Exporting 1099 B data

[Eiger]

Is there a way to export 1099-B data directly into Lacerte?

[TylorValdez1]

Yes. Please review the following article. https://proconnect.intuit.com/community/individual/help/importing-financial-institution-data-into-la...

[Eiger]

Thank you, but the video does not play!

[TylorValdez1]

Sorry about that. Use this link for the video. https://www.youtube.com/watch?v=728s7ygrKUY

[George4Tacks]

If the majority of transactions are covered, they can be entered as single line items - 1 long and 1 short. Then the few that are not covered can be entered or done as an attachment. https://proconnect.intuit.com/community/form-8949/help/individual-form-8949-exception-2-to-reporting...

Importing is tedious and sometimes difficult to reconcile.

[Eiger]

Thank you. Both links were very helpful. Some questions (exclusively in relation to 1099-B):

1) I assume when data is imported from the client's financial institution, there is no longer any need to report summaries or attach pdf statements, correct?

2) Is there a list of 'participating' financial institutions? I assume one cannot import the data if the financial institution does not participate. That is to say, there are no other workarounds like getting a CSV file from the client and uploading it to Lacerte, etc.

3) Would summary reporting and attaching a pdf copy of client 1099 be acceptable, even if there are numerous wash sale adjustments in the total? i.e. Is summary reporting (entering the totals for Proceeds, Cost, and Wash Sale Adjustments) on a single line acceptable?

Thank you so much for your help.

[TylorValdez1 · Accepted solution]

1) Yes

2)Go through the process to Import client data from accounts now in order to search for a FI. 

3}Yes, could can do that.

[Eiger]

Thank you!

[Eiger]

1) Not exactly sure what you mean by 'covered' and 'not covered'.
2) Can the importing be reversed easily if it subsequently looks ugly and hard to reconcile?

[TylorValdez1]

On screen 17.1 there is an option to delete all on the left side.

[Eiger]

Thanks. Your responses were very helpful. 

[Eiger]

When I tried the Tax Import option to invite the client to send data ... it opened up the letter and I customized it, but the NEXT button remains inactive, so I cannot get past that point!

[TylorValdez1]

You need to enter your email address at the bottom.

[Eiger]

I do. It's the next page, where I see the actual letter ... at the bottom of that page, the NEXT button is inactive and remains inactive even after I TAB through the fields. 

[TylorValdez1]

You need to expand the window more. There is a field for email address below the bullets that is currently cut off. Try going to the bottom right corner of the window and click and drag to make the window larger.

[Eiger]

The page is not a regular page; it's a pop-up page and it cannot be resized in any way. Clicking around the corners just allows the entire page to be grabbed and moved around. That's all.

[TylorValdez1]

1. Close Lacerte

2. Right-click on the desktop and select the "Display Settings" option:.

3. Go to Scale and Layout

4.Change the option to 100%

5.Reopen Lacerte and try again.

[Eiger]

Ok, that did the trick! Thanks.
One thing about the wording of the standard letter. It says nothing about 'if you do not have an Intuit user account, you can create one ...'. If I customize the letter, will it be saved so I do not have to add the same wording for each and every client I invite?

[TylorValdez1]

The email template will save your changes automatically.

[Eiger]

Perfect!
I tried it on myself and was able to pull in data from Fidelity and Schwab; although with Schwab I had to first log into my account and enable third-party access. But Chase is giving me grief and I haven't been able to resolve it yet!
Thanks.

[Eiger]

I did one for an actual client. I received their Fidelity 1099 and imported it. The program says "Import Completed", but I don't see the 1099 information flowing anywhere on screen 17.1