Not Able to import Etrade 1099 since its a large file.

You may need to check your brokerage to see if they are allowing third-party access.  Although the following Help Article is for Schwab, it is possible that your brokerage has restricted TurboTax's access to your statements unless you grant consent, and you might need to do something similar to what is described here How can I fix my 1099 import issue?

 

 

 

 

Hi, i checked there is no such access needs to be given from etrade side to enable third party access, as i was able to import the form last year.

 

I am still getting the same error !

 

 

Are they working on getting these resolved ? 

 

Thanks!

Please follow the instructions in this TurboTax FAQ to contact customer support for assistance with the e-trade import:  What is the TurboTax phone number?

I called the "live expert", & was really disappointed again, according to them this ISSUE is resolved, but clearly its NOT, looks like turbo tax may not be acknowledging the issue ?

There troubleshooting is restart computer, clear cache(this doesn't make sense as i am not using a browser) , its downloaded version of Turbotax premier  !!

There response is, I am 'refusing to manually type'  those 5000 transactions - (this is ridiculous )!! So, they can't help me !! But here we thought, turbotax premier would be able to import 1099B !!!

 

Can someone serious about resolving this issue please respond !!

 

any update on this? i am having the same issue (i think it might be because my 1099B is over 5,000 transactions...)

Unfortunately the 3,000 record limit cannot currently be changed.

 

However, you can quickly enter this manually.  Your brokerage statements should include a summary of your transactions, grouped by sales category.

 

There are seven possible "Box" designations that indicate the holding period (Long/Short Term) and the reporting status.  These are the only ones you have to summarize.

 

Code A. This code indicates a short-term transaction for which the cost or other basis is being reported to the IRS. Use this code to report a transaction that the recipient will report on Schedule D (Form 1040), line 1a, or on Form 8949 with box A checked with totals being carried to Schedule D (Form 1040), line 1b.

 

Code B. This code indicates a short-term transaction for which the cost or other basis is not being reported to the IRS. Use this code to report a transaction that the recipient will report on Form 8949 with box B checked with totals being carried to Schedule D (Form 1040), line 2.

 

Box C. Report on a Part I with box C checked all short-term transactions for which you can't check box A or B because you didn't receive a Form 1099-B (or substitute statement).

 

Code D. This code indicates a long-term transaction for which the cost or other basis is being reported to the IRS. Use this code to report a transaction that the recipient will report on Schedule D (Form 1040), line 8a, or on Form 8949 with box D checked with totals being carried to Schedule D (Form 1040), line 8b.

 

Code E. This code indicates a long-term transaction for which the cost or other basis is not being reported to the IRS. Use this code to report a transaction that the recipient will report on Form 8949 with box E checked, with totals being carried to Schedule D (Form 1040), line 9.

 

Box F.  Report on a Part II with box F checked all long-term transactions for which you can't check box D or E because you didn't receive a Form 1099-B (or substitute statement).

 

Code X. Use this code to report a transaction if you cannot determine whether the recipient should check box B or box E on Form 8949 because the holding period is unknown.

 

Open or continue your return (if it's not already open) and search inside TurboTax for the phrase stock sales.

1. Select the Jump to link in the search results.
2. Answer Yes to both Did you sell stocks, mutual funds, bonds, or other investments? and Did or will you receive a 1099-B form or brokerage statement for these sales?
   • If you land on Here are all your 1099-B sales, select Add sales from a different brokerage. Then answer Yes to Did or will you receive a 1099-B form or brokerage statement for these sales?
3. When asked how you want to enter your 1099-B, select I'll type it in myself.
4. Select or enter your brokerage on the next screen and continue.
5. On the following screen (Tell us about...), answer the questions until you reach the next screen. Select the second option, Let's enter a summary instead, and select Continue.
6. 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.

When you are done, you'll eventually come to the Here's a summary of your broker sales screen where you can edit, delete, or enter more sales.

 

You will have to mail a copy of your 1099-B to the IRS.  TurboTax will produce a Form 8453. You print the Form 8453 and attach the brokerage statement(s) to it. 

"Unfortunately the 3,000 record limit cannot currently be changed."

 

Please clarify what the $100+ total charge for using TurboTax is for if I have to enter data manually? How is your product better than Credit Karma that charges $0? Thanks. 

 

I agree with you ,turbo tax should be able to handle any size file. Another thing is I tried to enter a summary and when i put the proceeds into the box it said the number was too long, which was 37 million, said too many numbers, so what's up with this, I am very frustrated ,I have used turbo tax for years and never had a problem, please TURBO TAX fix this problem. I would think that if it is not resolved ,there will be far less people using turbo tax next year, and a lot of people asking for their money back this year. jmo

i had the same issue as you with the number too long, so if you have to enter 37 million you need to split it up in two or three lines, basically split it up into several lines and just make sure overall the lines tie to your total

and for whats its worth, after my experience this year with turbo tax i see no reason to pay $65 for premier  going forward when i can do it for free with many other vendors if i were to mail in my 1099b,,,main reason i've been paying for TT for years is because of the import function and if you can't handle more than 3000 transactions or numbers larger than 15million than it defeats the purpose...

has anyone used Investotek software to take your ihfo from etrade and import into turbo tax?

 If import does not go smooth, I will suggest to manually enter info.  For import, there are a limit on how many transactions TurboTax can handle.  See blue links below.  Here are the steps:

 

In TurboTax online,

• Sign into your account, select Pick up where you left off
• At the right upper corner, in the search box, type in 1099b and Enter 
• Select Jump to 1099b
• Follow prompts
• On-screen, "Let's import your tax info, select I'll type it myself
• Follow prompts to continue

 

For more information, click here: 

 

how many stock transactions TT can handle

 

Import / crashed

 

You would receive a Form 1099-B if you have sold your stocks and bonds transactions during the year.  The transactions will generate either a long term or short term capital gain or loss depends on how long the stocks are being held.  The amount will be reported on line 7 of your Form 1040 along with a Schedule D and Form 8949.

