Why is turbotax not able to import 1099B from my schwab account and resulted in TT limit exceeded?
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Level 1

Why is turbotax not able to import 1099B from my schwab account and resulted in TT limit exceeded?

 
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Level 15

Why is turbotax not able to import 1099B from my schwab account and resulted in TT limit exceeded?

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?


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New Member

Why is turbotax not able to import 1099B from my schwab account and resulted in TT limit exceeded?

"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. "

 

Is this an IRS rule? Can you please cite the rule or provide a link?

 

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