How do I import from Vanguard?

[WendyN2]

I am taking this one only because I use Vanguard as well and this is a 2020 Vanguard internal issue that they have encountered. You may still manually enter this information as the information Vanguard has submitted to the IRS is accurate. 

If you have a plethora of transactions that you are trying to upload from Vanguard directly, you can still list on Schedule D in two separate transactions - totaling one for STG/<L> and another for LTG/<L> and that is acceptable by the IRS.

[LindseyLO]

Help with importing your Vanguard documents has been provided in a thread, You can access this thread by clicking here.

[budreag]

So, the TurboTax - Vanguard import doesn't work and that is an acceptable answer?  If I am required to enter this many transactions by hand, why bother with TurboTax?  It seems TurboTax should be working with Vanguard to resolve this or risk losing customers.    In regards to the suggestion to enter just Totals (st and lt gain/loss), I think that is incorrect.  I have always needed the detail transactions.  

[MarilynG1]

@budreag  If your import didn't work properly, click this link for info on How to Delete Imported Transactions.

Click this link for for instructions on How to Enter a Summary in Lieu of Individual Transactions.

The Form 8949 will have Summary Category Totals, and you can attach your Brokerage Statement to it for mailing.

[Edited 2/17/2021 | 12:29 pm]

[budreag]

Thanks for the reply but I don't think that works.  First, I have already imported my brokerage account from US Bank which list detail transactions on Form 8949.  If I just override the totals ST/LT gains with my Vanguard total amounts, the totals will not equal the detail supplied on Form 8949.  Second, from Intuit's website, I have to file Form 8949 since I have a wash sale (see below).  So, it seems my Vanguard detail transactions HAVE to be entered on Form 8949 and I can't just enter summary numbers.  

It sure seems like the better idea is for Intuit to work with Vanguard and solve this problem.

FROM INTUIT WEB SITE:

There are two exceptions to having to include transactions on Form 8949 that pertain to individuals and most small businesses:

1. Taxpayers can attach a separate statement with the transaction details in a format that meets the requirements of Form 8949.
2. Taxpayers can omit transactions from Form 8949 if:
   • They received a Form 1099-B that shows that the cost basis was reported to the IRS, and
   • the form does not show a non-deductible wash sale loss or adjustments to the basis, gain or loss, or to the type of gain or loss (short term or long term).

[fishndave]

exactly.   Turbotax should be pushing Vanguard on this. It has been a multi-year issue and is a royal pain to enter the data by hand.   

[DavidD66]

@budreag I can assure you that it is OK to enter summary totals for stock transactions.  I do so on multiple returns, and have been doing so for year.  That is the reason Form 8453  "FILE THIS FORM ONLY IF YOU ARE ATTACHING ONE OR MORE OF THE FOLLOWING FORMS OR SUPPORTING DOCUMENTS."  has a check box for: 

"Form 8949, Sales and Other Dispositions of Capital Assets (or a statement with the same information), if you elect not to report your transactions electronically on Form 8949"

[kan2]

Hi Wendy N2:  Is this issue still open, as far as you know?  I tried to import this year and am not able to access either the Vanguard Brokerage or Vanguard Mutual Fund Account.

[WendyN2]

Yes, this issue is still open. I also found out yesterday (more like 2am EST) that it is not just Vanguard, it is MANY of the brokerage firms' software not properly communicating with MANY tax preparation software systems. The "word on the street", so to speak, from professionals and others from the DOR, is that they are working to get this resolved as quickly as possible and hopefully by mid-March (15th, as this is Corp. Tax Due Date). So, unfortunately, the option for the time being still stands as exporting your statement(s) to Excel, categorizing accordingly (follow Form 8949 instructions for types - S/T vs L/T, wash sales, etc.), and manually enter totals of net S/T gains/<losses>, net L/T gains/<losses>, wash sales - DO NOT ENTER AN AMOUNT BELOW $ 0.50 as it will round to zero and that field in TurboTax does not accept a zero - just make it an even dollar, and don't forget about any/all interest and dividend income, foreign taxes paid, etc. A pain, I know, but if it is any consolation to you, this has happened in past! 

In addition, please note that TurboTax is working on resolving the issue with "various" dates being entered, so if it is S/T (owned one year or less), use a purch date - any date - in 2020 prior to sale date, of course, and for L/T, any date that is over one year (ex. sale date 12/20/2020 - set purchase date at 06/30/2019) as the IRS ONLY cares about the taxability of such gains and losses, so this will categorize them accordingly onto the related Schedule D. 

[Katy22]

it doesn't work and vanguard told me it was your problem

[Katy22]

i have tried many times and it doesn't work

[Katy22]

you don't seem to help me it they system doesn't work

[CapeCodDave]

I am having the same "The Primary owner must be logged in " problem.

Is this related to the other problems in this thread or something different.  Is there a solution to this one?

[MichelleLO]

Please reach out to TurboTax Customer Support as your issue would be best resolved with one-on-one support. Please follow the instructions in this TurboTax FAQ to contact Customer Support: What is the TurboTax phone number?

[jwong54]

Vanguard say it's a Turbo Tax problem