Has anyone found a work around importing stocks?

[Brandon_Lee83]

Hello everyone, I am filing for 2024 taxes and I am having a difficult time trying to import my taxes from Merrill Edge.  I have used 3 different browsers: Firefox, Microsoft Edge, I have used Chrome. I have cleared the cache, rebooted my devices, disconnected and reconnected to the internet, and I even tried going through Bank of America to link the account that way and I still can't get any of my information to import into the software. 

I did see on YouTube that most banks will not permit tax import for previous years unless it's the current year being requested for importing. I have not looked that up to see if it's true, if that is the case then maybe that's the snag that we are running into. 

Until then I am having a hell of a time trying to figure out how to import this data and I have so many pages of content and it would take me forever to type it up myself. 

Any help would be appreciative.

Sincerely, Brandon Lee 

[M-MTax · Accepted solution]

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@Brandon_Lee83 wrote:

...I have not looked that up to see if it's true....

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It's true.

[baldietax]

you can't import prior years

you don't need to type it all in either, most 1099s can easily be input especially 1099-INT, 1099-DIV and enter 1099B as sales summaries.  if you do have sales with adjustments (wash sales, AMD etc) or non-covered items, those are best entered as "one by one" which will put the details on Form 8949 (and enter the remainder of your 1099B as a separate sales summary); otherwise, you will need to send the 1099B details to the IRS with From 8453 (your Form 8949 will say "see attached statement").

[M-MTax]

If you make any adjustments to the sales summaries TurboTax is going to tell you to mail (or attach) your 1099-B.

[baldietax]

yup, splitting the 1099 and entering sales with adjustments as one-by-one avoids this, they don't take long to input if not too many.

[M-MTax]

It won't avoid attaching to an e-file or printed and mailed return if there are adjustments, such as uncovered transactions and the like. TurboTax will tell you to attach the 1099 regardless. 

[baldietax]

no that's not the case.  if you enter adjustments / noncovered sales as one by one with the details which goes onto Form 8949, and the rest of 1099B as unadjusted sales summaries (which don't go on 8949), there is no mailing.  I do this every year, I don't import any 1099s.

[M-MTax]

This software is going to tell you to mail your 1099-B.

[baldietax]

Agree if you adjust a sales summary you get that message.  Split the 1099B as two separate 1099Bs in Turbotax, one 1099B with just the adjusted items as "one by one", and one 1099B with the rest of the sales which have no adjustments as a "sales summary".

Neither requires any mailing, I think Turbotax used to explicitly say nothing needs to be mailed, I don't see that any more with all their workflow changes; but this can be confirmed on the bottom of the Capital Asset Sales worksheets, and the 8949 will make no reference to "see attached statement".

[M-MTax]

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@baldietax wrote:

Agree if you adjust a sales summary you get that message.  Split the 1099B as two separate 1099Bs....

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I suppose you're correct and it does work (at least re the wash sale I tried on a test return) but it sure could be confusing to split one 1099 into two different ones, sort of pretending as if they're two separate tax reporting statements.

[baldietax]

Maybe not for everyone, personally I don't care how the 1099s end up in Turbotax, just the end result on the return which I tie out to a spreadsheet.  I have to split other 1099s multiple ways to handle accrued interest etc on bonds so this is not much different.

[M-MTax]

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@baldietax wrote:

Maybe not for everyone, personally I don't care how the 1099s end up in Turbotax...

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Yeah, I don't really care about that either. I'm frankly amazed that TurboTax (desktop at least) does not support uploading 1099 PDFs so users can e-file if they need to do so; a lot of basic functionality missing I believe.