turbotax not importing 1099 from etrade properly

We don't have widespread reports of downloads not working with e*Trade but how many transactions do you have?

There is a limit of 1,500 transactions.  If you've got more, that could be a reason why it isn't working.

I have less than 1500.  Why would importing from an app vs their desktop app yield a difference?

 

Looking for more eyes from turbotax here.

You can import your 1099B.  Here's how:

You can securely import your 1099-B, 1099-DIV, 1099-INT, 1099-OID, or 1099-R into TurboTax, provided your broker or financial institution participates in our TurboTax Partner program.

When you get to the place in TurboTax where we ask if you received that form, answer Yes and we'll give you the option to import.

You can also jump straight to the section for your specific 1099 form. Here's how:

1. Sign in to TurboTax and open or continue your return. 
2. Search for 1099-B and select the Jump to link in the search results.
3. Follow the screens and you’ll be able to import your form.

Tip: Be sure to select the right financial institution or brokerage from the list. For example, several participating partners' names start with First National Bank and if you select the wrong First National Bank, you won't be able to import.

You can import up to 1,500 transactions from your financial institution in TurboTax Online.

Go here to see how to take a picture of your 1099-MISC in the mobile app.

 

Here is a TurboTax article about 1099-B, Proceeds from Broker transactions.

Results are the same, sales category info is missing for every trade.

@hybridtaxguy I would suggest performing an update. You can do this by following the instructions in the following TurboTax Article:  Manually Update TurboTax for Windows Software (Basic, Deluxe, Premier, Home & Business) (Updated 1 day ago)

Then I would delete the 1099 import and try re-importing. Please see the article below for instructions to delete and import:

• How do I delete a tax form in the TurboTax CD/Download software?
• How do I import my 1099?

I've deleted the form and re imported many times, same issue even after updating.  

 

Anyone from turbotax able to root cause this?

From time to time the broker's format is not compatible with TurboTax.

 

However, you can quickly enter this manually.  Your brokerage statements should include a summary of your transactions, grouped by sales category.

 

There are seven possible "Box" designations that indicate the holding period (Long/Short Term) and the reporting status.  These are the only ones you have to summarize. If you want to manually enter your 1099-B as the summaries.

 

Tell us about your 1099-B sales for this BOA account

Answer the questions

Since you have more than a few BOA sales, we recommend entering sales section totals

Continue

Before entering sales section totals, take a moment to find them on your 1099-B

Continue

Now, we'll enter one sales section total on your BOA 1099-B

Use the drop down menu to select the correct designation.

 

Code A. This code indicates a short-term transaction for which the cost or other basis is being reported to the IRS.

 

Code B. This code indicates a short-term transaction for which the cost or other basis is not being reported to the IRS.  

 

Box C. Report on a Part I with box C checked all short-term transactions for which you can't check box A or B because you didn't receive a Form 1099-B (or substitute statement). 

 

Code D. This code indicates a long-term transaction for which the cost or other basis is being reported to the IRS.

  

Code E. This code indicates a long-term transaction for which the cost or other basis is not being reported to the IRS.  

 

Box F.  Report on a Part II with box F checked all long-term transactions for which you can't check box D or E because you didn't receive a Form 1099-B (or substitute statement).

 

Code X. Use this code to report a transaction if you cannot determine whether the recipient should check box B or box E on Form 8949 because the holding period is unknown.

 

1. Open or continue your return (if it's not already open) and search inside TurboTax for the phrase stock sales.
2. Select the Jump to link in the search results.
3. Answer Yes to both Did you sell stocks, mutual funds, bonds, or other investments? and Did or will you receive a 1099-B form or brokerage statement for these sales?
4. If you land on Here are all your 1099-B sales, select Add sales from a different brokerage. Then answer Yes to Did or will you receive a 1099-B form or brokerage statement for these sales?
5. When asked how you want to enter your 1099-B, select I'll type it in myself.
6. Select or enter your brokerage on the next screen and continue.
7. On the following screen (Tell us about...), answer the questions until you reach the next screen. Select the second option, Let's enter a summary instead, and select Continue.
8. You'll now be able to enter the total proceeds (sales) and cost basis, along with the sales category. Refer to your 1099-B for the amounts and category. When finished, select Continue.
9. When you are done, you'll eventually come to the Here's a summary of your broker sales screen where you can edit, delete, or enter more sales.

