[capecoralbill]

I am using H&R blocks tax cut tax prep program, and I cannot import from Charles Schwab, however I did successfully import from etrade, and fidelity brokerage. Is anybody else having trouble, is at Charles schwab's problem,?
I telephoned Charles Schwab and they said it was turbotax's problem. I don't believe them. Anybody else have trouble only with Charles Schwab like I am?

[retiredguy123]

Huh? Are you using H&R Block or TurboTax? But, either way, why not just enter the data manually? It only takes a few minutes.

[fishon]

I don’t know about H&R Block. Turbo tax imported Charles Schwab 1099 with ease.

[Babubhat]

There should be an error reporting button within the program. You should be able to download the data and import it within the brokerage account tax form section

[MSchad]

Turbo Tax imported Charles Schwab fine for me.

[birdiebill]

As said above, enter it manually. I have used TurboTax for 20 years or more. I always have entered 1099's manually, but I enjoy doing that.

[rsmurano]

I had the same problem. I called and turbo tax told me there is a problem and will have to enter the data manually. I have used turbo tax for over 20 years and the last X years I used the automated method of turbo tax to populate all my investment info. Why enter it manually when turbo tax can enter the data? If they don’t fix this I probably won’t use turbo tax next year.

[capecoralbill]

Correct,
I am using the H&R block tax program. But I suspect TurboTax has the same problem. In any event I do some day trading, and my 1099-B statement has hundreds of transactions not practical to be entering them manually.
Thank you for your comments and if anybody has a solution, or another tax program that actually will import the 1099 from Schwab, please let me know.
I think I'll be transferring my stocks over to either etrade or fidelity since I had no problem importing those 1099s

[retiredguy123]

Originally Posted by capecoralbill

Correct,
I am using the H&R block tax program. But I suspect TurboTax has the same problem. In any event I do some day trading, and my 1099-B statement has hundreds of transactions not practical to be entering them manually.
Thank you for your comments and if anybody has a solution, or another tax program that actually will import the 1099 from Schwab, please let me know.
I think I'll be transferring my stocks over to either etrade or fidelity since I had no problem importing those 1099s

You don't need to enter every transaction. The 1099 totals and consolidates the data into about 5 different categories for the tax forms. The investment company sends you a statement which includes every transaction, but also sends a consolidated 1099, which is easy to enter the required data from manually. It only takes a few minutes to enter the required data.

[collie1228]

I use H&R Block software and it does not import Schwab information. I believe it's because the two parties failed to come to an agreement on the data importation, but don't know that for sure. All I know is that I was able to import the data in 2021 with no problem. Next year I'll look for software that does work. Manual data entry is so 1990.

[NY2TV]

Originally Posted by retiredguy123

Huh? Are you using H&R Block or TurboTax? But, either way, why not just enter the data manually? It only takes a few minutes.

It might take a few minutes for some people (albeit most people), but for others it is a nightmare to enter every transaction if there are enough of them.

[Bob Thompson]

It was a software issue that was corrected

[CoachKandSportsguy]

Originally Posted by capecoralbill

I am using H&R blocks tax cut tax prep program, and I cannot import from Charles Schwab, however I did successfully import from etrade, and fidelity brokerage. Is anybody else having trouble, is at Charles schwab's problem,?
I telephoned Charles Schwab and they said it was turbotax's problem. I don't believe them. Anybody else have trouble only with Charles Schwab like I am?

who cares how many years one has been using turbotax, one's experiences with each year's program is as unique as the tt program and the user. I have found bugs in the cloud version, so the software is not infallible. This year, I had to delete an entire return file, and redo it again because of a wrong check box in the review I could not get rid of anywhere. I could not file electronically with this box checked. Don't think that software is perfect or don't think that your experience will be the same for everyone.

I have done both, imported and done by hand. In the latest 2021 turbo tax, there is an option which I used this year, to enter the transaction summary, which retiredguy123 suggests, and then uploaded the pdf version of the year end tax return statement from your brokerage for backup. If they disagree, then they will review the financial document.

The one individual issue is that if you have any sales with no cost basis, which occasionally happens due to spin offs/transfers, etc, In this scenario, you need to enter all manually, or parse out that/those individual transaction(s) from the total and add that manually. you will need to either accept zero as the tax basis, (the IRS will never question that) or enter a cost. If the cost is missing from the brokerage account, then you do you best research for the price. Example would be an inherited stock which would have the price of the stock at the date of the death of the individual. Knowing that you can search for the price of the stock on that day, pick the highest of the day.

Also, the wash sale calculation is a grey area with a vague definition application in some cases. In this case, you may want to change the cost basis or wash sale indicator from the brokerage very conservative, tax compliant method. In this case, individual entry is required and adjustments made.

Good luck, and don't stress, you are a needle in the haystack, there are millions of tax returns, running on fortran or some ancient software.

finance guy

[capecoralbill]

Originally Posted by CoachKandSportsguy

I have done both, imported and done by hand. In the latest 2021 turbo tax, there is an option which I used this year, to enter the transaction summary, which retiredguy123 suggests, and then uploaded the pdf version of the year end tax return statement from your brokerage for backup. If they disagree, then they will review the financial document.

The one individual issue is that if you have any sales with no cost basis, which occasionally happens due to spin offs/transfers, etc, In this scenario, you need to enter all manually, or parse out that/those individual transaction(s) from the total and add that manually. you will need to either accept zero as the tax basis, (the IRS will never question that) or enter a cost. If the cost is missing from the brokerage account, then you do you best research for the price. Example would be an inherited stock which would have the price of the stock at the date of the death of the individual. Knowing that you can search for the price of the stock on that day, pick the highest of the day.

Also, the wash sale calculation is a grey area with a vague definition application in some cases. In this case, you may want to change the cost basis or wash sale indicator from the brokerage very conservative, tax compliant method. In this case, individual entry is required and adjustments made.

Good luck, and don't stress, you are a needle in the haystack, there are millions of tax returns, running on fortran or some ancient software.

finance guy

very helpful thank you.

[SPI_Rick]

I had the same problem. No help from either Turbo Tax or from Schwab. I spent a lot of time looking online at various forums and saw other people having the same problem. I tried several things that were suggested online and this is what finally worked for me:

Log onto the Schwab website.

Go to “Service” > “Security Center”

Scroll down to the place where you see “Third-Party Access to Account Information”

Select “Enable Third-Party Access”. Yes, it may already be selected if you use Quicken or some other application, but just make the selection and then click on “Save”.

See if the download is now working.

This is what worked for me. Some people found that this didn’t work and they needed to do the following also:

If download is still not working, then go back to the “Third-Party Access to Account Information” section and click on the “Disable Third-Party Access”. Click on “Save”. Now re-select “Enable Third-Party Access” again and click on “Save”. See if the download is now working.