Uploading/Connecting banking and brokerage accounts creates duplicate entries and increases reported income

[Yas2]

Anyone else having problems with uploading your Bank of America and Merrill Lynch accounts to TurboTax? Mine keeps adding multiple entries of 1099-INT/DIV which then artificially inflates my income. It also creates a huge drag down the line where every state and federal line item needs to be reviewed and corrected. Basically making it pointless in using TurboTax because you're manually doing a CPA's job. 

[doppa]

I download from Schwab and it creates only one line item per type of income per account.  You should not download again or it will create additional line items. If you manually input any dividend or interest amounts to Schedule B, they need to be deleted before or after downloading the dividends, interest and security transaction info.  Otherwise the manually input items will overstate your income.

[Yas2]

I wish mine did that. Mine creates multiple Bank of America and Merill Lynch entries, has me review them and then after the review it creates multiple more. Once you delete the duplicated entries and think you’re done, you have to review them at the end (basically doing the same deletions all over again). To top it off, once you get to the State tax review it happens all over again. Spent 3 hours and 2 TAs on this and still no one can figure this out. 

[doppa]

I don't understand that.  I used to use Merrill Lynch and downloaded my tax info from their website and never had the problem you encountered.  Make sure that after the download you check only the line items you want as there will be either accounts or line items for cash movement that you don't want transferred to TT.

[Yas2]

I think I figured it out (thanks to a call from TT). Turbo Tax was using a shell form that had my bank and brokerage accounts with $0 entries in all the fields. This was creating a never ending loop of needs-to-be-reviewed material. I had to go into the tools section and delete the form. More to come if that doesn't solve everything...

[doppa]

Glad someone at TT found the problem.  Hopefully it will clear things for you.  And, welcome to TT.  I sometimes year my hair out trying to do something in TT that I know how to do but can't make TT do it as I am convinced TT was built for dummies, not someone who could do their return without a computer program.  Can be very frustrating.