Can anyone help? I got error message: "This import was unsuccessful. There isn't any tax-related info to import right now..." It's TurborTax Desktop for Tax yr 2021.

[kang3535]

    It occurred yesterday (Aug. 4, '24) when I'm doing my return for Tax21.  The software works without any other issue except this error message.  

    I've confirmed with a Fidelity Representative:  tax info (e.g. data of 1099 forms) "import" function is available from Fidelity's system for at least past 7 years.   

   I also noticed even though TurboTax displays a Fidelity logo and "Enter the information below to access your available investment tax forms...", but there is no box/field letting me enter my user ID/password (so that TurboTax can access my info at Fidelity.)  
   And there's no instruction telling me to enter user ID/password anywhere else. And I did not see any obvious pop-up in my Chrome browser (witch was open at that time).  
Please help!!!   

[rjs · Accepted solution]

The Fidelity representative might have meant that you can download a PDF of your consolidated 1099 statement from your account on the Fidelity web site for 7 years. But that does not mean that you can import the past-year 1099 data into TurboTax. TurboTax does not get the data from the PDF. As far as I know, importing 1099 data into TurboTax is only available for the current tax year.

[DoninGA]

TurboTax cannot import tax forms that are not for the current tax year.  So the 2021 Form 1099-B from Fidelity cannot be imported.  You will have to manually enter the 2021 Form 1099-B.

[baballew]

This is helpful, and wish I had read it days ago after hours of frustration. It never occurred to me that only this year was available for import from fidelity.........with a hundred small sales, it makes a difference. 

[rjs]

@baballew 

You don't have to enter all the individual sales in TurboTax. You can make summary entries. Select "I'll enter a summary for each sales category." Then you enter just the total proceeds and total basis for each category. The four possible categories that you would have are:

• Box A - Short term covered
• Box B - Short term noncovered
• Box D - Long term covered
• Box E - Long term noncovered

"Covered" means basis was reported to the IRS. For sales with basis reported to the IRS (covered sales) that's all you have to do. For sales with basis not reported to the IRS (noncovered sales) you have to print a copy of the pages of your Fidelity statement that show the 1099-B details for the noncovered sales and mail it to the IRS. Since you are filing for a past year you have to file by mail, so you just attach the copy of the 1099-B pages to your tax return (at the back).

[fanfare]

@baballew 

As an active investor, be aware that your category Box A or Box D sales without adjustments do not require Form 8949, so there is no reason to import or key in those transactions.
Instead use the "enter a summary" option to put your numbers on Schedule D Line 1a or Line 8a.

If you have wash sales, it gets more complicated since those adjusted transactions have to be itemized on Form 8949 and the summary totals adjusted accordingly.

Enter the wash sales on Form 8949, then use the subtotal results on the bottom of that form (Line 2) to know how much to subtract which gives you the Schedule D line 1a totals. Be sure to NOT check the adjustments box in the summary window.

@rjs 

 "For sales with basis reported to the IRS (covered sales) that's all you have to do."

This is the case only for transactions without adjustments.

covered transactions with adjustments must be detailed.

@

[rjs]

@baballew 

I did overlook the possibility of wash sales, but you can still make summary entries. You do not have to enter each individual wash sale, and you do not have to enter the wash sales separately from the summary totals or adjust the totals. The Fidelity statement will show the total wash sale loss disallowed in column 1g on the Totals line. On the screen where you enter the total proceeds and basis, check the box that says "I need to enter amounts from box 1f, box 1g, or other adjustments." Then enter the total wash sale disallowed and the adjustment code (W for wash sale). TurboTax will make a summary entry on Form 8949 that includes all of the sales in the category. Nothing will be entered on Schedule D line 1a or 8a for this category. As stated on Schedule D, using those lines is optional. You can report everything on Form 8949. In this case,  since there are adjustments, you do have to attach a copy of the Fidelity statement to your tax return, even if basis is reported to the IRS.

NOTE: The instructions here and in my earlier reply above are for TurboTax for 2021 or 2022, since @baballew is working on a prior-year tax return. The procedure is basically the same for 2023, but the TurboTax screens have been redesigned. There are additional screens, and some of the wording is different.