Can I import 1099B into TurboTax Business Software?

[tagteam · Accepted solution]

"Can I import 1099B into TurboTax Business Software?"

No. Unfortunately, TurboTax Business does not support importing tax reporting statements (such as a 1099-B) from financial institutions. Information from such statements must be entered manually into the program.

[DJSMLS]

I spent over 45 minutes on the phone with TT and they could not answer this simple question.  I finally googled it myself and found this answer in 30 seconds.  (I know, should have done that earlier.)   I also asked if there was a way to enter summary data info like done in years past, with the 1099 being mailed in with the return.  TurboTax Business doesn't seem to allow it this year.   And the TT agent could not answer that question either.  Finally, I asked to have the matter escalated to a higher level, which the agent agreed to do, but no one at the higher level responded to her request.  I finally ended the call.

[Lulu20]

Did you ever get a response to your escalation? I am amazed that it is impossible to import or summarize the 1099 B this year. I have hundreds of these transactions to enter which makes this a pricey tool. I may forego this tool next year.  It would be helpful if they would at least change so we can summarize the transactions like we were able last year.  Maybe next year they can fix so we can import. 

[DJSMLS]

No, I never did get a reply.   Indeed, it is amazing that the features available in other TT products such as importing 1099B data or the ability to enter summary information is not possible in TT Business.  What's more amazing and unfortunate was the lack of customer support for the TT Business version. 

[e-shippee]

Lots of mixed messages regarding this topic.

What I know for sure:

1. I had brokerage account with USAA for tax year 2019

2. From within TurboTax I created a dummy return to first test process without messing up hard data.

3.  From within TurboTax I went to File/Import/From Financial Institution

3.a. Searched for USAA, Chose USAA (1099 Tax Statements) then clicked continue

3.b. From there choose 1099-Div, 1099-B, etc., and follow the prompts to validate transfer of data from financial institution to TurboTax (2 factor authentication, etc.)

Piece of Cake.

[VolvoGirl]

@e-shippee  Which version did you use?  A personal version or the separate Turbo Tax Business?

[DJSMLS]

Thank you for your reply.  Just to clarify --  the question relates only to "Turbo Tax Business" for Partnerships, S Corp, C Corp, multi-member LLC, trusts and estates.  Is this the version you mean, or are you using  "Turbo Tax Home & Business" version for independent contractors, small businesses, sole proprietors,  etc. ?  Those are quite different versions.  

[tagteam]

@e-shippee was almost certainly not referring to TurboTax Business since that product is totally incapable of importing from anything other than QuickBooks. 

[e-shippee]

Sorry, I was thrown by the "Business", I used "Turbo Tax Home & Business".

I'll jump off here now.

[bud0k0c0]

Let me add to the confusion.   I too have been disappointed for several years by TT not supporting the download of 1099B data into schedules 8949 and Sch D in the Business TT offering.  So, what I do ( call me crazy ) is download the 1099B Data in (using) TT Premier and generate 8949 PDF's in the Premier Program.  Then I take the totals from the 8949's and plug(over-ride) those totals into Sch D in the TT Business program.   Now "of course" TT does not allow PDF's to be attached to an Electronic 1041 submitted via TT;  so I print everything out and put the 8949 PDF's behind the Sch D --- then mail it all in.  Several years ago I asked TT about this lack of import support,  but don't think there was any hope other than maybe someday.    Maybe it's in the Business program this year --2020  --- hoping.... -->  sure would help a lot of people.  

[tagteam]

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@bud0k0c0 wrote:

Maybe it's in the Business program this year --2020  --- hoping.... -->  sure would help a lot of people.  

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No, it is the same; you can only import from QuickBooks.

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@bud0k0c0 wrote:

Now "of course" TT does not allow PDF's to be attached to an Electronic 1041 submitted via TT;  so I print everything out and put the 8949 PDF's behind the Sch D --- then mail it all in.  

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If you have the appropriate type of PDF software, you could combine your Form 8453 (FE, PE, S, or C) with your 8949s and e-file. I am not sure how the IRS receives all of that information on their end, but it is possible to combine the forms and e-file in TurboTax Business.

[March-2020]

Apparently not. Importing financial institution data has been a feature of the personal version of TurboTax for many years. That this isn't possible in TurboTax Business/Estates and Trust is a HUGE shortcoming. As a TurboTax  user for over ten years, I purchased the Business version solely for the ability to import a large number of brokerage transactions for a Trust.  TurboTax should do a better job to inform customers as to the the feature differences between the different versions of the program. Needless to say this is the first and last time I will be buying the Business version.

[bud0k0c0]

Yes,  You are correct the Business version not only doesn't import 1099-B but also does not import any financial statements -- like 1098 1099-INT 1099-MISC  etc ....   I just put the totals into Sch D and attach and mail in our 1041 and 1099-B for Trusts.    The Premier version has a lot more function and is cheaper, but doesn't have the Business or Trust forms,  so they cam keep ignoring the 1099-B import requests.  

[ReneeM7122]

You are correct, TurboTax Business does not support importing tax reporting statements (such as a 1099-B). Information from such statements must be entered manually into the program.  You would use TurboTax Business to complete a tax return for corporations, partnerships and LLCs.  You can then import that return into your personal tax return and import your 1099 there, as part of your 1040.   

Here is a link that shows a comparison between the TurboTax online products.

@bud0k0c0