can finish my tax.  I always have to wait months (close to the deadline) to finish my tax because Turbotax doesn't fix its errors fast enough.

[GeorgeM777]

@Ajimmy19   Your 1099-B is referred to as a consolidated report because it combines multiple 1099 forms—1099-INT, 1099-DIV, 1099-OID, 1099-B, and/or 1099-MISC—into a single, multi-page document. Some consolidated statements include all 5 forms, while others only include the 1099s the IRS requires for that client.

From your question, it appears you know how to enter your 1099-DIV information.  So we will focus on those transactions that likely need to be reported on Form 8949.  Form 8949 is used to report sales and exchanges of capital assets.  Form 8949 allows you and the IRS to reconcile amounts that were reported to you and the IRS on Forms 1099-B with the amounts you report on your return.

You mentioned the term "proceeds from broker and barter exchange transactions."  That section of your 1099-B will have the transactions that you need to report.  Other sections of your 1099-B will likely provide summaries which you can refer to if you need additional information.   Check to see if there is an instruction page that precedes your broker and barter exchange transactions.  If there is an instruction page, it will likely provide useful information as to what the boxes mean on your 1099-B and the boxes you need to check on Form 8949.  

Also, if you start on the first page where the broker and barter exchange transactions begin, check to see at the top of that page whether there are any instructions as to how to report the transactions on that page and succeeding pages.  Usually, the 1099-B may state at the beginning of each page in the broker and barter exchange transaction section whether the transactions are short-term or long-term and which box on Form 8949 to check, namely, for example, whether Box A should be checked or Box B, or Box D.