Unsuccessful Import of Merrill Lynch tax documents

[bbugaski]

By the way, it may seem unusual but I have found the necessity to pay tax on dividends even though the Merrill Lynch account total has actually decreased in 2018 as a result of the fluctuating market.

[tcohn01]

Ok, here's the ML deal: super long ML stock transactions docs will not import to TT online, ever. Maybe to TT desktop or CD, but TT online? NEVER.
And yes, pp. 3-4 of ML is most of what you need, BUT NOT ALL!
You still have to find the summaries of Long Term and Short Term capital gains (or losses) that are Buried in the ML doc, and enter them Manually onto the TT online worksheet process!
Pages 3 and 4 of ML alone do NOT suffice!

[16biglevel]

Turbo Tax CD ROM / Download for desktop are still having this import data problem in 2022 - in my case with Fidelity using an Mac    iOS.  I spent three hours in the phone with a TurboTax rep who advised this was a common problem for TurboTax Premier CD ROM/web download users.  The solution is to use on-line version of TurboTax Premier.  Importing 1099 data from major financial institutions is not a problem.  Apparently TurboTax has neglected to address this issue.

[Spino]

@16biglevel That is very unlikely, in my humble opinion. Since the import is a separate process from the version of TT that you are using, it would be unusual, in my opinion, for the data from one broker to TT to work differently in any version online or downloaded. What is likely is that there may be a glitch in the interface between Merrill and Schwab, since others have complained about this in the past, or that the data was not yet available when you tried to download (the most common complaint about automated downloads from brokers.)

I would note that automated import of tax data from a brokerage is NOT an essential feature to completing your taxes, although it certainly is nice. And, as others have noted in this thread, a "successful" import should still be carefully cross-checked, since you are responsible for the correct input not TT. I find that if it imports, usually it's successful, but these things apply:

1) The data is never available for automated download before it is available to you on the broker's website.

2) There is a delay between the posting of the data on the broker's site and the time they make it available for automated import, usually one to three days.

3) When it imports, I want to check each major area--interest, dividends, stock transactions--4 kinds, covered (cost data reported) and uncovered, short term and long term. Additional data may be needed, especially for uncovered (no cost data reported) transactions, if any.

Also, remember that if you are manually entering, it's easiest to do summaries for the major areas listed above, and then send in the supporting data after filing electronically, as is allowed by the IRS.

I hope this helps and I hope you have already succeeded as well :-).

[16biglevel]

Thank you for your observations, explanation and suggestions.  I have been a TurboTax Premier download/CD-ROM user for several years and encountered no problems importing 1099 data from Fidelity and other financial firm.  This year was different.  TurboTax successfully made the connection to Fidelity, subsequently advising data import was successful; however, no data files were imported.  Numerous attempts to import data from Fidelity failed.  A TurboTax customer service rep spent considerable time and effort researching the problem, using screen sharing and also involving another specialist.  These were talented people who could not resolve the problem or suggest a solution, other than trying TurboTax Premier on-line product.   I gave up on TurboTax Premier desktop at that point and went to TurboTax Premium on-line which handled import of 1099 documents from Fidelity easily and without issues.  I know of another TurboTax Premier desktop user who experienced the same problem with a different brokerage firm - could not import 1099 data using TT Premier desktop but could do so using  TT Premier on-line.   I remain of the opinion that TurboTax Premier 2022 has an inherent flaw preventing import of 1099 data. The problem needs to be addressed.  I will never know because, going forward, I will use the TurboTax Premier on-line product with which I am very satisfied. 

[Spino]

Thank you for your input. I'll keep that in mind, as I'm using a desktop version and will be importing from several brokerages soon.

[BrownieUNC2018]

The answer lies in the volume (number) of transactions in that brokerage account for the year.

Once you pass a certain number of trades, you have to make the switch.

[16biglevel]

The volume of transactions was not the issue in my case.  TurboTax Premium on-line had no problems with the 1099 data import whereas TurboTax Premium CD-ROM/download to desk had an unresolvable problem with the data

[Spino]

I just finished importing 1099 combined (interest, dividends, capital gains) from Vanguard, Fidelity, TD Ameritrade, and Schwab (to TT Home & Business desktop version.) All went well, although there were two different procedures. Schwab and Fidelity involved logging into the brokerage accounts online while logged into TT online, even though I'm using desktop-based software. Vanguard and TD Ameritrade involved entering numbers into TT for the account and the document ID that can be read off the 1099 forms from those brokerages.
As to volume of trades, I'm a daily trader on Schwab, less frequent trader on Fidelity, and very low volume trader on Vanguard and TD Ameritrade. 

As to reviewing the forms, after the import, the dialogue popped up each dividend form for me to review for accuracy. I haven't reviewed the capital gains yet. I don't think it prompted me on those, so I need to go back and review....