Question

Download 1099, TT says it needs review, which I do, which leads me back to downloading the 1099. I am stuck in a loop. How do I get out of it?

Forum|Forum|5 years ago
February 19, 2021
2 replies
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TurboTax Premier Online

linaj20201

If this is referring to 1099-DIV, the issue has been fixed. If it's not, please write back with clarification. Please make sure to update your TurboTax program. To read details, click here:

1099-DIV needs review

A common reason for receiving a 1099-DIV form is because some of the stocks you own pay dividends, or a mutual fund you invest in made a capital gains distribution to you during the year. It is possible that you might also receive US government related funds that are tax exempt. You won’t file the 1099-DIV with the Internal Revenue Service, but you will need the information it reports when preparing your tax return.

For more information, click here: 1099-DIV

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scotthwerdenAuthor

No, this happened with 1099-INT. When I started the Federal Tax portion, it offered to download from Schwab, which I did. I have multiple accounts at Schwab so I get multiple 1099 typically. Upon completion I had a screen with six entries. Four of them had $0 for the amount and each said "Review required". But when I hit the button to review, it took me back to the page to download all my stuff from Schwab. There is no way I can review them. I am not sure what the $0 amount means or how I fix it.

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scotthwerdenAuthor

My conclusion is that the 1099-INT that Turbo is telling me need review are bogus, but it is hard to tell because it won't let me see the documents in question. I deleted the item but it worries me I am deleting something that might be legitimate, but it allowed me to move on. It does not give me confidence in Turbo.

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cmmanis

Turbo Tax may just be asking if you have more 1099's to import. Scroll down and see if you see [Done or Next or Continue]

If nothing else works, change from Step-By-Step to Forms. In Turbo Tax Menu View -> Forms; or CTRL-2.

To return to Step-By-Step: View -> Step-by-Step; or CTRL-1.

That will get you out of the loop.

I imported from two different brokerage firms. Both were consolidated 1099's (INT DIV and B all in one). One had 10 items on 1099-B - all correct. The other had 463 with 6 errors. The errors were all from a long option trade that expired worthless, and it should the cost as a negative number. The number was correct, just in the wrong box. Solution was to enter the negative loss as the cost and the proceeds as zero, which generates a loss of the same original amount. I had a little trouble finding the errors until I realized there was a scroll and I could slide until I saw the red highlighted errors. So 457 entries imported correctly out of 463. That's a 98.7 % success rate.

You may just need to look for the slide or the button.