Premier stock functionality

[djboyer]

In the past, I simply told Premier the name of my stock broker (E-trade), logged in, and Premier automatically calculated by taxes based (electronically) on my trades.  In 2024, Premier is asking me to manually enter trade information from my broker's forms.  Is this new?  Will Turbotax no longer automatically calculate the taxes due on trades?

[MarilynG1]

No, you can still import your Broker info.  Did you type in E*trade as your broker this year?  In the Investments section, choose Add Investments, type in E*Trade and double-click on E*Trade from Morgan Stanley.  You should then get a Sign In Page.

Note that Etrade requires you to sign into your account and enable 'third party sharing'.

[djboyer]

Thanks so much for responding!  The E*Trade switch was already set to "yes."  The problem I have is that I sold a "worthless" stock (value went to "$0.0002"), and E*Trade is not listing it among my "sell" transactions.  It is apparently supposed to be self-reported as a sale on form 8949.  How do I do this in Turbo Tax?  This article may be helpful to explain: https://www.acapam.com/blog/worthless-stock-deduction/

[JamesG1]

If the stock is worthless, you should be able to report your complete investment in the stock.

Stocks, stock rights, and bonds (other than those held for sale by a securities dealer) that became completely worthless during the tax year are treated as though they were sold on the last day of the tax year.

A stock may become worthless when the corporation files for bankruptcy, stops doing business, and has no assets. Financial difficulties will not make a company's stock worthless unless there's no hope that the company will survive.  Worthless stock includes abandoned stock, permanently surrendered for no consideration.

See IRS Publication 550 Investment Income and Expenses, page 54.

You may enter summary information instead of each individual transaction.  In that case, create a .PDF of the IRS form 8949 to upload into TurboTax Online.  Follow these steps.       

1. Down the left side of the screen, click Federal.
2. Down the left side of the screen, click Wages & Income.
3. Click the down arrow to the right of Investments and Savings.
4. Click to the right of Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B).
5. Click Add investments.
6. On the Let's import your tax info screen, select Enter a different way.
7. On the OK, let's start with one investment type screen, select Stocks, Bonds, Mutual Funds, then Continue.
8. At the screen Which bank or brokerage, enter the information.  Click Continue.
9. Do these sales include any employee stock, enter No.
10. Do you have more than three sales, enter No.
11. Do these sales include any other types of investments, enter No.
12. Did you buy every investment listed, enter Yes.  Continue.
13. On the screen Now, choose how to enter your sales, select One by one.  Select Continue.
14. At the screen Look for your sales on your 1099-B, select Continue.
15. You will now be able to enter $0 total proceeds (sales) and your cost basis, along with the sales category. Refer to your IRS form 1099-B, IRS form 8949 and / or Schedule D Capital Gains and Losses for the amounts and category. When finished, select Continue.
16. At the screen Let us know if any of these situations apply to this sale, select This was a worthless security.
17. At the screen Review your sales, select Add another sale as necessary.
18. When completed, close the record and click Continue.