Importing from 3 different robinhood accounts and a TD Ameritrade. Is it possible?

[ryzen674]

Hi,

I am filling married jointly. Never used turbotax before. I had two different Robinhood accounts under my name with different email addresses. Had to close the first one and then created another one. I also have one from TD Ameritrade as well. My son has a robinhood account is a dependent (as a qualified relative made < $4300 in 2020). I need to attach the credits form from Obamacare as well. Can I import all these stocks and crypto data into TurboTax? Which product I need to get?

[Mike9241]

I assume you're asking about 2020. online is no longer available so your choice is limited to a desktop product. they all have the same forms. the only difference is that the higher versions offer more help. e-filing is now closed so you will have to mail in the returns.  from what I gather from other posts either the brokers or Turbotax have shut down importing of  2020 tax documents.  most crypto data can never be imported because the exchanges don't offer a TXF file only CSV or XML. 

you did not specify your son's age. 

depending on certain factors your son may be subject to the kiddie tax

The current rules tax a minor child’s unearned income—including capital gains distributions, dividends, and interest income—at the parents’ tax rate if it exceeds the annual limit ($2,200 in 2021).

The tax applies to dependent children under the age of 18 at the end of the tax year (or full-time students younger than 24) and works like this:

• The first $1,100 of unearned income is covered by the kiddie tax’s standard deduction, so it isn’t taxed.
• The next $1,100 is taxed at the child’s marginal tax rate.
• Anything above $2,200 is taxed at the parents’ marginal tax rate.

If your child also has earned income, say from a summer job, the rules become more complicated. To learn more, see IRS Publication 929 or consult a tax advisor.

[ryzen674]

To clarify, I already did my taxes by a preparer for 2020 and she hand to enter all the transactions line by line and charged me a lot. This year I made even more transactions so I wanted to try the import function. I am talking about year 2021 and doing the taxes in early 2022. When I file taxes next year before April 2022, I have to report the transactions from Jan 1, 2021 to December 31st 2021 right? It won't include the months of Jan 2022 to Tax Deadline of 2022?

My son didn't do any transactions in 2021. His 2020 gains were around $1200 and he is 26 and unemployed.

[Critter-3]

I have to report the transactions from Jan 1, 2021 to December 31st 2021 right?  Correct

It won't include the months of Jan 2022 to Tax Deadline of 2022?  Only sales in 2021 are reported on a 2021 return.

And the import function is usually not available until mid to late February when the brokers make the files available but watch out ... before you import make sure the FINAL report has been issued(sometimes not until sometime in March)  so you don't have to make corrections or amend later. 

[fanfare]

@ryzen674 

If you had thousands of trades, you probably will not be able to import, because TurboTax can't handle it.

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At tax time, you have the option to summarize your activity by Sales Category.

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.

Category A and D are the covered transactions.

(your paid preparer should have known that, and now you know it too.)

If you summarize (recommended),

you only need to supply details of 1099-B covered transactions with adjustments that are not listed on your e-Filed Form 8949. and all non-covered transactions not listed there.

In other words, for active investors, generally this is a list of the Wash Sales.

Note: TurboTax 2020 may suppress some covered transactions without adjustments that you entered in detail. For those, no mailing is required !
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If you have two pages (for example) of Wash Sales,
use Adobe Reader to print those two pages. That's all you have to mail to the IRS, given that those wash sales are not on your e-Filed form 8949 already.
(you might enter them manually if they are few in number.)

If you were wise enough to avoid wash sales, you won't have to list or mail anything.

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Meanwhile, it's been reported that TurboTax Online 2020 will take your 1099-B PDF as an attachment avoiding the need to mail it. But TurboTax CD/download will not.
TurboTax 2021 remains to be seen.