 

You will have to mail a copy of your 1099-B to the IRS.  TurboTax will produce a Form 8453. You print the Form 8453 and attach the brokerage statement(s) to it. 

Disappointing Turbotax still hasn't fixed this or acknowledges the bug.

 

Turboxtax should resolve any compatibility issues with brokerages they say they support.

 

I'll try Taxact next year as Turbotax has too many bugs.

I am having the same exact problem with Turbotax via the web.  We need a resolution to this issue.

I'll be disputing Intuits software on my credit card if there's no resolution by 3/26, they advertise functionality that does not work.  I will get my money back.  Wish there was more transparency and acknowledgement of issues.  Plenty of people complaining about this issue in this forum and many others, Facebook, etc.

Just wanted to share that I have a solution provided to me from Keisha at Turbotax.  Keisha did an awesome job and walked me through the entire process.  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.  

 

Not a valid solution for people with 1200 trades.  Not sure if you even had the same issue originally reported.  Not a solution for my issue, but thanks for your comment.

From time to time the broker's format is not compatible with TurboTax.

 

If you only have a few trades you can post them manually.                                                              

Income & Expenses

1. Scroll to Stocks, Mutual Funds, Bonds, Other
2. Answer Yes to Did you sell stocks, mutual funds, bonds, or other investments in 2020?
3. On the OK, what type of investments did you sell? screen, select Stock, Bonds, Mutual Funds. Then select Continue.
4. From here, you can import or manually enter your 1099-B.
5. Answer the questions about your sales. Choose to Enter sales one by one when asked.
6. On the Now, we'll enter one sale on your 1099-B screen, enter your info.

 

However, if there are more than a few you can quickly enter this manually also. 

 

Your brokerage statements should include a summary of your transactions, grouped by sales category.

 

There are seven possible "Box" designations that indicate the holding period (Long/Short Term) and the reporting status.  These are the only ones you have to summarize. If you want to manually enter your 1099-B as the summaries.

 

1. Tell us about your 1099-B sales for this  account
2. Answer the questions
3. Since you have more than a few  sales, we recommend entering sales section totals
4. Continue
5. Before entering sales section totals, take a moment to find them on your 1099-B
6. Continue
7. Now, we'll enter one sales section total on your  1099-B
8. Use the drop down menu to select the correct designation.

 

Code A. This code indicates a short-term transaction for which the cost or other basis is being reported to the IRS.

 

Code B. This code indicates a short-term transaction for which the cost or other basis is not being reported to the IRS.  

 

Box C. Report on a Part I with box C checked all short-term transactions for which you can't check box A or B because you didn't receive a Form 1099-B (or substitute statement). 

 

Code D. This code indicates a long-term transaction for which the cost or other basis is being reported to the IRS.

  

Code E. This code indicates a long-term transaction for which the cost or other basis is not being reported to the IRS.  

 

Box F.  Report on a Part II with box F checked all long-term transactions for which you can't check box D or E because you didn't receive a Form 1099-B (or substitute statement).

 

Code X. Use this code to report a transaction if you cannot determine whether the recipient should check box B or box E on Form 8949 because the holding period is unknown.

 

1. Open or continue your return (if it's not already open) and search inside TurboTax for the phrase stock sales.
2. Select the Jump to link in the search results.
3. Answer Yes to both Did you sell stocks, mutual funds, bonds, or other investments? and Did or will you receive a 1099-B form or brokerage statement for these sales?
4. If you land on Here are all your 1099-B sales, select Add sales from a different brokerage. Then answer Yes to Did or will you receive a 1099-B form or brokerage statement for these sales?
5. When asked how you want to enter your 1099-B, select I'll type it in myself.
6. Select or enter your brokerage on the next screen and continue.

1. On the following screen (Tell us about...), answer the questions until you reach the next screen. Select the second option, Let's enter a summary instead, and select Continue.
2. You'll now be able to enter the total proceeds (sales) and cost basis, along with the sales category. Refer to your 1099-B for the amounts and category. When finished, select Continue.
3. When you are done, you'll eventually come to the Here's a summary of your broker sales screen where you can edit, delete, or enter more sales.

You will have to mail a copy of your 1099-B to the IRS.  TurboTax will produce a Form 8453. You print the Form 8453 and attach the brokerage statement(s) to it. 

When will Intuit\Turbotax acknowledge this bug?

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.

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.

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

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. 

 

 

Please contact Turbotax support for assistance.

What is the TurboTax phone number?

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.

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.

 

 

@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

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!

 

 

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.