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posted Mar 10, 2025 2:20:17 PM

How to import a Form 1099-Composition from Schwab closed account to TurboTax

I have imported for several years Form 1099's from Schwab.com to TurboTax without any issues.  In 2024, I closed one of my Schwab Intelligent portfolio accounts, but I cannot retrieve the Form 1099-Composite through TurboTax.  This closed account Form 1099-Composite is located under Schwab.com/taxforms, not under the normal link to active accounts in Schwab.  This Form 1099-Composite is 27 pages long, mostly short-term and long-term transactions.  It would be quite an effort to manually enter all of this information.  I actually purchased Premier instead of Deluxe this year, so that these imports from Schwab with many transactions would be effortless.  I have downloaded a PDF to my PC but also have the ability to download XML and CSV.  How can I get this closed account Form 1099-Composite into my TurboTax?

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2 Replies
Expert Alumni
Mar 17, 2025 5:38:10 PM

TurboTax will not recognize a closed account.  Have you tried to contact Schwab to see if they will activate the account long enough for your to import?  If you have to manually input your transactions, see the following link on how to enter a summary:

 

Level 1
Mar 20, 2025 6:06:23 AM

"TurboTax will not recognize a closed account" is a feature fail and a bug. The document appears on the web site, and the program is erroneously filtering it out, despite the fact that customers have a need for these documents.