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Unsuccessful Import of Merrill Lynch tax documents

Sounds rather late, @markdanderson68 ! Maybe time to try a workaround. One option might be to do as suggested below in the other answer (it used to be a comment, but I converted it to an answer because it might help some people get unstuck. I don't like to wait around on a tax document when I'm ready to complete a return. This year I was one for two importing from Schwab to TT. For one return it worked great, for another I just used the online documents and did manual entries and never looked back. Maybe it would have worked later, but I didn't want to wait.
One just in case: If the import is not succeeding, it might be worth it to use the same computer, access your account online (e.g. cookies), and then with the site still open or immediately afterward try the import again. Sometimes it's hanging up around "additional verification" screens.

Unsuccessful Import of Merrill Lynch tax documents

BTW, I can guess a lot of people are having the same problem because all of a sudden a lot of people are reading this answer, which was written 2 years ago. AND since less than half of the voters like the answer, a lot of people are just as frustrated as you are. Fortunately I just write answers for the fun of it, or maybe the joy of being helpful, and I almost never look at whether people like the answers I write. I do try to write things that are genuinely helpful in tax prep, not just comments on the program itself, which I find less interesting.
seefus23
New Member

Unsuccessful Import of Merrill Lynch tax documents

I keep telling you guys. If you had over 500 Merrill transactions for the year you cannot use TurboTax online. You must use TurboTax Desktop. That does not mean a disk. You can do Desktop online as well.

Unsuccessful Import of Merrill Lynch tax documents

I am using the disk. Does not work.
bbugaski
New Member

Unsuccessful Import of Merrill Lynch tax documents

I recommend a long time ago that page 3-4 of the Merrill Lynch tax reporting statement contains all of the information that you will need to file accurately.  This contains all information for 1099-DIV, 1099-INT, 1099-MISC, etc.  Pages 3 and 4 folks!  That's of the entire 40 page document if yours are that big.......or small.....it's still pages 3 and 4 no matter what.  Easy peesy!

Unsuccessful Import of Merrill Lynch tax documents

bbugaski - my proceeds and costs dont jive with my profit/loss due to wash sales. How do i manually rectify that?

Unsuccessful Import of Merrill Lynch tax documents

I'm using CD and cannot download Merrill Edge 233 page 1099
bbugaski
New Member

Unsuccessful Import of Merrill Lynch tax documents

Mark, I am not sure.  Why would that not information not be included on one of the 1099 forms from page 3-4 of your Merrill Lynch tax reporting statement?

Also, are you supposed to be receiving the supplemental tax forms that are supposed to be released by today on March 15th?
bbugaski
New Member

Unsuccessful Import of Merrill Lynch tax documents

Are you saying that the dividends and distributions, interest income, original issue discount items, sales proceeds, miscellaneous income, and distribution, charges, and expenses are showing more income than is actually true because you had a lot of wash sales that ultimately did not result in any financial gain?

Such as in your account totals decreased overall, but somehow you are still paying taxes on a profit?

Unsuccessful Import of Merrill Lynch tax documents

bbugaski
New Member

Unsuccessful Import of Merrill Lynch tax documents

Funny thing, I tried importing my Merrill Lynch tax information today before filing and it actually worked.  I had not tried importing this year since I tried last year with no success.

Based on the information I provided earlier about using the Page 3 and 4 Summary, everything was spot on.  You do have to list all sale proceeds to show a profit, loss, or "wash" as well which is not contained on the page 3-4 summary.  This information is shown elsewhere.

Unsuccessful Import of Merrill Lynch tax documents

Success!!!! Awesome.

Unsuccessful Import of Merrill Lynch tax documents

Frankly, these systems are not designed for over 500 transactions. If you have many hundreds of transactions, your best option is likely to be to append a schedule and summarize the entries on the actual tax forms. If you have only one brokerage account, not something to take for granted if you're doing an average of two or more trades per market day, then you may find it easiest to use the 1099 itself as an appended schedule. Think about it. If TT is going to logically support that volume of transactions, they're likely going to be creating an appended schedule anyway.
IRS pub i8949 says in part, on page 3, ...
"Instead of reporting
each of your transactions on a separate
row of Part I or Part II, you can report them
on an attached statement containing all
the same information as Parts I and II and
in a similar format (i.e., description of
property, dates of acquisition and
disposition, proceeds, basis, adjustment
and code(s), and gain or (loss)). Use as
many attached statements as you need.
Enter the combined totals from all your
attached statements on Parts I and II with
the appropriate box checked. "

Unsuccessful Import of Merrill Lynch tax documents

@bbugaski @barflyphoto If you have only one brokerage, you can input summary entries and attach a statement (the details from your brokerage or a spreadsheet). If you have several brokerages, you could repeat the same strategy for each brokerage, which might be clearer than trying to summarize all of them together. Of course, when you file online, the summary probably won't actually be included, but you'll have it in your records, and the amounts will tie out. Ultimately you get in trouble for not paying the right amount of tax, not for how you fill out the forms in good faith!
[I converted the above comment from last year into an answer because it appears there are several people wondering what to do with large numbers of transactions. Typically this situation is probably more likely to apply to people who choose to hire a professional preparer, but times are changing!]
bbugaski
New Member

Unsuccessful Import of Merrill Lynch tax documents

Thank you.

It appears as if there is only 1099-INT, 1099-DIV, and 1099-MISC from Merrill Lynch to input in to Turbo Tax.  Even if you do have multiple brokerages and multiple 1099-INT, DIV, or MISC, you can input multiple "payers" in to Turbo Tax that will be separated by name.

This is how I do it and is very, very simple in comparison to how I have seen others compute by hand on paper forms.
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