Tax Year Prior to 2020: not importing 1099-B from Charles Schwab

[sloganathan1973]

2019 TT is not seeing and not importing 1099-B from Charles Schwab. It is seeing and importing the 1099-DIV. My 1099-B has employer stock options.

[VictorW9]

Delete the 1099-DIV and try the importing feature again.

[sloganathan1973]

Deleted the 1099-DIV

Selected stocks, mutual funds, bonds

Selected "Add more sales", selected Charles Schwab.

Provided my username/password.

Still it is showing only 1099-DIV and not 1099-B.

I know I have sold some employer stocks

[VictorW9]

Being that you sold some stock options, then you may have figure out your cost basis for the stock you sold. You may have to ensure the cost had been accounted for in your W2. The compensation gets added to your "out of pocket" cost in determining the basis of the stock sold.

So, whatever the case, you may need to adjust the basis manually. TurboTax may have recognized that you have some ESPP in your form 1099-B, hence the reason for not importing.

[Walts]

Same issue is happening to me. I have an Employer Sponsored Account in Schwab and sold some stock last year but the 1099-B is not imported from my account to Turbotax. If you see the 1099-B you will realize the Account Number listed might be different from your Schwab account number, I believe this form is not passed over to Turbotax. As mentioned here:

https://ttlc.intuit.com/community/taxes/discussion/how-do-i-import-my-1099-b-from-schwab-s-eac/01/59...

This sucks, specially for people with many trades over the course of the year since those have to be manually entered it seems. Hope this can be fixed soon.

[fanfare]

as an active investor, be aware that your category Box A 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.

[fanfare]

correcting basis for employer stock options is an adjustment.

enter the details on Form 8949, then use the subtotal results on the bottom of that form to know how much to subtract from your summary totals. Be sure to NOT check the adjustments box in the summary window.

[taxquestions12]

Still an issue for me.  This is a major pain.

@TurboTax Is there a fix expected?

[WendyN2]

Yes, we have been told that mid March this month this issue should be completely resolved. 

[sycmio]

This issue still blocks me from importing Charles Schwab EAC's 1099-B to Turbotax 2020 Premium. Any updates?

[pvbalaji]

Turbotax does not import 1099-B (employer/stock option related, it is big pain. Hopefully turbo tax attempts to address it.

[LinaJ2020]

If import does not go smooth, I will suggest to manually enter info.  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

A Form 1099-B is issued to report the proceeds from your stocks and bonds transactions.  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.  

[pvbalaji]

I am aware of manual update. Manually entering is pain and error prone. I wish Turbo tax can prioritize and address it.

[JohnB5677]

Here is a quicker way to post it.  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. If you want to manually enter your 1099-B as the summaries.

1. Tell us about your 1099-B sales for this  account
2. Answer the questions
3. Since you have more than a few  sales, we recommend entering sales section totals
4. Continue
5. Before entering sales section totals, take a moment to find them on your 1099-B
6. Continue
7. Now, we'll enter one sales section total on your  1099-B
8. Use the drop down menu to select the correct designation.

Code A. This code indicates a short-term transaction for which the cost or other basis is being reported to the IRS.

Code B. This code indicates a short-term transaction for which the cost or other basis is not being reported to the IRS.  

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.

Code E. This code indicates a long-term transaction for which the cost or other basis is not being reported to the IRS.  

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?
3. 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?
4. When asked how you want to enter your 1099-B, select I'll type it in myself.
5. Select or enter your brokerage on the next screen and continue.
6. 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.
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. 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. 

[whocanhelp]

If you have to type in manually why I need to use turbotax? I have used turbotax many years without this issue,

Looks like this is a bug of this version of turbotax Premier . If turbotax does not resolve this problem I will not going to use this software in the coming years!