Ability to import stock sales statements into PTO

[Gleaton Consulting]

I usually don't even use the import feature for 1099-DIV and 1099-INT, as importing them commonly takes more time than doing it manually. But what we really need is the ability to import into PTO the stock statements, which contain capital gains and losses (long term, short term, covered, non covered, etc.).

Having to input all of these manually is extremely time consuming and error prone. PTO was one of the first softwares to allow an import feature many years ago, but now I feel it is lagging far behind. I would like to add stock transactions to the list of documents which can successfully be imported into PTO. 

[IRonMaN]

There is not so big secret that some folks aren't aware of.  You don't need to enter individual stock sales for those sales that the broker has reported basis to the IRS.  All you do is enter total sales and total cost for those transactions.

[Gleaton Consulting]

Thank you for your input. I'm aware of that, I'm certainly not entering 999 sales transactions like many of these statements list.

But when you have 10 stock statements, each with four separate things to enter (ST covered, ST noncovered, LT covered, LT noncovered, etc.) then the time consumption gets eats up real fast, even when entering all summaries. I would request PTO import only the summaries, definitely not every transaction. 

[Anonymous]

Thanks for the idea to import stock sales statements. We are changing the status to "Open for voting" since it has been around for over 30 days and no longer considered "New".

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[puravidapto]

I am all for the idea and that is why I voted, but I guess the challenge is the 1099 combo forms are not as standardized as the W-2's. 

Besides the stocks, the combined statement can contain interest, dividend, other income, etc. and you have jump back and forth among various input fields also consume time. If there is one place to input 1099 combo data, that will also help.

Even with inputting summary data, you need to attach the PDF file, do you @IRonMaN ? That also takes time, as you need to download, attach, edit the summary of the attachment, and select the form the attachment is associated to. 

By the way, the signature is not automatically attached to the post on this board? I have to do it manually.

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[IRonMaN]

"Even with inputting summary data, you need to attach the PDF file"

No, you don't need to attach a pdf.

[Gleaton Consulting]

Yeah I generally don't attach them if they're all covered. Unless they're millions of dollars, then sometimes I do, just to be safe. 

[tfoti]

You should at least be able to import the 1099DIV and 1099INT data from the consolidated 1099 summary.  Every brokerage house is going to a consolidated statement so intuit should figure out how to extract the dividend and interest info from the consolidated statement 

[itonewbie]

As @puravidapto says, the challenge is that these consolidated statements are not standardized.  As of now, the simplest thing to do is to enter the summations and attach the statements as summary.  But the downside is that, as @Gleaton Consulting points out, you could have 4 lines or more to manually enter for each statement (which is not so bad IMHO).

When I do need the breakdown entered, for example, with lots of transactions, especially for those with F.1116, which requires deductions allocated based on gross income, I'd ask the client to get a dump of the transactions in CSV so that it can be easily manipulated for import - that is, only if it's absolutely necessary.

[tfoti]

My beef is not with the fact that you can't import stock sales.  My beef is that you can't pull off the INT and DIV info to import when it is on a consolidated statement.

[Gleaton Consulting]

To me, I can manually do the 1099-INT and 1099-DIV so fast that it doesn't much bother me. Manually doing it is commonly faster than importing them.                But the 1099-B, that can sometimes take a lot of time and be error prone when doing manually, so it's where I think the emphasis should be.