Unable to import 2021 1099 from JP Morgan Chase

[LF123456]

Received an extension due to hurricane Ian. I'm trying to import my 2021 1099 data from Chase and it brings up a message that the docs won't be ready until January 2023, but I need my 2021 statements, not 2022. I can't enter manually as my return is over 100 pages long. How can I resolve?

[Critter-3]

Import for 2021 has closed and 2022 import will not happen until sometime in February.

Manual entry is all you can do now  ... use the summary option :

There are seven possible "Box" designations that indicate the holding period (Long/Short Term) and the reporting status.  These are the only ones you have to summarize. If you want to manually enter your 1099-B as the summaries.

1. Tell us about your 1099-B sales for this BOA account
1. Answer the questions
2. Since you have more than a few BOA sales, we recommend entering sales section totals
1. Continue
3. Before entering sales section totals, take a moment to find them on your 1099-B
1. Continue
4. Now, we'll enter one sales section total on your BOA 1099-B
1. Use the drop down menu to select the correct designation.

Code A. This code indicates a short-term transaction for which the cost or other basis is being reported to the IRS. Use this code to report a transaction that the recipient will report on Schedule D (Form 1040), line 1a, or on Form 8949 with box A checked with totals being carried to Schedule D (Form 1040), line 1b.

Code B. This code indicates a short-term transaction for which the cost or other basis is not being reported to the IRS. Use this code to report a transaction that the recipient will report on Form 8949 with box B checked with totals being carried to Schedule D (Form 1040), line 2.

Box C. Report on a Part I with box C checked all short-term transactions for which you can't check box A or B because you didn't receive a Form 1099-B (or substitute statement).

Code D. This code indicates a long-term transaction for which the cost or other basis is being reported to the IRS. Use this code to report a transaction that the recipient will report on Schedule D (Form 1040), line 8a, or on Form 8949 with box D checked with totals being carried to Schedule D (Form 1040), line 8b.

Code E. This code indicates a long-term transaction for which the cost or other basis is not being reported to the IRS. Use this code to report a transaction that the recipient will report on Form 8949 with box E checked, with totals being carried to Schedule D (Form 1040), line 9.

Box F.  Report on a Part II with box F checked all long-term transactions for which you can't check box D or E because you didn't receive a Form 1099-B (or substitute statement).

Code X. Use this code to report a transaction if you cannot determine whether the recipient should check box B or box E on Form 8949 because the holding period is unknown.

Open or continue your return (if it's not already open) and search inside TurboTax for the phrase stock sales.

1. Select the Jump to link in the search results.
2. Answer Yes to both Did you sell stocks, mutual funds, bonds, or other investments? and Did or will you receive a 1099-B form or brokerage statement for these sales?
• If you land on Here are all your 1099-B sales, select Add sales from a different brokerage. Then answer Yes to Did or will you receive a 1099-B form or brokerage statement for these sales?
3. When asked how you want to enter your 1099-B, select I'll type it in myself.
4. Select or enter your brokerage on the next screen and continue.
5. On the following screen (Tell us about...), answer the questions until you reach the next screen. Select the second option, Let's enter a summary instead, and select Continue.
6. You'll now be able to 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 Continue.

When you are done, you'll eventually come to the Here's a summary of your broker sales screen where you can edit, delete, or enter more sales.

You will have to mail a copy of your 1099-B to the IRS.  TurboTax will produce a Form 8453. You print the Form 8453 and attach the brokerage statement(s) to it. 

[LF123456]

Thank you for this answer. Why would Turbo Tax turn of a critical function when an extension was granted due to a natural disaster? 

[ScruffyCurmudgeon]

@LF123456 @Critter-3 
@ErickaW 

Critter has done an excellent job in documenting what you, @LF123456 , need to do manually in entering the investment data from 2021 that would otherwise have been available from JP Morgan Chase.

What was not made clear is WHY you cannot download into a tax program the data after October 15th tax-prep year-end.

The  financial service firms, such as Chase, and not TurboTax, are the limiting factor.  Financial service firms generally allow you up to seven years to access and download the account's transactional date in two forms:  Statements (usually PDFs), and data files either in CSV (importable to Excel) and directly to XLS .  This is separate from the downloading into any tax preparation file which almost always has to be done from within the program (TurboTax, TaxAct, H&R, et alii). The file structure for that download is a specific form in *.TXF format and the financial services firms generally only provide that for the duration of tax filing season (generally starting in very late January but more typically in February) and cutting off on October 15th of the year.  I am not aware of any financial services firm (investments, banks, etc.) that continue to provide the "past year" data for TXF download once October 15th comes as their staff then goes to preparing the necessary software changes to provide 2022 (next year) data download.

[ErickaW]

@scr - did you mean to tag @ErickaY ?

[Critter-3]

Agreed ... this has nothing to do with the TT program.  The issuing brokers are the ones who shut off access to the online importing function after a certain time frame no matter what the IRS does or allows.  Going forward, even if you will not efile by the usual end of season,  you really need to at least import all possible  information into the TT program so you don't need to enter things manually.

[fanfare]

@LF123456 

As an active investor, you should be aware that your category Box A or Box D sales without adjustments do not require Form 8949, so there is no reason to import or key in those transactions.
Instead use the "enter a summary" option to put your numbers on Schedule D Line 1a or Line 8a.
No mailing is necessary. no attachment is necessary
--
If you have wash sales, it gets more complicated since those adjusted transactions have to be itemized on Form 8949 and the summary totals adjusted accordingly.

Enter the wash sales on Form 8949, then use the subtotal results on the bottom of that form (Line 2) to know how much to subtract which gives you the Schedule D line 1a totals. Be sure to NOT check the adjustments box in the summary window.
--
Alternatively, if entry of Wash Sales is too tedious,
summarize and check the box for adjustments and enter the disallowed amount.
This summary will go on Schedule D Line 1b.
You will be making the mail-in election.
Note: only the wash sales details have to be mailed if you summarize wash sales separately.

Unfortunately all the brokers I have used don't itemize wash sales on a separate page which is ridiculous.