Brokerage 1099 information BLOCKED by TurboTax until Feb 18, 2023

Forum|Forum|3 years ago
February 3, 2023
1 reply
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I find TurboTax's ability to download complex brokerage forms extremely helpful.

Today I received an email from Charles Schwab informing me that my 1099 Composite is now available.

It's great news that my investment tax information is ready earlier than promised this year.

Unfortunately TurboTax is 'hard coded' to block any attempt to download this information before the "official" availability date. Rather than allowing me to enter login information and check the server I'm blocked from doing so with unhelpful messages such as:

"According to Charles Schwab & Co., Inc. documents will be ready for import on following dates

Form 1099-B available from Saturday, 18 February 2023 at 00:00:00 PT onwards ...

Being actively blocked from accessing my financial information by TurboTax for the next two weeks is an unnecessary annoyance. I'm sure there are lots of excuses that sound great to the programmers but this is pretty insufferable for the end user.

JosephS1

While I cannot comment as to the programmer's reasons, I can say with a fair amount of certainty that the announced day of release is also to protect their investors from receiving a corrected 1099-Composite after the initial release and then having to file an amended return. It is not uncommon for a corrected form to be sent out from the larger investment firms causing the recipient to make changes if they have yet to file or amend if they previously did file.

@fixate

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fixateAuthor

That's an interesting bit of speculation.
I can't attest to how often corrected forms are sent out.
In 25+ years of investing I've never received a revised 1099 from a brokerage.

VolvoGirl

Employee

Probably the special files to import to tax programs are not ready yet from Schwab even though the 1099 pdf file is ready. That's common. Most places aren't ready to import until mid to late Feb. And I know in the past Wells Fargo and Vanguard have sent out corrected 1099s later. WF once sent out 2 or 3 corrected 1099 forms.