Amount of stock transactions turbo tax can import

Forum|Forum|4 years ago
February 14, 2022
3 replies
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Just read where turbo tax can import up to 10,000stock transactions,is that correct.Have tried in the past with less and got message saying too many teansactions

Stocks

Mike9241

see this thread

https://ttlc.intuit.com/community/entering-importing/help/how-do-i-enter-a-large-number-of-stock-transactions-in-turbotax-online/00/26748

10,000 individual transactions (give or take)

2020 the limit was 1500

ke2237Author

Am being told 2,000 can be imported.10,000 if done manually.

Critter-3

Why would anyone enter 10,000 individual entries ??? How many months would that take ???

How do I enter a large number of stock transactions in TurboTax Online?

TurboTax Online is equipped to handle around 500 individual transactions (give or take) per brokerage account before performance starts to deteriorate.

If you need to enter a bunch of stock transactions with a total sales volume of less than $10,000,000 (ten million), you can enter a summary for each sales category. Instructions follow.

Another alternative is to switch to the TurboTax CD/Download software which handles around 2,000 individual transactions per brokerage.

How to enter a summary in lieu of individual transactions

Your brokerage statements should include a summary of your transactions, grouped by sales category, for example "Box A short-term covered" or "Box D long-term covered". You'll enter the summary info instead of each individual transaction.

Open your return in TurboTax Online (if it's not already open) and search for stock sales in the upper-right corner.
Click or tap the "Jump to" link in the search results.
Answer Yes to both Did you sell any investments? and Did you get a 1099-B?
- If you land on Here's the investment sales info we have so far, select Add More Sales. Then answer Yes to Did you get a 1099-B?
On the Choose Your Bank or Brokerage import screen, select I'll type it in myself.
Select or enter your brokerage on the next screen and continue.
On the following screen (Tell us about...) select the second option, I'll enter a summary.
On the same screen, enter the total proceeds (sales) and cost basis, along with the sales category. Refer to your 1099-B for the amounts and category. When finished, select Done.
Follow the onscreen instructions to enter additional sales or to view a summary.

When you are done entering all your sales transactions, you'll eventually come to the Here's the investment sales info we have so far screen. Here you can edit, delete, or enter more sales.

ke2237Author

I agree,said that to the representative..Was sent links that stated 2,000 stock transaction could be imported and one that stated "TurboTax can handle 10,000 stock transactions.They were two separate links.Called and spoke to a few representatives.

Aravindan

Turbotax claims it will allow you up to 10k stock transactions, in reality even if you manage to import or type it in yourself, you are going to run into a large return file size problem which will not be easy to resolve if you especially have a lot of wash sales. Ideally if you successfully imported your 4 or 5k transactions, it would have calculated the proceeds, cost basis , adjustment/wash sales. Only way you will be able to solve that is by breaking that summarized calculation from the import into 30 or so equal halves and type it in manually and delete the previous large import.This was done with a help of tax expert so make sure you at least have turbotax live if you chose premier package.

Or if you don't have wash sales, you can just enter a summary of those sales.

so that was the only solution as neither online or desktop products of turbotax was able to handle almost 5k of transactions. Desktop version used to crash, don't even try to attempt the manual route of entering it. Desktop version will crash almost every single attempt after 2115 transactions and calculations can get messed up.

ke2237Author

Was able ,with help,to download 1099 from Fidelity then upload in Turbo Tax,will ask TurboTax to review.Would be nice if TurboTax could import,personally they shouldn't advertise they do may have gone with cheaper version of turbotax