You have several options when it comes to importing your clients' stock transactions into TaxAct® Professional Editions. Here's a quick run-down of the partnerships we have for direct import, electronic import, CSV, and Form 8949 Sales and Other Dispositions of Capital Assets attachment import options.
Using a client's TD Ameritrade account number and their document ID number from their brokerage provided statement, TaxAct will automatically import a client's stock transactions for you. Each stock transaction will create a Form 1099-B Proceeds From Broker and Barter Exchange Transactions in your client's return and the information will transfer accordingly to Schedule D (Form 1040) Capital Gains and Losses and Form 8949.
For more information about importing TD Ameritrade transactions into TaxAct, see the TD Ameritrade – Electronic Import FAQ.
Form8949.com is a third-party software vendor that can allow your clients to compile all stock transactions from multiple brokerages into one account.
With a Form8949.com, you will have two options for entering your client's stock information into TaxAct. For clients with fewer than 2000 transactions, you can electronically import each transaction into the tax return. Each stock transaction will create a Form 1099-B.
In addition to electronic import, Form8949.com users can also use the Form 8949 attachment option in TaxAct. This is especially useful for clients with over 2000 transactions.
Form8949.com will generate a summary report that lists the totals for each reporting category. These totals can then be entered into the client's return and they will be reported on Form 8949 and Schedule D accordingly.
Form8949.com will also provide a PDF version of the Form 8949 attachment which you can attach during the e-filing steps of that client's return. If you choose not to include this attachment during the e-file steps, the Form 8949 attachment along with Form 8453 U.S. Individual Income Tax Transmittal for an IRS e-file Return must be mailed to the IRS.
For more information about entering Form8949.com transaction information into TaxAct, see the Form8949.com - Electronic Import FAQ.
If your client has a GainsKeeper account, you can either import all stock transactions directly into the TaxAct return or you can choose the Form 8949 attachment option.
GainsKeeper accounts with fewer than 2000 transactions can import stock transactions directly into the tax return, which will create a Form 1099-B for each transaction. Otherwise, your client can obtain a Form 8949 attachment from within the GainsKeeper account, which can be used to enter summary totals into their TaxAct return. You can include the Form 8949 attachment as a PDF attachment during the e-file steps. If you choose not to include this attachment during the e-file steps, the Form 8949 attachment along with Form 8453 must be mailed to the IRS.
For more information about importing GainsKeeper transactions into TaxAct, see the GainsKeeper - Electronic Import FAQ. For more information about the Form 8949 attachment option, see the Form 1099-B Summary Totals FAQ.
Using a client's Raymond James account number and the document ID number from the brokerage provided statement, TaxAct will automatically import a client's stock transactions for you. Each stock transaction will create a Form 1099-B in your client's return and the information will transfer accordingly to Schedule D and Form 8949.
For more information about importing Raymond James transactions into TaxAct, see the Raymond James – Electronic Import FAQ.
By entering a client's Betterment account email address and password, TaxAct will automatically import a client's stock transactions directly into the return for you. Each stock transaction will create a Form 1099-B in your client's return and the information will transfer accordingly to Schedule D and Form 8949.
For more information about importing Betterment transactions into TaxAct, see the Betterment – Electronic Import FAQ.
If you use another brokerage or software vendor, you can import your transactions from a CSV (Comma Separated Values) file. Simply follow the information in the How to Import Stock Information Using a CSV File from Your Broker FAQ.
Note that any link in the information above is updated each year automatically and will take you to the most recent version of the document at the time it is accessed.