Trying to import schwab brokerage account, only partial accepted getting message "tt transaction limit exceeded" and not importing. how do i get information over??

[petersen-thomas01-att-net]

no additional

[fanfare]

if you are an active investor you should be aware that Box A and Box D transactions with no adjustments do not have to be itemized on Form 8949. Thus there is no reason to import those transactions.

instead report subtotals on schedule d Line 1a  for A and Line 8a for D

If you have wash sales, it gets more complicated since those have to be itemized on Form 8949 and the summary totals adjusted accordingly.

enter the wash sales on Form 8949, then use the subtotals on the bottom of that form to know how much to subtract. Be sure to NOT check the adjustments box in the summary window.

[billspurlock]

I need help with this and I have no idea where to get this form in the program. I have 5K transactions, I cannot manually report them. about 3K are wash sales. What am I supposed to do with this. 

[snoopdoggrob]

Hi, did you ever figure out a solutions for this? I'm running into the same thing myself now...

[WendyN2]

It is a work-around, but there is one "solution" - or route - you can take. Using the "Totals" line items on your brokerage statement - entering just the total cost basis and sales proceeds for each column, and in the purchase date - for LT transactions section, make the date anything that will force the system to categorize it into a LT transaction (same for the ST transactions section). Also, doing the same for wash sales. This work-around had been done for many years with so many tax prep software systems (some even the most expensive and sophisticated of them) as systems change across all electronic formats from brokerage firms to tax software systems to the IRS electronic receipt of the information. The IRS wants to know whether short term or long term and the net gains/<losses> for each section. 

Don't forget to make sure you also have to enter any interest and/or dividend income as well. At least this way you're not faced with thinking that you have to manually enter ALL transactions individually! IN ADDITION, don't forget to mail in a copy of your Schedule D, a copy of your 8949, and a full copy of your brokerage statement(s) to the IRS - postmarked within 3 days of e-file acceptance. It is my strongest advice to you that you mail all of this out from the PO Certified Mail/Return Receipt Requested as this will be proof of 2 things - that you mailed it within the required time frame, and that the IRS has received your forms (this will be evidenced on the "green card" that you will receive back in the mail once an IRS agent signs for your mail package).

[gotchaos9t]

I've seen similar questions regarding ttax limit, which I believe is 2000 transactions.

I have 16720 transactions and here is the work-around.

Log-in to Schwab, go to History, Realized Gain

Select previous year.

If you hit the Schwab limit (10000 I think), 

then ask for Jan1 to June30, July1- etc

Once you have all the data downloaded as .CSV files,

you can merge them together and upload into Google Sheets.

Total the columns and verify the results with Schwabs PDF statement.

Now you can modify (squash) the lines into whatever you want.

If all you have is Wash Sales adjustment, skip the downloads.

Just read the Schwab PDF last page totals.

In TTax: Import (once) the schwab info. (Int, Div, Trades, DepositInfo)

You'll get Int, Div, DepositInfo imported and a message tooManyTrades

TTax Forms select SchedB adjustments...

the form explains "Entering greater than $9,999,999.00 values".

Enter your Schwab PDF values and W code.

This same metho should work for TaxAct and other software too.

It worked for my 16,752 transactions and $476,000,000.00+ values