When will turbotax increase the limit on transactions that can be imported from brokerage account?

[adrsolo]

These days many people have more more than 2000 transactions and definetely more than the 500 limit online.  Please increase to at least 5000. It is a shame this has not been done yet on otherwise a good product.

[Critter]

Then those folks should use the summary entry option instead ... this is not going to change since the volume of info you can transfer online when you file dictates the limits.  Even my professional program has limitations and boggs down the closer you get to the limit ... 

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?

o    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.

Related Information:

·         How do I switch from TurboTax Online to the TurboTax software?

[neal01]

Does Turbotax plan to increase the 2000 transactions limit? I am also facing the same issue.

[pkk]

The issue is if you have a bunch of "wash sale disallowed" transactions, those have to be entered individually. I have 200+ of just those!!! any hints appreciated.

[jplead]

You could separate out the wash sales and generate your own TXF file (using easytxf or your own code) to import them into Turbotax.

You might look at form8949.com who have a workaround, although since Turbotax does not support PDF attachments, you'd have to print and mail the 8949 statement(s). 

[Rocket76]

When summarizing total stock sales, why do wash sales have to be entered individually since you're including a copy of your 1099 (which shows the wash sales) to the IRS with your tax return?

[jplead]

The IRS instructions for schedule D require wash sales to be reported on form 8949. This way the wash amount is properly accounted for - the wash adjustment totals from the 8949s go into column (g) on lines 1b, 2 or 3 of schedule D. Search for "wash sales" on this page for more info 2020 Instructions for Schedule D (2020) | Internal Revenue Service (irs.gov) It's the same deal for any transaction that requires an adjustment.  You do not submit your 1099B with your taxes. You do have the option of creating your own (equivalent) alternative to form 8949, but AFAIK Turbotax cannot attach such files to an e-file, so you'd have to mail your taxes.

[Mkg23]

hi

Given there are so many AI/smart SW solutions that we read in the news these days, Turbo tax software should read the brokerage statement and take all the Key totals automatically that it needs vs Importing more than 2000 transactions limit itself and show the summary option. I used to buy the desktop SW deluxe for the number transactions and now with various managed accounts, lots of trades happen. Smartness of the CPA reading these brokerage statements can pick out the summary of what it needs automatically.