Should TT improve the products? 2000 records and $10,000,000 accumulated total are not enough for people even with small amount of stock trading. I am really disappointed by TT this year.

 

Adtp85, as of today March 12,2021,I was on phone with a supervisor from Turbo Tax,She was very nice and tried to help me ,I was surprised to find out ,that she was not aware of people having problems with importing large files from etrade. She checked with her peer group and was told as of now they were not doing anything about changing their software to allow bigger transactions over 10 million.They told me to manually enter all trades. That is not acceptible,seems to me that they could change their software to accomidate every persons needs. I have used Turbo Tax for years ,but if this does not get resloved,why would I buy TT anymore.

I would like to know how many people are having this problem with multiple trades accounting for over 10,20,30,40,million in proceeds. I also would like to hear from Turbo Tax on weather they are going to fix the problem or not so everyone having issues can go somewhere else  ,so they can complete there taxes.

As you may have guessed by now ,I am very upset with TT. First of all I know I am not the sparpest tool in the shed,and that being said ,when they tell me to split up my transactions into multiple sizes ,and import into TT ,I dont get it ,If i have to do it that way ,I need someone to hold my hand thru every process.TT please fix this problem before July tax season

I do not think that TT will fix this. I am very disappointed by TT because it is not new feature, it is just expanding for more data.  $10M and 2000 records limit are really too small for current use. It might be enough 20 years ago. But it is year 2021 now!

Wow. Surprised so many people having the same issue the TT response is as lousy as their H1B  salary.

I'm spending $65 on H&R Block. If this works, See ya TT.

Invsetotek solved my problem with E*Trade. I did not have a transaction limit problem (about 1,000). Premier went 'not responding' and never recovered. There is an issue specific to E*Trade 1099-B that interferes with TurboTax. I had to use their Full Service option, $15, and create csv file from Accounts > Portfolios > Gains and Losses. Emailed it to them and got it back TXF file and the XLS file he created for the TXF.

This info is in the FAQ https://www.investotek.com/brokers.htm#etrade

 

I don't do spreadsheets, etc. $5 for the Excel plugin to create TXF files, or $15 to create a usable TXF and a XLS file (and solve my problem) is cheap. Got results in 24 hours (check Spam folder). He said he tested import to TurboTax. Took Premier about three minutes to import it. Got the results I was expecting.

 

Really happy with investotek.

I used the summary option as mentioned by experts. short term/long term.

If you have proceeds greater than 10m, you will need to split that into 2 transactions.

As long as numbers match 1099B, it should be fine.

 

Would have been great if TT fixes the issue for good, but doesn't seem like they want to put an effort in resolving that. At the very least they should remove 10M limit when doing a summary, thats just ridiculous.

You only need to send 8949 to irs if you have some transactions not reported to IRS , you may not need to send 1099-B copy as they already have it available with them.

Adpt , i was having trouble with importing my 1099-b from etrade into turbo tax,getting message unsuccessful import. I came across another poster ( Richardthegreat) who directed me to a company called Investotek. they offer 3 ways to import data to turbo tax,very inexpensive, for $5 you can pick 2 ways to import ,I had to go with the 3rd option which cost $15 , because of problem with etrade. I sent my cvs file to Jeff from Investotek and within 24 hours he sent me a vtf file that was able to import into turbo tax, it fixed my issue,which i had 220 pages of trades. Anyone having this issue should consider Investotek , it took me no time at all to file my taxes. I am still not letting Turbo tax slide on this issue. A representative from Turbo tax told me that because my proceeds were above 10 million that turbo tax would not work, I have used turbo tax for 10 years and never had a problem,as a matter of fact last year i had proceeds over 10 million and did not have a problem.Turbo tax needs to change this. It would not bother me to pay a little extra if they would upgrade there software to accomadate the active investor. Hope this helps and again Thank you Richardthegreat for steering me to Investotek.

Hi Jayc2000,

 

Could you please tell a little bit in detail how to import after we receive the vtf file? In turbotax interface, it asks you to pick a broker, then it will pop up a window to input E*trade username and password. Now with the vtf file, how did you import?

 

Thanks.

 

hi jenny, jeff from investotek sent me these instructions 

NOTE: These instructions are for the desktop versions of TurboTax and H&R Block At Home. Currently, the online versions do not support importing TXF files. Fortunately, you can transfer your information from the online versions to the desktop versions, and you can get a discounted download of the desktop versions on Amazon that include the state return and end up paying less than the online version anyway.

TurboTax

 

1. Start a new return or open your existing return in TurboTax.
2. From the 

   File

    menu, select 

   Import

    and then select 

   From Accounting Software

   .
3. Select 

   Other Financial Software (TXF file)

    and click Continue.
4. Select the TXF file you want to import (if you don't see the file in the list, click Browse), then click 

   Open

   .
5. Click 

   Import Now

    (Windows) or 

   Continue

    (Mac).
6. Select the information you want to import into TurboTax, and then click 

   Import Now

   .
7. To check the import, from the main menu select 

   View

    -> 

   Forms

   , and select 

   Schedule D

    from the left-side menu. 

   NOTE: once you've checked the totals on Schedule D, you can ignore any TurboTax warnings or prompts to check or go through the individual import entries - those are just standard warnings, and you will have already checked the totals.