Does TT Online import 1099B forms?

[mellynlee]

I am using TT Online, and when i import my forms from my Charles Schwab account, it imports my 1099-DIV and 1099-INT forms, but NOT my 1099-B! Is there a way to import this form so I don't have to manually enter in every trade?

[JamesG1 · Accepted solution]

There may be two options available to you.  

Does Charles Schwab generate a .csv file of your 1099-B information?  It may be possible to upload a .csv file by following these steps: 

• Go to Federal / Wages & Income / Your income / Investments and Savings.
• Click Start / Revisit to the right of Stocks, Cryptocurrency, Mutual Funds, Bonds, Other.
• Click Add investments.
• At the screen Get ready to be impressed, click Continue.
• At the screen Let’s import your tax info, click Enter a different way.
• At the screen OK, let’s start with one investment type, select Cryptocurrency.  Click Continue.
• At the screen Select your crypto experience, select Upload.  Click Continue.
• At the screen What’s the name of the crypto service, select Other (Gain/Loss) and enter the name of the service.
• Click Continue.
• At the screen Go ahead and upload your crypto CSV file, upload the file.

The second option is that you may elect to report summary information.  

Your brokerage statements should include a summary of your transactions, grouped by sales category, for example, Box A short-term covered or Box D long-term covered. 

You will enter the summary info instead of each individual transaction.  Follow these steps.       

1. Open or continue your return.
2. Select Federal down the left side of the screen.
3. Select Wages & Income down the left side of the screen.
4. Select Show more to the right of Investments and Savings.
5. Select Start / Revisit to the right of Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B).
6. Answer Yes to Did you sell stocks, mutual funds, bonds, or other investments in 2021?
   • If you land on Your investments and savings, select Add investments.
7. At the screen Get ready to be impressed, select Continue.
8. On the Let's import your tax info screen, select Enter a different way.
9. On the OK, let's start with one investment type screen, select Stocks, Bonds, Mutual Funds, then Continue.
10. At the screen Which bank or brokerage, enter the information.
11. Do these sales include any employee stock, enter No.
12. Do you have more than three sales, enter Yes.
13. Do these sales include any other types of investments, enter No.
14. Did you buy every investment listed, enter Yes.  Continue.
15. On the screen Now, choose how to enter your sales, select Sales section totals.  Select Continue.
16. At the screen Look for your sales on your 1099-B, select Continue.
17. You will now be able to enter the total proceeds (sales) and cost basis, along with the sales category. Refer to your IRS form 1099-B, IRS form 8949 and / or Schedule D Capital Gains and Losses for the amounts and category. When finished, select Continue
18. You can add additional sales totals by selecting the Add another sales total on the Review your sales section totals screen.
19. When completed, close the record and click Continue.
20.  At the screen Now, we'll help you upload your 1099-B since the IRS requires a copy, browse and select your document.  Select Continue.
21. When you upload your document, your filing instructions will not show that anything needs to be mailed in, and no IRS form 8453 will be generated.

@mellynlee 

[mellynlee]

Thank you for your reply.

Regarding the second option of entering the total sales instead of each individual transaction:

TT states in bold at the top:

We strongly suggest entering sales one by one

Should I just ignore that, and enter the sales totals anyway?

Thanks!

[SharonD007]

Yes, you can enter just the summaries as @JamesG1 recommended above.  The summaries will appear on Form 8949 and the IRS will have a copy of each transaction as the last instruction is to upload your Form 1099-B.

For more information please refer to the IRS Instructions for Form 8949 (2022) Sales and Other Dispositions of Capital Assets (Exception 1) and the TurboTax help article How do I enter a large number of stock transactions in TurboTax?