Importing Stock transaction file from my stock broker

[kiritdave]

Hi,

I am trying to import my stock sales transaction file from my broker, Fidelity Investments for the 2020 Tax return. As I do that, the Turbo Tax 2020 (Home and Business) goes to Fidelity web and tells me that the data will not be available until January 2022. Apparently, it is looking for my 2021 stock transactions. I went to the Fidelity website and verified that the .CSV for 2020 is there in my account. So, why is the 2020 TTAX software not importing 2020 data? Why does it thinks that I am trying to import the 2021 data?

Thanks for your response.

Kirit Dave'

[Anonymous_]

It is almost certainly because the 2020 return is past due, even if an extension was filed.

I am seeing the same behavior with several test returns and will report it to a moderator.

[rjs · Accepted solution]

TurboTax does not import transactions from the .csv file that you see in your Fidelity account. It accesses a special file that Fidelity creates specifically for importing by TurboTax. Since the final extended filing deadline for 2020 tax returns has passed, I would assume that Fidelity has taken down the TurboTax import file for 2020.

You can only import brokerage data for the current filing year. Importing is never available for past years. Right now (in November 2021) we are between tax years. Filing for 2020 has ended and filing for 2021 will not start until sometime in January 2022. You can still file late, but only by mail. You can no longer e-file a 2020 tax return.

[kiritdave]

Yes, I agree.

However, TTAX should be better than that. Late filing is common enough that TTAx should work by pulling correct data from the broker. My broker, Fidelity verified that they have data going back to the year 2014. 

Incidentally, I was advised that a workaround might be to convert the broker's .CSV file into the .TXF file which can then be imported into TTAX. I have not yet found a file converter that works on my broker's .csv file.

[Mike9241]

I tried importing from 2 other brokers - the same issue only 2021 data available in 2/2022. I also went into the accounts to see if I could download a .txf file. only .csv or .xml were available so the issue could be with the brokers and not Turbotax. 

[fanfare]

@kiritdave 

As an active investor, or even occasional 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.

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 are filing on paper anyway, you can attach the details at the end of your tax return.

[leonorozco]

I have the same issue and I found a decent work around.

SInce the datafile is available from my broker and just Turbotax is blocking the access to the database.

I found that Turbotax is preventing the data access based on the date. so I ended changing my computer date to something around March 2022. after that The data downloaded perfectly well.

run at your own risk since this solution is a workaround and at least I can have the totals from the broker.

good luck !!!

[kiritdave]

How genius, I thought when I read your text! However, sadly, it did not work for me. I tried a few times setting the date of March 15, 2022. I thought that perhaps software knows when I created the file (which was on November 15), so I created another file after I changed the date on my computer, to March 15, 2022, but it was of no avail. I did receive dialogue from TTAX to enter my Username and Password. So, it was abit of progress. But then finally TTAX gave the error: "The import was unsuccessful. Internal server error"

Incidentally, my broker is Fidelity. Could that have anything to do with it? Was yours also Fidelity or some other broker? I wonder if it worked for you since your broker may be different from mine.

thanks for sharing your experience,

kris

[Mike9241]

maybe an easier way to enter stock transactions since you can no longer e-file is to download the 1099-B directly from your broker.  then you would need to enter in Turbotax just the totals for each type.  if all are either type A or D then totals can be entered in TT and there is no need to submit the 1099-B otherwise you would need to submit a copy of the 1099-B with your return.

[fanfare]

See post above : 11-12-2021 12:50 PM

[kiritdave]

Yes; That is what I am planning to do and then include 1099 with the return. Thanks for your suggestion.

kris

[smreed48]

What level of turbo tax do I need to import stock sales from my broker? 

[DoninGA]

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@smreed48 wrote:

What level of turbo tax do I need to import stock sales from my broker? 

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Using the TurboTax online editions for tax year 2022 you would need either the Premier edition or the Self-Employed edition - https://turbotax.intuit.com/personal-taxes/online/

Using the TurboTax desktop CD/Download editions for tax year 2022, any of the desktop editions can be used - https://turbotax.intuit.com/personal-taxes/cd-download/