1099 Composite from C. Schwab

Forum|Forum|6 years ago
March 26, 2020
1 reply
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I have a 1099 Composite from my Broker -C. Schwab. I tried entering/downloading it using the 1099 Misc command in Turbo Tax Premier, and it does not work. How do I do that?

JohnB5677

Level 15

It sounds like you have a 1099-B that you want to import, not a 1099-MISC.

To correct the cost basis on stocks from a 1099-B

Start at Investment income
Select Stocks, Mutual Funds ....
YES You got or will get a 1099-B
Select Import my bank or brokerage
Follow the instructions

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imalemon2Author

Level 2

YES! your answer solved my problem. I was able to download my Schwab Portfolio transactions using the 1099-B. I have no Idea why Schwab uses the title "Composite 1099" which does not match up to Intuit/Turbo Tax forms. I have already had my taxes done by a CPA, and that cost me $1400.00, instead of the $fee for turbo tax. A pricey cost of doing my taxes this year.

My complaint is I called Turbo Tax Support three times, and always got someone with a bad accent, from Bangledish or somewhere, who could not understand me and I could not understand them! NEXT YEAR, I PLAN TO USE MY CPA TO PREPARE MY TAX'S. Good Bye Turbo tax.