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syam506
Level 1

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

 
6 Replies
Critter
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?


NRM1
Level 1

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?

 

VMOO
Level 2

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

It is frustrating to realize AFTER I have entered most of my tax return information that the TurboTax program does not allow me to enter a number greater than $10,000,000 and can only handle 2,000 individual transactions per brokerage. This is an issue that occurred back in 2019 or even before, but TURBO TAX has never made an effort to fix it. I wish they would at least mention it in the product detail. Now I have to shop around to find a program that will allow me to transfer the 1099-B properly, and of course completely redo my tax return in the process, or I will have to hire a CPA. I have been using TURBO TAX for more than 10 years, this is the year that has frustrated me the most. PLEASE FIX THE PROBLEM OR I WOULD LIKE TO HAVE MY MONEY BACK!!!!!

DavidD66
Employee Tax Expert

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

@NRM1 - See the following from IRS  Instructions for Form 8949 (2020)

 

Exception 2. Instead of reporting each of your transactions on a separate row of Part I or II, you can report them on an attached statement containing all the same information as Parts I and II and in a similar format (that is, description of property, dates of acquisition and disposition, proceeds, basis, adjustment and code(s), and gain or (loss)). Use as many attached statements as you need. Enter the combined totals from all your attached statements on Parts I and II with the appropriate box checked. For example, report on Part I with box B checked all short-term gains and losses from transactions your broker reported to you on a statement showing basis wasn't reported to the IRS. Enter the name of the broker followed by the words “see attached statement” in column (a). Leave columns (b) and (c) blank. Enter “M” in column (f). If other codes also apply, enter all of them in column (f). Enter the totals that apply in columns (d), (e), (g), and (h). If you have statements from more than one broker, report the totals from each broker on a separate row. Don't enter “Available upon request” and summary totals in lieu of reporting the details of each transaction on Part I or II or attached statements. 

 

If you have totals in excess of $10,000,000, you can still report using TurboTax, by splitting into multiple category totals.  For instance, if your total Category A sales were 15,000,000, you can report that as three summary totals of $5,000,000 each.  

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VMOO
Level 2

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

Thank you so much for your feedback. I tried to split box A into three parts before, the tax that I owed ended up being more than two million. When I entered M in column F the program did not allow me to go any further. I also tried to override the total sum in the form format on my Mac but the override option is grey, no luck there either. I will try your suggestions again and see how it goes.

VMOO
Level 2

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

Sorry, adding for the column F, I was able to move forward by entering codes MW, assuming  W means wash sale.  

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