How do I enter 1099 Composite?

[jimspruell]

Do I enter 1099 Composite info in the 1099R ?
Where do I enter my 1099 Composite information?

[leeloo]

What do you mean by composite? Do you have a consolidated form that include various reporting documents? Treat each 1099 as separate.

Enter your 1099-R:

1. Login to your TurboTax Account 
2. Click "Federal" from the left side of your screen
3. Scroll down to "Retirement Plans and Social Security" and click "Show more"
4. Scroll down and click "Start or Edit/Add" next to "IRA, 401(k), Pension Plan Withdrawals (1099-R)" 
5. TurboTax will walk you through entering information

[TomK2023 · Accepted solution]

The line numbers on the combined 1099 sections should correlate to the 1099 boxes in TurboTax. 

1. Open your return.
2. Search for 1099-INT, 1099-DIV 1099-R, etc., in the Search box.
3. Click on jump to 1099-DIV, 1099-INT, 1099-R,, etc., link(s).
4. Enter the corresponding 1099 on the appropriate screen.

[moreripoffirs18]

No one seems to have answered this question and there are no options in turbo tax for entering the information contained in my 1099 composite. It does not say 1099 DIV on the form but its the closest. They just love to make it more and more complicated so that then I get scolded by the IRS and ALWAYS wind up oweing more and more and more. Even though my base income is less than $30k annually, I still wind up owing a fortunes (even after all the max tax is taken out of each paycheck.) LOVELY!

[Critter-3]

If you have dividends paid then you should see the word dividends somewhere as well as interest and stock sales   ... if you need help reading the broker's composit statement then please contact them for guidance. 

[janisericson]

I would appreciate an official response to this question as the Intuit Support Team cannot provide one. I spent over an hour troubleshooting with them trying to figure out how to manage my multiple composite forms with no resolution. Why is there no composite form upload?

[VolvoGirl]

You can download from the institution and it should download each part.  What do you have a composite statement from?  An investment account or a IRA?  Is it a 1099?  What kind?  

You might have a consolidated statement.  That will have sections for 1099-Int and 1099-Div and 1099B. You need to enter each section in the right place. So read it carefully and look for headings.... 1099-INT for interest or 1099-DIV for Dividends or 1099B for sales.

If you have a 1099R for IRA or 401 withdrawals you don't need to enter all the individual details, just the main 1099R info.  

[janisericson]

A Composite is just that- a composite of all the form types into a single document. Most investment platforms only offer this type of form. The form includes all of the other types in Turbo Tax, making it excruciating to complete the return if you have multiple composite forms with investments of every type. It should be an option to upload the Composite form to Turbo Tax for those of us who are heavy investors with 5+ accounts and every form imaginable. This is a major flaw in the system.

[lmcmiar]

Agreed. I only get a 1099 composite form from Charles Schwab (not a small broker by any means), why is there no way to enter this composite info?

[PatriciaV]

The consolidated 1099 was designed as a convenience for the broker. Since it reports several types of income that are reported on separate IRS forms in an individual 1040 tax return, each part of the consolidated 1099 must be entered in the correct topic. At this time, there is no method to upload and parse a consolidated 1099 correctly into TurboTax.

[janisericson]

Yes, I believe we figured that out. What we didn't get resolved is why TT can't handle composites when that's the industry standard. Are they not yet using AI properly to identify the sections of the composite form? It's a fairly simple application, and the technology exists today. If they don't sort this out by next tax season we'll all move to a platform that does have that capability. As a heavy investor I won't do this again, and I don't think paying someone else $469 to do on my behalf (when a machine can do it for free) makes much sense.

[VolvoGirl]

I help my friend do her return and we could import her consolidated 1099 from Wells Fargo.  It put the interest and dividends and sales and 1099OID all in the right places from one import.  

[janisericson]

Interesting. It did not pull the information for me. When it did pull some of the data it later asked me to verify quite a few numbers on each DIV. That was impossible since I had 6 DIVs and the screen didn't show the account number for each. It was a complete guessing game.

How were you able to identify which DIV the system was showing?

[VolvoGirl]

We were on the Desktop program on Mac.  I don't remember it asking to verify any of it.  Or I could go to the Dividend page and see the list of them.   One thing I need to remember is when I went to import there were several different 1099 listed (for WF) and the whole account number didn't show so I couldn't tell which ones.  Later I realized the it was showing the number of transactions in each account.  Like (81). Maybe that will give you a clue.