Charles Schwab tax forms not importing in TurboTax

[danhendel]

I don't think it's the quantity because it didn't happen in previous years.  It appears schwab changed its process requirements and all I have been told is that they are working on it (at least they are saying Turbo Tax is working on it and it's on TT's plate and not on Schwab's plate).  I know I have a lot of transactions and I do not want to enter them manually either. 

[Dovster]

The good news is that you do not have to enter all of the transactions -- just four of them:

1.  Your dividend total for the year.

2.  Your long-term proceeds.

3.  Your long-terms costs.

4.  Your short-term proceeds.

5.  Your short-term costs.

When  you download the 1099 form (NOT to Turbo Tax, just to your computer) Schwab gives you the totals for costs/proceeds and dividends.  From there, you enter them manually to TT.

[Paulrm903]

I finally got it to work.  Just kept trying and it finally worked

[gv3021]

@Dovster , I would love to do it this way if it is OK with the IRS - is there any IRS reference you are aware of that you can point me to?   
I saw the 'enter categories" option in TT but I am simply not sure if it is IRS-kosher.

[gv3021]

@Paulrm903  , I just tried again. Failed like before.

[infinity18]

TT is  a huge waste of money. I did talk to someone at TT, and she literally had no idea what was going on. The only thing they have is instructions on what to do. The idea of TT just not working is way the hell out of the realm of anything doing "tech support" can help with. They can only give you instructions on how to use TT, and the idea that TT isn't working is beyond what TT tech support can conceptualize.

[infinity18]

Based on what? You being a TT honk?

[Dovster]

The TT software says that if you have multiple proceeds from the same brokerage you should post the totals only (citing the brokerage as the source).  Schwab tells you that they have sent the details to the IRS.

[hawke]

I see this thread was started mid-February. April is around the corner. Why is this not fixed yet?

[hawke]

Someone correct me if I'm wrong but I don't see any workaround consensus yet.

[gv3021]

tried again this morning.. no luck

[hawke]

To clear up some myths, regarding the Schwab login screen issue where it says "Login is temporarily unavailable. Please try again later or call customer support" after logging into Schwab via TT and confirming the agreement:

- Yes the issue [still] occurs on the Mac version. It's not just Windows.

- People have confirmed that changing the password and/or entering the wrong username/password first did not work.

- "Keep trying" is not an appropriate solution.

@ejudge69
I experienced the same issue of the Cancel button not being accessible, and almost thought I lost several hours of work due to the force quit. Luckily on Mac there was an autosave available at Library > Autosave Information. For some reason Intuit doesn't tell you about the autosave. Here I outline the issue and a workaround to making the Cancel button accessible (Hide Toolbar) depending on screen resolution: https://ttlc.intuit.com/community/taxes/discussion/may-have-lost-several-hours-of-work-because-of-ri...

[gv3021]

I tried from another computer running Windows 10 (rather than Windows 11) and still got the same error.  (Note: my error is not the 'login  unavailable' error, it is is the "import was not successful" error after it starts importing.)

Rather than waiting for [Schwab <-> TurboTax] to fix their issue (who knows if and when that will happen):

In TT,  I decided to enter "Summary information" rather than individual transactions  (as suggested by others in this thread).  In my case, I had only two summary sections (I did not have any long-term transactions):

     - Short-Term covered (type (A))

     - Short-Term non-covered (type (B)

TT will tell you that IF you do this, you need to mail a PAPER form 8453 along with 8949s.  Hated this, but needed to move on with filing my return (not too many weekends left before April15)!

I went ahead and e-Filed like this.  Then TT offered a pre-filled form 8453, which I printed.  I attached two printed 8949s to this - one for each section above, added a copy of the Schwab 1099-Composite.   I am going to paper-mail this tomorrow - well over 300 sheets of paper :( :(     IRS accepted the e-File (which is not saying too much).

The inability of TT to attach a PDF to an e-filed return is a HUGE short-coming IMO.  IRS has the ability to accept such attached PDFs, I am told.   I wish I didn't have to kill so many trees.

_______
P.S.   When I installed TT on a different PC running Windows 10, TT reported a different amount of refund on the same TT file!   WTH!   Whatever!  We'll see what the IRS says eventually.  I  did get Audit Defense (I always do.)

[hawke]

I ended up going the manual route. Turns out there were not many boxes that needed to be completed, but I'm wondering if some steps that would've usually been automatically conducted by TurboTax via import were skipped when going the manual route, because this year I had to answer extra questions about alternative minimum tax and simplified foreign tax limitation election -- relating to foreign tax credit received via Schwab and elsewhere, and associated with form 1116, etc -- which I never had to do before, although I also received foreign tax credit in prior years. There were more than several questions relating to this and it took me a good while to figure out how the heck to answer these, which, conflated with the failed import process, wasted even more of my time. If this isn't fixed next year I will try other software.

[gv3021]

@hawke , what did you mean by 'going the manual route'  ?   You entered each transaction by hand?
(In my case it would have been near impossible since I had over 3200 transactions.)