TurboTax Business -- import 1099B data

[akmisterekbenson]

When will TurboTax Business support importing 1099B data? I use business to create a 1041 for a trust. A trust is usually an investment account held for somebody so there are many transactions to input.  Since it doesn't appear that the Business product supports importing 1099B data, I either have to enter hundreds of transactions (no thank you!) or send the 1099B into the IRS.  That kinda defeats the purpose of e-filing and makes it a bit of a headache.  

So PLEASE incorporate that feature (which works beautifully in the Premier software) OR allow the attachment of  a PDF of the the 1099B.  

I've used the personal software for years and have recently begun using the Business for a trust and an LLC and I find it frustrating that it doesn't provide as much help or assistance and is not as user friendly as the personal side.  Not quite sure why.

[Anonymous_]

The program may very well never support importing 1099-B data as this functionality has been requested for years (as long as I can remember, in fact). 

Note that if the transactions are all covered (basis reported to the IRS), then there is no need to mail or attach the 1099-B.

[akmisterekbenson]

Then that's a good reason to check out other software I guess!!  Seems like it would be easy to incorporate as it works in the Premier software. 

The investments were all covered, BUT there were some wash sales, which according to the IRS, require the 100B information. In addition, the 8949 form  specifically has on the summary in line 1a "See attached stmt". Which seems to indicate to me, I need to send in the 1099B statement which is not listed on Turbos filing instructions.

[Anonymous_]

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@akmisterekbenson wrote:

The investments were all covered, BUT there were some wash sales, which according to the IRS, require the 100B information. 

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I don't have an answer for that based on any authority, but I tend to think that a taxpayer might not have to mail the 1099-B if all of the transactions are covered and if any wash sales are reported as such on the statement (and that would make sense since the IRS would already have the 1099-B with any wash sales reported on the statement).