Question

Can I import a corrected consolidated 1099? 1099-B is the only corrected section. I have already imported the original form and I don't want to double up on the entries.

Forum|Forum|5 years ago
March 9, 2021
2 replies
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I have received a corrected consolidated 1099 from a brokerage. I had already imported their original form. The only section that has corrections is the 1099-B section. I looked at manually editing the imported data, but it is very difficult to track it all in TurboTax. Can I simply import the corrected consolidated 1099? Would it simply overlay the data already in Turbotax or might it double up on everything or create a complete second entry for everything or...?

TurboTax Online

RayW7

It's likely it would double up so you should first delete the current 1099 Composite-

You will want to start with deleting the original ones.

While in your return, type “1099” in the Search box and then select the “Jump to” link. This will take you directly to the 1099 Summary screen. Select Edit or Delete next to the 1099 you want to change or delete.

If you’re deleting a 1099, answer Yes when you’re asked to confirm the deletion.

Then import the revised 1099's into the program:

You can securely import your 1099-B, 1099-DIV, 1099-INT, 1099-OID, or 1099-R into TurboTax, provided your broker or financial institution participates in our TurboTax Partner program.

When you get to the place in TurboTax where we ask if you received that form, answer Yes and we'll give you the option to import.

You can also jump straight to that section by searching for the 1099 form number in TurboTax and then clicking the Jump to link in the search results.

Tip: When selecting your financial institution or brokerage from the list, be sure to select the right one. For example, several participating partners' names start with First National Bank and if you select the "wrong" First National Bank, you won't be able to import.

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Wockkerjab2Author

Thanks very much for the quick answer. While following your recommendation, I found an even easier solution to deleting the data I had imported. Select "File" at the left in the menu bar at the top of the screen. The click on "Remove imported data" in the dropdown list. This brings up a window showing all of the forms (1099-DIV, 1099-INT, 1099-B, etc.) that you've imported, grouped under each company. It also shows the total dollar amount for each 1099 form. Then just check the box for whatever you want to delete and click "Delete Selected". I followed this procedure then reviewed my return to be sure the data had been deleted. Worked like a charm!

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DougForever

How do I import revised consolidated 1099 statement?

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GeorgeM777

That may not be possible in that you will likely double the entries. If you can identify the corrected items, it may be easier to just manually update those items. While we don't know how your corrected 1099-B is organized, if it includes all transactions and then has a separate section for those items that have been corrected (or adjusted), uploading it will also result in double entries. Thus, perhaps the only option is to manually adjust the transactions that have been corrected.

@DougForever

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