Level 6

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Importing brokerage statements?

Forum|Forum|3 years ago
February 27, 2023
2 replies
31 views

Is it possible to import a 1099-B Brokerage statement from Charles Schwab? If so, can you point me to directions?

Client started day trading -- we now have a 1400+ page document with a full 1/2 being the brokerage statement. Lots and Lots of wash sale disallowed. I ~really~ don't want to enter in all the adjusted transactions manually.

Also, has anyone heard of Mark to Market? He seems to think this election will help him out of the tax that will be due because of all the wash sale disallowed losses. I read on it briefly, and I am failing to see how it would help with this. I would love more information.

Thank you,

Amy

ProSeries Professional

This topic has been closed for replies.

Best answer by Norman2001

If you use Proseries, yes you can import.

Open your clients return.

Click on the "Import" menu item nect to "Forms"

Then "Financial Institute Download"

Then "Request 1099...

Your client will get an email with instructions on how to proceed.

N

Norman2001Answer

Level 6

If you use Proseries, yes you can import.

Open your clients return.

Click on the "Import" menu item nect to "Forms"

Then "Financial Institute Download"

Then "Request 1099...

Your client will get an email with instructions on how to proceed.

N

Norman2001

Level 6

For mark-to-market election start here.

https://www.irs.gov/taxtopics/tc429

A

ajpAuthor

Level 6

Thank you Norman for both responses.

I hope it worked. My client went through the link, but he thought it was odd that it wanted to send his stuff to turbotax. I thought that was odd too. We will see if it worked.

Amy

N

Norman2001

Level 6

I imported my own brokerage 1099s. And yes, it did say turbotax. But, it does work.

In the past, the Proseries import feature didn't work until late in the season. It looks like they copied the turbotax code, but forgot to change TurboTax to Proseries.

You should see a down arrow by your client's return when their data is ready to import.

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