Cannot import - more than 3000 transaction on TurboTax Premier 2020 Windows Desktop PC version

[scottjohnson277]

It seems as though Turbo Tax does not care. Intuit used to be a quality company, but they seems to have become less innovative and less customer oriented over time

[jaychow38]

I have the exact same feeling about Turbotax. But fortunately, i got the answer about a workaround to deal with it by only entering summary of 1099B, then mail the entire 1099B to IRS together with Form 8453. But I do hope TurboTax can enhance the software next year to remove the limitation of 3000 transaction. below is the detail of current workaround I got from someone.

Your brokerage statements should include a summary of your transactions, grouped by sales category, for example, "Box A short-term covered" or "Box D long-term covered." You'll enter the summary info instead of each individual transaction.

1. Open or continue your return (if it's not already open) and search inside TurboTax for the phrase stock sales.
2. Select the Jump to link in the search results.
3. 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?
   • 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.

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. 

[NJRealtor]

Thank you for the run down. Unfortunately, in addition to having to many transactions, the numbers are to big, even from the summary (total proceeds (sales) and cost basis) exceed the allowable digits.  I think TurnboTax only allows  like 7 or 8 digits.  This may be a restriction by the IRS for e-filing.  See below. However, the solution is the same as you suggested. I had to file an extension so I can work this through with a CPA. Thanks

. 

[justnow999]

Hello,

Turbo tax didn't create form 8453 but created 8453-OL for state.

Do I need to mail 8453-OL for state?

Please advise.

Thank you

[DaveF1006]

No, this is efiled to the state along with your tax return.  It is a form that gives authorization from you to efile a return to the State of California. In fact, it states on the form not to mail.  

[justnow999]

Hello,

I entered summary amount for long term and short term but I didn't enter wash sale amount. Finally I figured out how to enter by reading more online messages.

My return is accepted by IRS, do I have to do amend return? If so when?

Thank you

[AmyC]

Wash sale gains are taxable while the losses must be rolled into the basis of the next purchase. Be particularly wary with retirement accounts and wash sales.

Once your original return is accepted and the finances are settled, you can file an amended return, if necessary.

• Save a copy of the original return before doing an amended return. See: 
  • how to file an amended return.
  • I need to amend my state return.
  • Can I e-file my amended state return?
  • Can I e-file my 1040X to amend my return?
• Pay additional tax. Taxpayers who will owe more tax should file Form 1040-X and pay the tax as soon as possible to avoid penalties and interest. They should consider using IRS Direct Pay to pay any tax directly from a checking or savings account for free.
• Use separate forms if amending more than one tax year.
  • Each year on its own form
  • Each year in its own envelope
• Track amended return status online. Taxpayers can track the status of their amended tax return in English and Spanish using Where’s My Amended Return?  Amended returns take up to 16 weeks to process and up to three weeks from the date of mailing to show up in the system.

[NJRealtor]

Thanks. Still working on this. So what do you do if the summary is 10 digits. The Turbo Tax field is limited to 9 digits I believe?

[NJRealtor]

I'm still working on this because I filed an extension. I have this same issue with number of trades and limit on Digits. Do you find a solution for this? I can't see to get an CPA (they're to busy) to take the time to help me with this.  Any help would be greatly appreciated.

[scottjohnson277]

I filed out the 1040 without importing and then printed out all the transactions and mailed them to the IRS. I had some Grayscale Bitcoin transactions that were obnoxious bc I sold a bunch at once but transaction got broken into a number of individual sales to different people so the printout of my3 bitcoin transactions alone were over 200 pages long. Not sure the IRS like getting 700 pages of investment transactions, but they seemed to accept them. Not sure what I am doing next year - but definitely NOT using TurboTax

[fanfare]

Try a different tax software provider that will handle larger sub-totals.

OR, if you insist on using TurboTax ---

I) If your cost and proceeds are in the range 10 million to 99 million,
the simplest solution is to break up your total summary entry into two or more parts that are within the amounts permitted.
Then the summary line and grand total can exceed 9,999,999 because TurboTax puts it in there.
You will be able to e-File.
You may want to file on paper anyway when you need to attach transaction details.

--
II) If your totals are over 99 million,
then you have to do your taxes modulo 100,000,000 or 10^8.
Assuming your gain is less than 100,000,000 TurboTax will calculate your correct tax.

Then get Schedule D and Form 8949 in fillable PDF format at www.irs.gov
You will replicate the forms but with the true numbers.
Print your tax return and remove the Schedule D and Form 8949 from TurboTax
and replace with your own documents.
You will be filing a paper tax return by US Mail.
--
III) Your gain is over 100,000,000.
--
Scenario III is unlikely but if you find yourself in that situation,
you can get Morgan Stanley or some other big bank to do your tax return for you.

[NJRealtor]

Thanks. I did work on this with option 2. I split the summary number in 2 for short term and long term under the same 1099-B . Turbo tax then promoted me to upload the 1099-B (I dont remember that option last time, maybe its new or I missed it). I wonder if TT will then fill in the Schedule D and Form 8949?? I was going to work on it this weekend.  Thanks for the help.

[Tom1927]

Seriously, lots of people are trading a lot with zero commission trade and program should be updated to handle more than 3000 transactions.  I don't want to buy turbotax if I have to print out and mail stuff anyway.  

[Anonymous_]

---

@Tom1927 wrote:

.....I don't want to buy turbotax if I have to print out and mail stuff anyway.  

---

Do you have an alternative in mind?

Other major, consumer-level, income tax preparation software have similar restrictions. In fact, one of them does not support the importation of any brokerage transactions. 

[Tom1927]

I'm finding the same thing, if there is a tax program that handles this it should get all the business from people on this thread.  Amazes me a computer program in 2021 has transaction limits.