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jennikbeck
New Member

We'll import your forms directly from your financial institution, so you don't have to type it all in. this is not working?

 
3 Replies
RayW7
Employee Tax Expert

We'll import your forms directly from your financial institution, so you don't have to type it all in. this is not working?

It may still be a little early for the financial institution to have a final composite and year-end summary available.  Not to say there is not a problem with the download, but I would contact your financial institution to make sure it is complete.  

 

I can't help you with the download if it's not working properly, but I can give you an alternative that is better than manually entering each transaction.  You can enter summary totals for each asset sale category.  It will require you to mail a copy of your Form 1099-B along with Form 8453 (which TurboTax will generate).  To do this in TurboTax Online:

 

  • Click on Search
  • In the Search Window type 1099-B
  • Click on Jump to 1099-B
  • Click + Add an Account (if the account you were trying to download is showing, delete it first)
  • Answer Yes to "Did you get a 1099-B or a brokerage statement for these sales?"
  • Click on "I'll type it in myself"
  • Select your Bank or brokerage and click Continue
  • On the page with "Tell us about your…. 1099-B" click the button "I'll enter a summary for each sales category"
  • Enter your Investment Sale information and repeat until to you have entered for each category.

After entering all your category summaries, Look for "To finish reporting these sales, follow the mailing instructions" and click on the link for these instructions:

Gloria 13
New Member

We'll import your forms directly from your financial institution, so you don't have to type it all in. this is not working?

My financial institution is Charles Schwab and it is not listed so that I could import my tax info

 

 

Cynthiad66
Employee Tax Expert

We'll import your forms directly from your financial institution, so you don't have to type it all in. this is not working?

If Charles Schwab is not listed then you will need to do the following:

 

TurboTax Online is equipped to handle around 1,500 individual transactions (give or take) per brokerage account before the 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.

 

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 or continue your return (if it's not already open) and search for stock sales.
  2. Select the Jump to link in the search results.
  3. Answer Yes to Did you sell stocks, mutual funds, bonds, or other investments in 2020?.
    • If you land on Your investment sales summary, select Add more sales
  4. On the OK, what type of investments did you sell? screen, select Stocks, Bonds, Mutual Funds, then Continue.
  5. When asked how you want to enter your 1099-B, select I'll type it myself.
  6. Answer the questions until you can select Enter sales section totals.
  7. 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.
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