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Why is 1099b import so difficult this year?

In previous years I could import 1099b data from my financial institutions without difficulty.  This year, after I import data I get questions from TurboTax about totals of short-term and long-term gains.  This information is included on the 1099b so why I am I being asked to input this information again?  This information wasn't requested in previous years, it was just taken from the downloaded data.

Can someone tell me why this process has to be harder than prior years and if there is just some way to tell TurboTax to get the data itself?

Thanks.

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4 Replies
JamesG1
Expert Alumni

Why is 1099b import so difficult this year?

After the download from Schwab, are you being asked to Review the transactions?

 

 

Are you being asked to enter information such as "I purchased the investment"?  Or must you enter something else?

 

Many times, you are asked to Review the downloaded information to make sure that cost basis and transaction fees have been properly reported.

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Why is 1099b import so difficult this year?

The questions being asked are for specific information already contained on the 1099b.   Attached is a screen capture of one window that is presented.

 

Schwab 1099b input info.jpg

JamesG1
Expert Alumni

Why is 1099b import so difficult this year?

In TurboTax H & B, when downloading your Schwab information, did you follow these steps?

 

  • Across the top of the screen, select Personal.
  • Across the top of the screen, select Personal Income.
  • Select I'll choose what I work on.
  • Scroll down to Stocks, Cryptocurrency, Mutual Funds, Bonds, Other.
  • Select Start/Update to the right.
  • At the screen Your investment sales summary, select Add more sales.
  • At the screen OK, let's start with one investment type, select Stocks, Bonds, Mutual Funds.  Click Continue.
  • At the screen Let us enter your investment sale info, enter Charles Schwab @ Company.  Click Continue.
  • At this screen, select Continue to download Charles Schwab & Company information.

 

 

I suspect that at some point, you chose another option.

 

Are you able to download Charles Schwab information?

 

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Why is 1099b import so difficult this year?

Thank you for your input.

The 1099b download process  you listed is the one that I followed.   Turbotax did download the data from Schwab, and it was only after the data was downloaded that I was presented with the screen to enter the summary data. 

I was able to look at the Turbotax forms for the 1099b worksheets, and it included the information for the individual stock transactions as well as the short-term and long-term summary information.

So my question still remains, if Turbotax already downloaded the 1099b data, why was it asking me again to input the summary sales data?

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