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realibrium
Returning Member

Turbo Tax Premier crashes while importing my Charles Schwab 1099-B Data

Hi:

 

My Turbo Tax Premier crashes while importing my Charles Schwab 1099 data. It complains about the fact that there are over 1000 transactions or records and says that it will slow down the import. But then it just finishes without importing anything.

 

Is there a workaround for this. Do you have an expert that I can talk to that can help me through this process? I have used Turbo Tax since 1995 and never had a problem like this.

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3 Replies
rjs
Level 15
Level 15

Turbo Tax Premier crashes while importing my Charles Schwab 1099-B Data

You didn't say whether you are using TurboTax Online or the CD/Download TurboTax software. It sounds like you might be using TurboTax Online, which has a limit of about 1,500 transactions from a single brokerage. You could try switching to the CD/Download software, which can import about 2,000 transactions from one brokerage. As an alternative, instead of importing all the transactions, you could make summary entries in TurboTax, then mail a copy of your brokerage statement to the IRS. See the following FAQ for more information.


How do I enter a large number of stock transactions in TurboTax Online?

realibrium
Returning Member

Turbo Tax Premier crashes while importing my Charles Schwab 1099-B Data

Hi:

I am using Turbo Tax Premier Download. 

I have over 3,000 transactions in my 1099. Is there another alternative to importing this large amount of transactions. Doing groups of them is very time consuming. Plus it can lead to errors. 

Regards,

 

 

 

Turbo Tax Premier crashes while importing my Charles Schwab 1099-B Data

 

How do I enter a large number of stock transactions in TurboTax Online?

TurboTax Online is equipped to handle around 500 individual transactions (give or take) per brokerage account before performance starts to deteriorate.

If you need to enter a bunch of stock transactions with a total sales volume of less than $10,000,000 (ten million), you can enter a summary for each sales category. Instructions follow.

Another alternative is to switch to the TurboTax CD/Download software which handles around 2,000 individual transactions per brokerage.

How to enter a summary in lieu of individual transactions

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'll enter the summary info instead of each individual transaction.

  1. Open your return in TurboTax Online (if it's not already open) and search for stock sales in the upper-right corner.
  2. Click or tap the "Jump to" link in the search results.
  3. Answer Yes to both Did you sell any investments? and Did you get a 1099-B?
    • If you land on Here's the investment sales info we have so far, select Add More Sales. Then answer Yes to Did you get a 1099-B?
  4. On the Choose Your Bank or Brokerage import screen, select I'll type it in myself.
  5. Select or enter your brokerage on the next screen and continue.
  6. On the following screen (Tell us about...) select the second option, I'll enter a summary.
  7. On the same screen, enter the total proceeds (sales) and cost basis, along with the sales category. Refer to your 1099-B for the amounts and category. When finished, select Done.
  8. Follow the onscreen instructions to enter additional sales or to view a summary.

When you are done entering all your sales transactions, you'll eventually come to the Here's the investment sales info we have so far screen. Here you can edit, delete, or enter more sales.

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