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escapol
New Member

Import from financial institutions for older tax years

I'm still completing my 2021 tax year return (past the final October deadline).  When I try to import tax documents from my financial institution, I receive a message that the documents will not be available until 2023.  This obviously refers to tax year 2022.

 

Is there a way to get the 2021 tax documents imported from financial institutions?  Or can tax document pdf's from financial institutions be uploaded into turbotax?

4 Replies
fanfare
Level 15

Import from financial institutions for older tax years

As an active investor, be aware that your category Box A or Box D sales without adjustments do not require Form 8949, so there is no reason to import or key in those transactions.
Instead use the "enter a summary" option to put your numbers on Schedule D Line 1a or Line 8a.
--
If you have wash sales, it gets more complicated since those adjusted transactions have to be itemized on Form 8949 and the summary totals adjusted accordingly.

Enter the wash sales on Form 8949, then use the subtotal results on the bottom of that form (Line 2) to know how much to subtract which gives you the Schedule D line 1a totals. Be sure to NOT check the adjustments box in the summary window.
--
Alternatively, if entry of Wash Sales is too tedious,
summarize and check the box for adjustments and enter the disallowed amount.
This summary will go on Schedule D Line 1b.
You will be making the mail-in election.

rjs
Level 15
Level 15

Import from financial institutions for older tax years

Importing from a financial institution is only for the current tax year. You can no longer import data for 2021, and there is no way to upload a PDF.


You didn't say what kind of income documents you want to import. If it's Form 1099-B for investment sales, and Form 8949 is required, you can make summary entries and attach a copy of the brokerage statement to your tax return. You can no longer e-file a 2021 tax return, so you have to file by mail in any case.


If you have wash sales, and the adjustments are shown on the brokerage statement, you do not have to enter them separately or calculate the adjustments yourself.

 

Mike9241
Level 15

Import from financial institutions for older tax years

call your financial institution. 

fanfare
Level 15

Import from financial institutions for older tax years

To clarify, if Form 8949 is not required, neither is attachment of consolidated 1099-B

 

If you are summarizing wash sales the adjustment amount goes on Schedule D Line 1b.

Transactions that don't meet the detail reporting exception  have to be detailed one way or another.

@escapol 

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