Import Function

[Reggie]

Has the import function been corrected yet? I am not able to import 1099-B from Schwab. Schwab says pro series is redirecting away from 2019 to another year. Help!

[Juliewish]

I am glad it's no just myself has the issue. 

I don't think the import functions working this year.  In the past 5 days, I tried and called the support center twice, each time on the phone for more than 2 hours.  Neither of them understand and insist it's the financial institution's problems not Pro-Series.  It's not just Charles Schwab, I tried TD Ameritrade, Fidelity and even the W2, none of them working.  But when I used other software, it works prefect.

Does anyone out there can help or impose the issue to ProSeries tech's team.  I believed there one IT data file was missing from the software.  I just don't know how to reach Proseries Tech Team.

With the price I paid and the services I got, I am think to go with different software next year.

[Sam2]

I am having the same problem downloading 1099-B forms from Fidelity. The 1099 div , and the 1099 int. forms download ok. This crazy that it hasn't been fixed.

[kenjoyce]

I keep getting "Encountered error code 1" when I attempt to import the 1099-B information. The 1099-INT & 1099-DIV information imports, but not 1099-B. I received 3 import files from clients today, 2 from Fidelity and 1 from Schwab. I received the same response from Technical Support. She insisted the problem is the financial institution's and not Intuit's. Her first two answers were even worse. Her first answer was that Intuit doesn't support the import of 1099-B information and her second answer was that Fidelity wasn't onthe list of supported financial institutions.

[Sam2]

The Import function does not work with Fidelity.  I stepped through all the numbers that it imported for the 1099-int and 1099-div. The numbers were wrong it did not overwrite the forms correctly. The 1099-b download did not work at all. After trying for 2days and reading about the problems and excuses I purchased TurboTax premier to see if they had the same problem. I was able to download everything with no problems.   

[PatrickLung]

BELOW IS WHAT I WROTE LAST YEAR (2018 TAX) AND POSTED IN THE WEB.  SINCE PROBLEM STILL NOT SOLVED THIS YEAR (2019 TAX), I AM JUST DOING A COPY AND PASTE TO SHARE:

I have been doing my Federal and State tax returns for many years using TurboTax.  This year was the first year which I ran into a bug which prevented me from importing.  It was a painful learning experience.  So, I thought I would write it up and hopefully can be a reference for those who are still facing this problem which seems to be common for the unfortunate bunch per my googling .

As someone who worked 15 years in the software industry, I know a bit about software.  The most common mistake is not opening up the security of OFX which is inside the Schwab web after you log in and choose the Security Tab.  Of course, another common mistake is not using the right user ID and password.  For me, I was able to log in directly into Schwab without problem so I know they were right.

Writing into Schwab via secured messaging telling them this TurboTax import problem took about a week.  While waiting, I had no idea if they would reply or would they be able to solve the problem.  So, while waiting during that week, I try to do the export and import myself.  If you go into Schwab Statements, you will be able to choose one of the three file formats for you 1099s of which, CSV was one of them.  And, TurboTax only takes one import format which is TXF.  So, the question becomes how to convert from CSV to TXF.  Googling what software can do the conversion, I went into a number of them.  Problem is how do you know if it is not scam, ad cookie software?  One actually has this Chrome extension which would intercept my googling.  I installed a couple but it was a waste of time and I am still trying to figure out how to uninstall and clean up.

Luckily, I found a website called http://www.easytxf.com.  This one does not require you to download and install software.  Once inside their site, just browse to your CSV file, then, save the TXF output for use by Turbotax.  You do have to import the CSV file you download from Schwab into Excel and format it into six columns: Symbol, Quantity, Bought Date, Bought Amount, Sold Date, Sold Amount.  Thumbs up for this site!

Meantime, Schwab finally got a techie to call me back.  We spent an hour on the phone and was able to export and import in a tedious manner as a workaround.  I am using the Desktop version, which is more matured, of TurboTax.  This year, the import from Schwab function did not work.  So, the techie directly me to go Turbotax online (you don't have to pay until you file which we did not).  Surprise, Turbotax online version was able to import without any problem.  So, the root cause of why TurboTax cannot download 1099 to their DeskTop version seems to lie with TurboTax, not Schwab.  As TurboTax Online is a less matured version compared to DeskTop, you probably want to convert it back to DeskTop.  That is why, unless you have a lot of 1099 line items, might be easier to just enter it by hand 😞

As an $50 experimentation, I also tried to switch to H&R Block software.  As it turned out, it was much less painful for the switch then I thought.  The main reason is H&R Block allows you to import via the PDF file of your last year's return.  Then, just import this year's 1099 from Schwab into H&R Block - again, I had no problem hence another evidence that problem lies with TurboTax, not Schwab.

To sum it up, here is a summary of my wish list if the various companies/parties if they happen to be reading:

TurboTax: the Schwab to TurboTax problem seems to be caused by the TurboTax side.  Why?  Because TurboTax Online can import without any problem.  H&R Block software can also import from Schwab without any problem.  If TurboTax can open up for CSV import, that would solve the problem as well because exporting 1099 from Schwab in the CSV format is quite easy.  Also, once CSV goes into Excel, it would be much easier for users to format before being imported into TurboTax.

Schwab: if Schwab can export in TXF format also, that would provide another avenue for the process.  Have a task force to work with TurboTax on how to make import work and easy also.  While root cause of the problem is with TurboTax, this would ultimately saves Schwab a lot in support hours.

EASYTXF: keep up the good work.  A much better solution than having to download and install software like other apps.

H&R Block: very impressed with the fact that you can import from last year's returns via the PDF generated by TurboTax.  And, this year's 1099 import works.  Furthermore, I like the idea of if I have further questions, or if I like my returns to be reviewed before submitting to the IRS, there is a team of H&R Block tax preparers whom I can go to if I don't mind paying a bit of money.

Uncle Sam: make Flat Tax a reality.  Many other countries, their tax return is only 2-4 pages long!

And, to the unfortunate Schwab and TurboTax customers who are facing the importing issue, my advice would be to try to type it in by hand if not too many line items.  Or, if your tax return is not too complicated, try to use H&R Block to import from the PDF of your last year's return.  Then, import this year's 1099 from Schwab.  For those who are more technically inclined, try the EASYTXF site, it works!

[kenjoyce]

Schwab is not the only financial institution in which the Form 1099-B information doesn't import properly. None of the financial institutions that I have tried import properly. I use ProSeries. I prepare hundreds of tax returns each year, some of which have hundreds of stock transactions reported on Form 1099-B. Intuit recently partially fixed the problem. All of the Form 1099-B information now imports into the software except the date of acquisition and the date of sale. I therefore have to manually enter that information for every transaction. Intuit also has a feature whereby they will import a .pdf file of the Form 1099-B into the software, for a fee - $10.00, but that option is worthless. I tried it for a client and it checked the wrong boxes indicating which section of Form 8949 the transactions should appear and some of the transactions were reported as short-term when they should have been long-term and vice versa. There were hundreds of transactions and I had to go through each transaction to find the erroneously reported transactions and fix them. I took a bath on that tax return because I spent an enormous amount of time fixing the erroneous entries, which I couldn't bill the client for. I will never usethat feature again. I also can't bill a client for the time spent trying to get help from technical support, to no avail.