I have the correct login for charles schwab, but it Turbotax says its not working. Can't download tax info. Need help.

[Irene2805]

The login information to import from a broker into TurboTax may be different from the logon information that you would use to access Schwab's website.  It may also be that Schwab has not yet activated this function.  

Last season, zubinh23 posted this advice concerning Schwab,

Schwab.com

Service Tab, then select "Security Center". Verify current setting below:

Third-Party Access to Account Information

You can provide third parties, like tax preparation programs, access to your account information at Schwab. Enabling access may impact the privacy and security of your accounts. If you choose to share your login credentials with third parties, their activities in your account will be considered authorized.
Read More About Third-Party Access and Your Account
OFX
Enable Third-Party Access

You are enabling access to your account information through this channel (OFX protocol). Access will be enabled with your login ID and password alone, even if you have activated a token or other two-factor authentication method. If you share your credentials with any third-party to access your account information, their activities in your account will be considered authorized.
Disable Third-Party Access

[biz217]

Cannot download Schwab 1099 info to TurboTax. I get an error message that said to check my internet connection. My internet connection is good. My Schwab preference for third-party access is activated. I telephone Schwab about this problem and was told to contact TurboTax.  I have had no downloading problems in prior years.

[WendyN2]

If you had more stock transactions than in past, and the total on your imported statement is itemizing these as I am pretty sure Schwab does, then the system will overload. This is true for even the most "sophisticated" of tax programs out there, believe me! 

A simple fix to this is, if you are able to extract your year end statement and it provides you with totals of S/T vs. L/T transactions (you might even have 4 different categories on your statement - depending on if basis was/was not reported to the IRS, so be sure to not miss any sections of the statement), you should separate them out yourself on a spreadsheet, tally up the information for each category of transaction, and enter as such. This is, making sure, of course, that the firm you use is providing you with cost basis and sales price as well as #shs per transaction.

You can also extract to Excel, but that takes more work than step one. What the IRS is looking for is the following:

1. Net S/T Capital Gains/<Losses> , based on purchase date, cost basis, sale date, and proceeds
2. Net L/T Capital Gains/<losses>, based on purchase date, cost basis, sale date, and proceeds

In short, each section of your statement that has a total that states "Has Been Reported to the IRS", will be treated as one transaction for taxability purposes. So, if you have 1, 2, 3, or 4 of these totals lines, then that would be the corresponding number of transactions you will have. Make sure that you do not include any section that starts with "Transactions NOT Reported to the IRS" as these are categorized already by your brokerage firm for you as non-reportable pieces of information.

ALSO, make sure you do not miss any dividend and interest income, Foreign Income Taxes Paid, etc., if your statement is all you rely on to report your information to the IRS. 

I know this is more work but unfortunately it is an "incompatibility" issue and not a program issue. Given that there are just SO many brokerage firms out there anymore, tax software programs just can't/don't provide this additional necessary step due to the rarity of occurrence. I do hope this helps!

[Dave118]

One reason that I purchased Turbo Tax is it's easy to download information like this.

Turbo Tax won't download the information from Charles Schwab.

This is unacceptable and you need to fix it.

[Katina S]

Have you tried our FAQ How can I fix my 1099 import issue, which is specific to Charles Schwab accounts?

You can also check out this thread with additional information as another user was able to successfully import directly from their Charles Schwab account.

@Dave118

[cdlvj130]

Exactly, this is uncalled for.

Needs to be FIXED.

All the others Fidelity, TD work. And why is this logon and download different from the rest.

SMH!

[HeatherPLO]

@cdlvj130

Please see the Help Article mentioned above if you are unable to import your 1099.  

How can I fix my 1099 import issue.

You can also review this thread with additional information.

[cdlvj130]

Does not work. Will not allow the logon.

[TiffanyL]

Have you tried making sure you have granted third-party access for TurboTax to import? I would also recommend logging completely out of your TurboTax account, then log back in and trying again. If you are still having an issue with it, you may want to manually enter the information. Please reach back out here if that does not resolve your issue.

@cdlvj130

[cdlvj130]

NO NO, 24 pages, I do not think so.

FIX IT.

[cdlvj130]

Folks, since we are getting nowhere with this bug, File a complaint with the IRS.

https://www.treasury.gov/tigta/reportcrime_misconduct_type.shtml?type=other

[bej405]

I have never had a problem downloading forms from another bank.  I check everything on Charles side turbo needs to fix the problem

[HeatherPLO]

@bej405

Thank you for reporting your experience.  This is a known issue that looks to be resolved.  If this still isn't working for you, please try to utilize the workaround posted on this thread here.

[murielneil]

Unable to import info from Charles Schwab. The "form" page is blank