download 1099B into 1040

Forum|Forum|6 years ago
March 26, 2020
7 replies
49 views

Under Import, went through the steps to get my client the email. From there she put in my ID and password for my Proseries account and asked to download the 1099B. But got hung up from there. She put in her brokerage ID and password for her account. Anyone know where it goes from there?

She has one of those robo accounts with a jillion trades. If I cannot get a download, can I just put in the brokerage name and the sum, say, of the short or long term trades with gain or loss, a date of sale (even though there are several), various as purchase date, reported on 1099 with basis info and label L or S? Will the IRS accept a summary rather than individual trades?

A

ProSeries Basic

This topic has been closed for replies.

Best answer by IRonMaN

As long as cost is being reported to the IRS, totals work just fine

IRonMaNAnswer

Level 15

As long as cost is being reported to the IRS, totals work just fine

Slava Ukraini!

M

MTFILER1130Author

Level 2

Thanks for your help. I had additional confirmation that totals are OK. Those Robo accounts do so much trading!

S

Sam2

Level 3

The downloading of tax information has many problems. It doesn't work for all the information in a tax reporting statement. You may think you imported all of it because some of it flows to the correct places, but if you don't have a hard copy to check it, you may run into a problem. I posted earlier about my eaperience.

I was finally able to Import my 1099 Fidelity information. The problem is all of it was not imported. 1099-Misc was not imported (substitute payments in lieu of interest). If I hadn't gone over the return line by line I would never had caught this. This software is useless to me. A client could sue me for this type of mistake.

IRonMaN

Level 15

"A client could sue me for this type of mistake"

Well, they really should sue anybody who just blindly trusts the software. They are paying you for your tax expertise, not for your downloading skills.

Slava Ukraini!

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