Import Stock trade transactions from financial company using Turbotax Deluxe

[Eskay2000]

Does  Turbotax Deluxe support the import of stock trade transactions from financial company?

[DoninGA]

TurboTax support the import of a Form 1099-B from a financial company.

See this TurboTax support FAQ for importing a Form 1099 - https://ttlc.intuit.com/turbotax-support/en-us/help-article/import-export-data-files/import-1099s/L2...

The import function from the TurboTax partners for tax year 2024 should be available in February 2025.

[xmasbaby0]

Yes---but it is way too soon for you to try that.   Financial institutions typically have their data available for import into tax software in mid-to late February.    And you cannot import past year data.   You will be able to import 2024 data in 2025.

[VolvoGirl]

Yes it imports into the Desktop Deluxe installed program.  If you use the Online version you will need to use Premium to import 1099B for sales.

[Eskay2000]

I intend to import transactions for 2024 from a financial Company in 2025.  My question is "Can I import these transactions using Turbotax Deluxe, or do I have to use Tiurbotax Premier?"

[VolvoGirl · Accepted solution]

You can import into all the Desktop versions.   All the Desktop programs have the same forms and features.   You just get more help and guidance in the higher versions. 

If you use the Online browser version you will need to use Premium.  (Desktop has Premier, Online has Premium)

[Eskay2000]

Thank you. Soto confirm, the desktop version of Deluxe will import transactions from financial company, and properly create Schedule D. Right?

[DoninGA]

---

@Eskay2000 wrote:

Thank you. Soto confirm, the desktop version of Deluxe will import transactions from financial company, and properly create Schedule D. Right?

---

Correct.  The TurboTax Deluxe desktop editions will import transactions from a financial company and complete both the Schedule D and the Form 8949.

[Eskay2000]

Thank you

[Mike9241]

the financial institution must partner with Turbotax otherwise import will not be possible.  even if you do import you need to check the results. for example, sometimes the FI does not supply the cost basis or the cost basis may be wrong. The incorrect tax basis is almost a certainty if any transactions involved a master limited or publicly traded partnership.

[Robo55]

VolvoGirl wrote:

You can import into all the Desktop versions.   All the Desktop programs have the same forms and features.   You just get more help and guidance in the higher versions. 

If you use the Online browser version you will need to use Premium.  (Desktop has Premier, Online has Premium)

‎November 29, 2024 1:08 PM

This answer does not agree with the TurboTax Deluxe version for tax year 2024, that I just purchased at Costco.  On the back of the package, there is a table for the features of each version (Basic, Deluxe, Premier, Home and Business).  On the Deluxe column, checkmarks end at "ItsDeductible accurately tracks...", just above "Import your investment information".  Table indicates that I need Premier to import investment information.  Do I need to return my Deluxe to Costco and purchase Premier to import 1099-B?

[DoninGA]

@Robo55 Go to this TurboTax website for the 2024 Deluxe desktop edition - https://turbotax.intuit.com/personal-taxes/cd-download/deluxe.jsp

Scroll down to TurboTax Desktop Deluxe features and under Extra guidance to maximize deductions -

Import your W-2 and 1099 info

Import your W-2 from over a million employers, and your 1099 tax form data from participating financial institutions.

[VolvoGirl]

@Robo55   Doesn't the chart say Additional help or Extra Guidance?  Those are just recommendations and suggestions, they are not necessary.   Can you post a picture of the back of the package so we can see what it says this year?

I haven't bought my program yet from Costco this  year.  What do you get if you buy it in the store?  Is it just a cardboard with the License Code?  

[Robo55]

Hello DoninGA and VolvoGirl,

I'm new to this platform, and replied but it showed up at link below.  Also, I had attached 2 images, but only one shows, should be enough.

https://ttlc.intuit.com/community/taxes/discussion/turbotax-deluxe-for-2024-importing-1099-b/00/3413...

The 2023 version (table on back) says to the effect that Premier gives "additional help for investment sales" while the 2024 version  only shows "import your investment information" for the Premier version. 

DoninGA, the link you gave  https://turbotax.intuit.com/personal-taxes/cd-download/deluxe.jsp says you can import 1099 data, not 1099-B data explicitly, they are two different forms.  It's not clear if 1099 includes 1099-B.  https://turbotax.intuit.com/tax-tips/irs-tax-forms/what-is-an-irs-1099-form/L3NxSPMUe

IF  Intuit dropped our ability to download 1099-B with the 2024 Deluxe version, that's a pretty big change and not very well stated on their product.  Check out this link https://zenledger.io/blog/turbotax-deluxe-vs-premier/#:~:text=If%20you%20have%20basic%20tax,suited%2....

The Deluxe version also includes tools like a donation tracker, and an audit risk meter, and supports Schedules 1-6, A, and B.

Does not mention Schedule D

 I'll repost images hereTTax 2023, 2024TTax 2023, 2024

[DoninGA]

@Robo55 TurboTax does not differentiate which forms can be imported based on the desktop editions being used.

See this TurboTax support FAQ for importing a Form 1099 - https://ttlc.intuit.com/turbotax-support/en-us/help-article/import-export-data-files/import-1099s/L2...

So there is no difference if you use the Deluxe or Premier edition for importing a W-2 or a Form 1099.  TurboTax recommends using Premier for investments so that is why the verbiage used gives emphasis to Premier over Deluxe.