How to edit the title of electronically imported 1099-B by brokerage?

[farleylai]

1099-B imported from multiple brokerages electronically are all shown as from Apex Clearing Corporation. The Edit interface does not provide a way to change or add the brokerage name, making it hard to track which are imported or not. Any workaround to make life easier?

[JamesG1]

Do the individual brokerages provide individual IRS form 1099-B's?  If so, you may elect to report summary information.  

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 will enter the summary info instead of each individual transaction.  Follow these steps.       

1. Open or continue your return.
2. Select Federal down the left side of the screen.
3. Select Wages & Income down the left side of the screen.
4. Select Show more to the right of Investments and Savings.
5. Select Start / Revisit to the right of Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B).
6. Answer Yes to Did you sell stocks, mutual funds, bonds, or other investments in 2021?
   • If you land on Your investments and savings, select Add investments.
7. At the screen Relax.  We got it, select Continue.
8. On the Let's import your tax info screen, select Enter a different way.
9. On the OK, let's start with one investment type screen, select Stocks, Bonds, Mutual Funds, then Continue.
10. At the screen Which bank or brokerage, enter the information.
11. Do these sales include any employee stock, enter No.
12. Do you have more than three sales, enter Yes.
13. Do these sales include any other types of investments, enter No.
14. Did you buy every investment listed, enter Yes.  Continue.
15. On the screen Now, choose how to enter your sales, select Sales section totals.  Select Continue.
16. At the screen Look for your sales on your 1099-B, select Continue.
17. You will now be able to enter the total proceeds (sales) and 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
18. You can add additional sales totals by selecting the Add another sales total on the Review your sales section totals screen.
19. When completed, close the record and click Continue.
20.  At the screen Now, we'll help you upload your 1099-B since the IRS requires a copy, browse and select your document.  Select Continue.
21. When you upload your document, your filing instructions will not show that anything needs to be mailed in, and no IRS form 8453 will be generated.

@farleylai 

[farleylai]

Thanks for the instructions but this essentially nullifies the benefits of electronic import. So many brokerages nowadays send 1099-B through Apex Clearing. Resort back to manually processing each 1099-B as in the old days never sounds like an acceptable and scalable solution for a paid service in 2023. The 1099-B clearly shows in account with the actual brokerage that TurboTax should capture through the electronic import. Otherwise, please consider adding a note or comment field for better description and identification. This should not be too much from a technical perspective and will save tons of time for millions of users.

[nicolegaris]

I have the same question.  I imported my 1099-B and the brokerage name is accurate on some and inaccurate on others and some of the inaccurate brokerage names cannot be edited.  Pretty sure I'm paying 130 bucks just for the ability to file investment info.  Not really happy about this.

[gtchen66]

It's 2024 and I'm using the 2023 Premiere and it still has the same problem.  Can't edit the name of the institution.  In this case, the name is so long that I have to side scroll to even see some of the columns in the summary page, even though there is plenty of unused blank space in the window (like two thirds unused).  Be nice if someone could update this.

[JamesG1]

In TurboTax Desktop Premier, the name of the reporting financial institution may be updated or corrected on the Form 1099-B Worksheet in FORMS mode.

In TurboTax Online Premium, the name of the reporting financial institution is entered at the screen Which bank or brokerage is on your 1099-B before the IRS form 1099-B information is downloaded.

@gtchen66 

[tommick]

But it's really bad to have to download the forms, which may be many, just to find out that you have to delete them all to enter the exact name of the company that's listed on the forms.