Enter details from Schwab into TurboTax (Form 1099-DIV, Form 1099-INT, Form 1099-B)

[uschles]

Hi all,

I received 1099 forms from Schwab - it's a 52 page PDF called Form 1099 Composite & year-end summary. I'm not completely sure how to enter the details I see there

The PDF includes Form 1099-DIV, Form 1099-INT and Form 1099-B and a lot more all.
I closed my Schwab account at some point last year after horrendous performance and great losses.

Form 1099-DIV (boxes 1a and 1b) both include positive numbers.
Form 1099-INT (Box 1) also includes a positive number.
Form 1099-B doesn't include any 'Box 1' so not sure what to pick and enter in TurboTax.

Overall, I'm surprised both Form 1099-DIV and Form 1099-INT seem to show profit when I lost a great amount of money through this account. This seems to be reflected throughout this PDF but I don't see any forms where this is reported. Am I missing something? Shouldn't losses be included as well?

I would be very grateful to anyone who can help me:

[fanfare]

schwab is a financial partner with TurboTax.

Use the "IMPORT from financial institution" function and it will suck it all in to your tax return.

@uschles 

[uschles]

Unfortunately, because I closed my account, it doesn't allow me to do this. I've called them before (to get the 1099 forms!) and they were able to open this for a few hours on a week-day. I'll try again on Monday.

[fanfare]

since you are clueless of the impact of your investment activity on your tax return,

you need to get educated.

Your 54 pages of 1099-B are categorized into BOXES A through F.
your first step is to determine which Boxes you have to report.
each box is subtotaled and the grand totals go on Schedule D.

As a new active investor, it is probably all Box A.

If you are not excused by the detail reporting exception (below),
IRS requires details of your SELL transactions to be supplied on some Form 8949,
or on your other forms (e.g. consolidated 1099-B or spreadsheet) which have the same information and in the same manner as Form 8949.

Detail Reporting Exception: if you summarize Category A or Category D, Form 8949 is not needed for transactions without adjustments. No mailing is necessary. No attachment is necessary.

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.

[uschles]

Thanks for the response.

• On the '8949 code' column I have As and Ds.
• On the 'Short-Term gain loss Long-term gain or loss Ordinary' column (column 2) I have short-term and long-term.
• On the 'Accrued market discount' (column 1f) I have all 0s.
• On the 'Wash sale loss disallowed' column (1g) I have mostly 0s, but three actual values (small ones though).

My understanding is that I can summarize the 'Proceeds' column (1d ) and the 'Costs or other basis' column (1e) and simply enter them. I'm really unsure whether the above values should change the - the guidelines in the software seem to be both confusing and incomplete.

Is this correct?

Thanks again!

[fanfare]

Spoiler

Spoiler

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.

Manually 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.


@uschles 



If all your wash sale details are shown on your e-Filed tax return, again, no mailing is necessary.

[uschles]

Thanks again! I'll do that

[fanfare]

In the future, avoid wash sales, where possible.

[uschles]

I picked robo-advising - this was all automatically without my knowledge...

Part of the reason I closed my Schwab account.