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

[Adtp85]

@jayc2000 Does he consider wash sales/ 1256 contract tax treatment etc! If you get info from jan1 to dec31  - gains/losses as csv, that may not include txn carried from previous year right. or his software sifts through multiple years csv file to consider that ?

[jayc2000]

I had emailed him about wash sales and he said they take care of them. I personally had plenty of wash sales, I was surprised by the number. 

[jennyw22]

I think that there is an issue if you download data  between 1/1/2020-12/31/2020. The data may not take care of your previous deferred loss (wash sale). Because I saw the csv total of proceeds and cost basis not tie with 1099B total of proceeds and cost basis. So even they can convert the file, your numbers might not be good enough. Since IRS will check the totals against your 1099B.

[Adtp85]

@jennyw22 correct, that's exact question i had , for wash sales to be accurate they need to go back to find 'buy cost basis' going back years depending when it was bought. csv file mostly include only current years data. If he asks you csv file of lets say from couple of years and uses his software to get that info, it may be fine. Other option for him is to look into 1099B to get that info. 

In the end, your numbers should match up with 1099B summary!

[jayc2000]

Jenn and adpt ,I hope I didn't mislead you guys. I know nothing about doing taxes and when I heard of investotech,I jumped on it. Now that I have entered the file I went ahead and tried to file my tax return thru turbo, it says transmit and when I did that turbo directs me saying before you file you need to enter more info. I am now at a loss since I am not sure how to answer some of the questions, I tried continuing and ignoring questions like investotek advised, but turbo will not let me file the tax return. When iposted to jenn,I was not aware of this problem, sorry, I am trying to work thru it. Jeff is trying to help me also. Sorry for confusion. 

[jennyw22]

jayc2000,

Thanks for your message. I did notice the csv file issue when I went through it. Because I pulled the data during 1/1/2020-12/31/2020, there is missing information for the prior year loss. I do not think that csv file contain enough information to convert a file matching 1099B. Still need to go with the summary and mail IRS 1099B copy.

[jayc2000]

I called turbo, and after being switched from one person to another, I came across the right person, here i had 2 files instead of 1, she showed me how to fix the problem and everything went ok, until it got rejected by state and fed. I can't believe I entered the wrong AGI, all good now. So I can see what you were talking about for previous years, I don't think investotek can go back in time to help you. Good luck hope all turns out well. 

[jayc2000]

Adtp and jenn , was wondering how you guys made out . I just got done and transmitted my return to the fed and state, it was accepted. 

The next day I found out that I forgot to report a 1099-r

Well I had to amend the return I sent out yesterday. Maybe you guys should not listen to me lol. 

Anyway the amended return 

went well, now all I have to do is wait for the audit lol

If there is anyway I can help with anything, just let me know, good luck with your returns.

[Adtp85]

I  went with summary of 1099B, short term/long term  in each of the lines. That got accepted already. 

If turbotax asks everyone to enter summary then there is no use of buying turbo tax premier if they can't import a file.

[jennyw22]

Yes, I also entered the summary and got accepted. I am going to mail the whole package of 1099B to IRS. How about you, @Adtp85 

[jayc2000]

What amazes me is after contacting turbo tax many times about importing 1099-b from e trade to turbo tax, I always asked if they have heard of other people having the same problem, they're answer was no. 

How can that be, are we the only ones in the world, I asked if turbo would correct this problem and they said they would pass it along, lol

If they don't change this i will not use turbo tax ever again. 

I am thinking of asking for my money back, because what have they done for us but cause aggravation.

[jennyw22]

When I googled this issue, I found it started early 2019 discussion when people filed 2018 tax return. But my transactions were very limited at that time, so I did not know it. So how come turbotax employees have never heard it? I saw a few posts were replied by their employees, advising to use summary instead of importing.

[Anonymous]

:(

[LinaJ2020]

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

[Adtp85]

Yeah, do the summary way, mentioned in post by 'expert'. turbotax doesn't  even work with 1100 txns let alone 3k as mentioned by 'expert' , that is clearly wrong info given by 'expert' community which they should retract.

Summary way would be okay, i was able to file it successfully.