Schwab import fails
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Level 1

Schwab import fails

I have Home & Business 2019.  When I try to import my 1099, I get the message:

   This import was unsuccessful.

   There isn't any tax-related info to import right now.

 

I contacted Schwab who said that files were released and available.  I have not had any import problems in previous years.  Please advise.

6 Replies
Employee Tax Expert

Schwab import fails

In order to import your Schwab 1099 form(s) into TurboTax, you’ll need to opt-in to Schwab’s import program settings directly from your Schwab account.

To do that,

  1. Log in to schwab.com/passwords.
  2. Once logged on to Security Center, scroll down to Third-Party Access to Account Information, and under OFX, select Enable Third-Party Access.
  3. You will receive an email confirming third-party access is enabled.

After that,

  1. Sign in to your TurboTax account and continue to your return.
  2. Search for the form you’d like to enter (for example, 1099-INT, 1099-DIV, 1099-B), and select the link at the top of the search results.
  3. Continue through to successfully import your Schwab 1099 forms.
  4. You can also navigate to the section by selecting Wages & Income from the top menu.
  5. Scroll down to Investment Income, select Revisit next to the section you were working on, and continue through to successfully import your Schwab 1099 forms.
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Level 1

Schwab import fails

I have already enabled 3rd party access.  It is a different error message when the access is disabled.

Employee Tax Expert

Schwab import fails

I can't help if the 1099 download isn't working; however, there is an alternative if your 1099-B won't import.  You can enter category totals instead of individual transactions.  To do so,

  • Click on Search
  • In the Search Window type Jump to 1099-B
  • Click on Jump to 1099-B
  • Click + Add an Account (if the account you were trying to download is showing, delete it first)
  • Answer Yes to "Did or will you receive a 1099-B form or brokerage statement for these sales? "
  • Click on "I'll type it in myself"
  • Select your Bank or brokerage and click Continue
  • On the page with "Tell us about your 1099-B sales for this Charles Schwab account" answer the question about employee stock & the number of sales, etc.
  • click the button "Let's enter a summary"
  • Enter your Investment Sale information and repeat to you have entered for each category.

After entering all your category summaries,  Look for "To finish reporting these sales, follow the mailing instructions" and click on the link for these instructions:

 

Take a moment to double-check that your statements are complete. For each sale listed, there should be:

  •  - A Description
  •  - Date Acquired
  •  - Date Sold
  •  - Sales Price
  •  - Cost Basis
  •  - Gain or loss for each sale
  •  - A based on how the sale was reported to you and the IRS

 In some uncommon cases, there will be an adjustment code and adjustment amount.

 NOTE: Any sales summaries that include only Box A or Box D sales, and which have no adjustments to gain/loss, do not need to be included on a statement mailed to the IRS.

 Here's how to mail your statements:

 If you are e-filing your tax return, then mail your statements along with Form 8453 to:

Internal Revenue Service

Attn: Shipping and Receiving, 0254

Receipt and Control Branch

Austin, TX 73344-0254

If you are not e-filing, then mail your statements with your entire tax return to your local IRS office.

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New Member

Schwab import fails

I've never had any problem importing from Schwab before.  I use Turbo-tax Premier

Employee Tax Expert

Schwab import fails

A couple of things to try.  1. If you have a VPN running, disable it.  2.  Try a different browser (Chrome, FireFox, Edge).  

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New Member

Schwab import fails

 

I'm having the same issue.

I'm using the downloaded installed product on my desktop.

I was able to download from etrade.

It's just schwab where I cannot.

And I have change the third party switch -- which was "on" to "off" and then back to "on" -- just in case.

None of that accomplished anything.

It appears the handshake between intuit and schwab is broken.

Schwab has XML, CSV download available.   Does TurboTax allow importing those ??   If so, how ?

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