How to Import Stock Information Using a CSV File from Your Broker
TaxACT customers can enter multiple Forms 1099-B quickly and easily by importing a .CSV (comma separated values) file. This feature is only available to Deluxe users and business product users. See Entering in Program - Form 1099-B for manual entry instructions.
In order to do this, you will need to obtain a spreadsheet file from your broker (or create one of your own) and save it to your computer. If you use Microsoft Excel 2003/2007 or Open Office to open files, you must convert the spreadsheet file to .CSV format, and then import that file into TaxACT.* For an example, see the following sample .CSV:
To import a .CSV file into your TaxACT return, follow the steps below (Note: if you are using one of the TaxACT Business Products, click File > Import > CSV File Data and skip to step 4).
Click on the Federal Q&A tab
Click Investment Income to expand the category and then click Gain or loss on the sale of investments
Click Import from a brokerage provider or TradeLog via a CSV file
Click Import CSV File, then browse your computer files to locate the .CSV file. Click Open (TaxACT Online users must then click Continue).
Use the drop down menus to select your file column headings to match the appropriate titles in the program, then click Next
Select any entries you want imported into your tax file. To select all of the transaction, use the checkbox next to the Import column heading. Click Next to continue.
If you need to make any changes to the Owner or Reporting Category columns you have two options. You can make the changes for an individual transaction by clicking on the Owner or Reporting Category field for that transaction and then selecting from the drop down list. If you need to make the same change to multiple transactions, check the box located in the first column for each transaction, then use the Change Owner and Change Reporting Category. After you have finished making your changes, click Next.
Review the transaction information on the screen. If everything is correct, click Import. If you need to make further changes, click Previous to repeat the CSV import steps.
Close the Import Successful notification window
When you return to the CSV File Import screen, click Continue to review, modify, or delete any of the Form 1099-B data imported into your return
NOTE: If you receive an error message while attempting to import your CSV file using Firefox browser, you may be able to import successfully by switching your browser to Internet Explorer.
Matching Column Headings
It is the responsibility of the taxpayer/preparer to make sure the columns in their .CSV file match the appropriate fields in the TaxACT program. If these do not accurately match, the program may not calculate the investment sales correctly.
Of the column headers you are prompted to match when importing a CSV file, only five are required in order to complete your Forms 1099-B:
Description of property
Cost or other basis
Code, if applicable
Adjustments to gain (loss), if applicable
Gain or Loss
The following fields may be required depending on the specific circumstances:
Wash Sale - only required if any of the transactions are wash sales as those need to be designated as such in the program. To indicate a wash sale, enter a "W" (without the quotes) in the Wash Sale column on that specific transaction row.
Withholding - only required if there is withholding for any of the transactions.
Adjustment Amount - Only required if you have wash sale transactions that include an adjustment amount.
Reporting Category – only required if this information is included in your CSV file. This will indicate which box to mark on Form 8949 when reporting the transactions. There are three categories: (A) Received a Form 1099-B showing basis (box 3) was reported to the IRS (B) Received a Form 1099-B showing basis (box 3) was NOT reported to the IRS (C) Did not receive a Form 1099-B.
Two fields are optional:
Additional Description - you may have a column in your file reflecting information such as the quantity or stock name, and if populated this becomes part of the description field
Transaction Type - only used to prompt the taxpayer to review possible entries not wanted in the file. For example, if the text bought is listed as the Transaction Type then the program will prompt the taxpayer to ensure that transaction should be part of the import as the import is only for sale transactions.
*NOTE: You should compare the CSV or Excel file you obtain from your broker with the information that was reported to you on Form 1099-B. All transactions reported on Form 1099-B need to be included in your CSV or Excel file. If there are ANY transactions missing from your CSV or Excel file, you will need to manually add these transactions to your file before importing into TaxACT.