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?
Solved! Go to Solution.
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.
"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.
Thank you for your comments. Glad to know someone else had problems with a download. From now on, I am just going with totals provided by the brokerage. The IRS accepts this, I understand. The only problem with that approach is that the software says the IRS wants a specific date of sale and there are many with the summary approach. So I just pick a date and have to use "Various" for date of purchase. As long as my totals agree with the info the IRS has received we are fine.