Importing Brokerage data does not work

[BrittanyS]

Make sure the transactions do no exceed 4,000 non-covered transactions for online or 10,000 for desktop.  Also verify the entity selection.  Many partners have similar names and it is easy to chose the wrong one.  If that doesn't help, see the link below provided by TurboTax:

• What if I can't import my 1099?

@Sharonethomas1 

[Sharonethomas1]

Thanks. I have the right entity. Turbotax connects to Northwestern Mutual, then there is no data at the end. I have the Desktop TT, so no problem on transaction limits. I've updated my Mac OS, I've tried Outlook, Chrome and Firefox. I have seen references in other posts to "ready to import" dates for investment partners being available on TT, but haven't been able to find those.

[opensquare]

I have issues with importing Interactive brokers into turbotax 2024. It goes through the process estallishing the connection and then small bip and comes back to interactive brokers information screen ( query id and Token). I have more than 10,000 transactions, what should I do?

[DianeW777]

You can always use direct entry if you choose, with summary totals.  The only exception is wash sales, which must be entered separately, if you have any.

Holding Periods:

• Long term is a holding period of more than one year (one year plus one day) and receives capital gain tax treatment (0%, 10%, 15%, 20% depending on your regular rate of tax)
• Short term is a holding period of one year or less and receives ordinary gain tax treatment (your regular rate)

TurboTax Online:

1. Open or continue your return (if it's not already open) and search for stock sales
2. Select the Jump to link in the search results
3. Answer Yes to Did you sell any of these investments in 2024?
   • If you land on Your investment sales summary, select Add more sales
4. On the OK, let’s start with one investment type screen, select Stocks, Bonds, Mutual Funds, then Continue
5. On the Let's import your tax info screen, select I'll type it myself
6. Step through the interview and select Sales section totals when prompted to choose how to enter your sales
7. You'll now be able to enter the total proceeds (sales) and cost basis, along with the sales category. Refer to your 1099-B for the amounts and category. When finished, select Continue
8. You can add additional sales totals by selecting the Add another sales total on the Review your sales section totals screen

TurboTax Desktop:

1. Open or continue your return (if it's not already open) and search for stock sales
2. Select the Jump to link in the search results
3. Answer Yes to Did you sell any investments in 2023?
   • If you land on Here’s all the investment accounts we have so far, select Add more sales
4. Answer Yes to Did you get a 1099-B or a brokerage statement for these sales?
5. On the screen Let Us Enter Your Investment Sale Info, select I’ll type it in myself and Continue
6. Enter the name of your bank or brokerage on the screen Which bank or brokerage sent you this form? and Continue
7. On the screen Tell us about your 1099-B, select I’ll enter a summary for each sales category
8. You'll now be able to enter the total proceeds (sales) and cost basis, along with the sales category. Refer to your 1099-B for the amounts and category. When finished, select Continue
9. On the screen Do you have another sale to enter from your 1099-B? select Yes to enter more sales from your 1099-B, or No to see a summary of the sales you already entered, then select Continue
10. Once you’ve entered all the sales on your 1099-B, you’ll see a summary of all the sales reported. Select Done

If you are e-filing your tax return, then mail your statements (1099-Bs or other document showing detailed sales information) along with Form 8453 to: 

Internal Revenue Service

Attn: Shipping and Receiving, 0254 

Receipt and Control Branch 

Austin, TX 73344-0254

If you need a blank Form 8453, you can download this pdf, enter your address information and check the box for Form 8949 (this form is really just a cover sheet)

@opensquare

[Cream]

Same issue as others with importing data from Northwestern Mutual Investment Services this year.  It worked fine last year.  The upload will show PERSHING LLC in TurboTax.    Manual entry is not a good solution.  

[VictoriaD75]

Please follow the instructions in this FAQ for steps to import your 1099 forms into TurboTax.  

@Cream 

[CYC2536]

Hi, something wrong with 2024 turbotax!!!

When I imported multiple accounts of tax data from the same brokerage, not only the 2nd account info wiped out info from the 1st account import, it also wiped out data from another brokerage. I may not follow all the discussions on this topic, but I dont see clear answers.

Surprised Turbotax can have such a big mess on data import and even its own experts have no clue (i.e. someone suggested to save PDF and download but forget PC version does not allow PDF file at all).

Any one has a holy-grail answer to this?  .Thank you.

[Cannon1857]

How can the Turbo Tax staff not understand that, as many of us have expressed, we have followed the steps in this FAQ and in the program itself and still had/have problems?  And is it against Turbo Tax policy to offer an apology along the lines of "While we have not been able to duplicate your issue we are sorry for the frustrations you are feeling and are available to discuss further".  

[jypwlee]

I have the same issue!  How to fix this?

[CYC2536]

Where did you change the browser? when I selected E*trade, it opened a window still in TT (PC version), no where I can see it is opened in a browser, thus no way to know which one is used and how to change it?

[Sharonethomas1]

TT uses your default browser to contact the financial institutions. An older post suggested that changing your default browser could fix the problem. I tried them all with no luck. It could be that some of the financial institutions have not completed the process of allowing the 1099s to be downloaded to TT, so waiting a bit might help. In part I'm thinking this since so many Northwestern Mutual customers have weighed in here. But I suspect it is a TT problem since so many different financial partners are affected. 

[CYC2536]

Called TT help line. First two agents simply said they don't have an answer and then hang up. Very unprofessional and unacceptable. The third agent is very nice and willing to hear more from me. I shared my TT screens with her so she can see in her own eyes what the issues are. We tried a few things but not working (true TT can't upload PDF files). She will circle back with TT experts and get back to me. At least very good attitude, despite no solution yet.

[Sharonethomas1]

NEWS FLASH -- I was able to import my Northwestern Mutual 1099 today. I am not sure of the reason. I'm guessing that NWM finally formatted their 1099s to allow for downloads. 

[Cream]

ISSUE RESOLVED.   Northwestern Mutual Investment Services through PERSHING LLC now uploads with no issues in TurboTax.   I believe the solution is that the electronic uploads for TurboTax (etc) became available  after March 16.   

Simple solution. It would help if there was information readily available on this matter each year.   

[RC111]

I am having the same issue…seems to import fine.   (BTW, this is about my 10th or 15th yr of having TT import my data rather than entering it myself.). But I get several imports that have zero values, some that have values, and some that do not show up at all.  I should have about 15 imports in total and I get two with actual values.

i have no idea how to direct TT to use EDGE rather than Chrome.