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Turbo Tax not importing all transactions
Old 06-07-2019, 03:10 PM   #1
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Turbo Tax not importing all transactions

Have you had a problem with Turbo Tax not importing 1099 transaction items? I got a letter from the IRS saying that I owed a large suggested amount of back taxes for 2017. I checked their list of items and then looked at my 1099s and realized that not all of my transactions were imported to Turbo-tax from the brokerage sites. I guess I'll learn to compare the imports with the 1099 PDFs more closely and manually enter them if this happens again. For the 2 largest items there was a cost basis but that was not show on the 1099 and I needed to have manually entered it as well as the transaction. I did find an old statement were the cost basis was shown and I sent it along with an explanation letter to the IRS and this reduced the amount own considerably. I did a calculation on what I thought that I still owed and sent them a check. I'm still waiting to see if I hear back. This was a big shock for me. I've been using Turbo-tax for at least 10 years and never had this happen before.
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Old 06-07-2019, 03:15 PM   #2
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If you have multiple accounts with multiple sign ins, you need to do each one individually. I downloaded all our info from Fidelity and at the last minute realized my wife has a separate brokerage account at Fido with a different log in. We would have under reported if I did not catch it at the last minute.
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Old 06-07-2019, 03:27 PM   #3
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Quote:
Originally Posted by COcheesehead View Post
If you have multiple accounts with multiple sign ins, you need to do each one individually. I downloaded all our info from Fidelity and at the last minute realized my wife has a separate brokerage account at Fido with a different log in. We would have under reported if I did not catch it at the last minute.
I did log in to all accounts. Some transactions from each account were imported and some from the same accounts where not. That's probably why I didn't catch it as there was no error message and I saw the imported transactions in Turbo Tax. Next time I will have to do a line by line check with the 1099.
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Old 06-07-2019, 03:59 PM   #4
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I normally reconcile my tax statements (1099s) (and tax return) to the financial statements (December YTD brokerage or Mutual Fund statment. It is a good practice even with manual entry since you might forget about a 1099 that perhaps got lost in the mail or whatever. It also can be enlightening. I've been doing is for years - including reconciling my W2 to my last pay stub when I was still working.
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Old 06-07-2019, 04:15 PM   #5
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Originally Posted by MichaelL View Post
Next time I will have to do a line by line check with the 1099.
That is what I normally do, checking line by line after import.

The only category that I do not list line by line is those transactions that I elect using mark to market. Maybe you accidentally elected mark to market for some of the transactions?
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Old 06-07-2019, 07:17 PM   #6
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Quicken

A long long long time ago I tracked everything with quicken. I could update online (early 2000s) and keep track of daily NAV, new contributions, Divs, etc. I stopped doing it because quicken changed some things that just did not make sense to me. So....I protested. I quit. I want to go back to managing each and every penny like I did in the past. Is quicken really the best option in 2019 for this goal? I am currently using MINT for CC transactions. I want a more complete picture of all accounts.
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Old 06-07-2019, 11:18 PM   #7
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i keep a paper checklist of anticipated tax forms and check them off as they arrive and enter each into TT as they arrive. one sure way to not forget one.
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Old 06-08-2019, 06:43 AM   #8
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There would have been an uproar back then if this was a common thing.

There was an uproar by Vanguard clients who had switched from the mutual-fund-only platform to the Vanguard brokerage services platform mid-year even though they made no transactions except getting dividends and owned only mutual funds. That's because the two platforms had separate downloads in TurboTax and one had to be sure to import both of them. That is, there were two separate 1099-DIV forms to be imported for the same unchanged investment for the two parts of the year.
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Old 06-08-2019, 11:06 AM   #9
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IMO it is a broker error and not Turbo Tax... they just download the info from the broker... if the broker does not send it that is not Turbo Tax's fault...
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Old 06-10-2019, 08:11 PM   #10
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IMO it is a broker error and not Turbo Tax... they just download the info from the broker... if the broker does not send it that is not Turbo Tax's fault...
Yeah that could be it. That would account for the inconsistencies.
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Old 06-10-2019, 08:14 PM   #11
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I never import data, just manually enter it. Don't have to fill out all the header info so it's really nothing.
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Old 06-10-2019, 08:24 PM   #12
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The very bottom of the 1040 states: "Under penalties of perjury, I declare that I have examined this return and accompanying schedules and statements, and to the best of my knowledge and belief, they are true,
correct, and complete.

Thus it is your responsibility to insure that the information is correct. I tried the broker download of a 1099 package and found several years ago and found several mistakes where basis not supplied, information entered in an incorrect field etc
Always check the totals for 1099B information against the paper statements. I found it easier to enter manually but whichever way you choose, it's your responsibility to check ALL information. The import data feature is to save you typing.
Used to work at a CPA firm doing taxes and it was very common , for long held securities, that the brokerage had no record of the basis.
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