TaxAct still not importing stock data

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squeat
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TaxAct still not importing stock data

Post by squeat » Wed Feb 08, 2017 7:22 pm

It's February 8, and TaxAct still doesn't have a key piece of functionality working yet, the ability to import stock data. How can a major player in tax preparation have a basic functionality not working? I contacted their support and got a vague hand-waving answer saying it was coming "soon". But this is tax season and this is supposed to be what they do!

I don't want to go back to TurboTax because of their lobbying. So what's a good alternative? Anyone else frustrated by this stock-data import issue?

jebmke
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Re: TaxAct still not importing stock data

Post by jebmke » Wed Feb 08, 2017 7:28 pm

I've used HRBlock for a couple years. Seems solid enough. I key everything in so can't comment on uploading.
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squeat
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Re: TaxAct still not importing stock data

Post by squeat » Wed Feb 08, 2017 7:33 pm

jebmke wrote:I've used HRBlock for a couple years. Seems solid enough. I key everything in so can't comment on uploading.
I could key the data in but this is a feature I'm accustomed to using. Especially with having to import a bunch of LendingClub transactions (my last year of using LC). Does HRB have stock data import?

livesoft
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Re: TaxAct still not importing stock data

Post by livesoft » Wed Feb 08, 2017 7:40 pm

HRB does import 1099-B from a number of financial institutions, but that number is less than what TurboTax will import.

For instance, HRB does not import from WellsTrade. I just entered my WellsTrade 1099-B by hand. It was trivial to enter since the 1099-B was a superb document ... better than all my other 1099-Bs.
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Doug E. Dee
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Re: TaxAct still not importing stock data

Post by Doug E. Dee » Wed Feb 08, 2017 7:52 pm

Yup, same problem here squeat. Extremely frustrating.

I quit TT 3 years ago after using them for a long time because of the price jacking they did. I thought TA was great, until this year.

I"ll probably work on entering things manually this weekend because I'm due a refund and I'd like to get it sooner rather than later.

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tfb
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Re: TaxAct still not importing stock data

Post by tfb » Wed Feb 08, 2017 7:57 pm

squeat wrote:It's February 8, and TaxAct still doesn't have a key piece of functionality working yet, the ability to import stock data.
According to these help topics, it only imports directly from three places and you'd have to export CSV on your own from a few other places. They never promised they were able to import from LendingClub.

https://www.taxact.com/tsupport/FAQDisp ... estion=881
https://www.taxact.com/tsupport/FAQDisp ... estion=902
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bberris
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Re: TaxAct still not importing stock data

Post by bberris » Wed Feb 08, 2017 8:08 pm

Make your own attachments using spreadsheet software after downloading the csv.

Use "Enter totals from a statement of transactions that you will attach to your return."

You need to separate long and short term, covered and non-covered transactions so that each is on a separate sheet.

squeat
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Re: TaxAct still not importing stock data

Post by squeat » Wed Feb 08, 2017 8:14 pm

bberris wrote:Make your own attachments using spreadsheet software after downloading the csv.

Use "Enter totals from a statement of transactions that you will attach to your return."

You need to separate long and short term, covered and non-covered transactions so that each is on a separate sheet.
Maybe I wasn't clear. The CSV import functionality is disabled. It doesn't work! I have my data in a CSV format but when you click "CSV Import" you get an alert saying
Currently this feature is not available in TaxAct 2016. This feature will be made available at a later date.
Well, IMHO, it IS a later date already so give me this feature back!

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runner26
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Re: TaxAct still not importing stock data

Post by runner26 » Wed Feb 08, 2017 8:27 pm

Also not available yet is the DONATION ASSISTANT, which I rely on. Also, still cannot yet print the CA return for paper filing. Jacked up price this year, and downgraded service. :x

UPDATE, state of CA paper just came, in the last couple of hours. :)

jebmke
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Re: TaxAct still not importing stock data

Post by jebmke » Wed Feb 08, 2017 9:15 pm

State forms often come trickling out. Also not unusual at this time of year for stuff to not work right in tax software. I am working on one Maryland return for a taxpayer and TaxSlayer absolutely refuses to complete the MD return.

This is why I wait for updates to come out. Usually by late March most tax software is relatively stable. By then all the early filers have done all the free quality testing for the software developers.
When you discover that you are riding a dead horse, the best strategy is to dismount.

bberris
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Re: TaxAct still not importing stock data

Post by bberris » Wed Feb 08, 2017 10:43 pm

squeat wrote:
bberris wrote:Make your own attachments using spreadsheet software after downloading the csv.

Use "Enter totals from a statement of transactions that you will attach to your return."

You need to separate long and short term, covered and non-covered transactions so that each is on a separate sheet.
Maybe I wasn't clear. The CSV import functionality is disabled. It doesn't work! I have my data in a CSV format but when you click "CSV Import" you get an alert saying
Currently this feature is not available in TaxAct 2016. This feature will be made available at a later date.
Well, IMHO, it IS a later date already so give me this feature back!
Yes, I understood what you wrote, and I am aware that taxact has not worked out that part yet. You don't need to import a csv, you just enter the totals and generate your attachments to make and 8949 attachment. It's the third entry down under investment income.

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JonnyDVM
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Re: TaxAct still not importing stock data

Post by JonnyDVM » Wed Feb 08, 2017 10:56 pm

I tried Tax Act this year and found it to be extremely glitchy. Gave up and went back to turbo tax. It's worth the extra money to not be frustrated and to have forms automaticity imported.
Sometimes the questions are complicated and the answers are simple. -Dr. Seuss

caklim00
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Re: TaxAct still not importing stock data

Post by caklim00 » Wed Feb 15, 2017 11:17 am

Donation Assistant is finally up.

If I had to predict, either TA is going to go bankrupt or will be acquired by a larger company within the next couple of years. Seems like fundamental things such as these are the first things to go when they've already planned their exit strategy. Its a shame as I liked TA.

dacalo
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Re: TaxAct still not importing stock data

Post by dacalo » Fri Feb 17, 2017 11:32 pm

Definitely frustrating. I am all done except all the buying and selling done by tax loss harvesting by Betterment from a closed account and I need to use the CSV import. The volume is such that it would take forever for me to key them in myself. As of today, CSV importing feature still does not work.

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wander
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Re: TaxAct still not importing stock data

Post by wander » Sat Feb 18, 2017 12:42 am

I remember using TaxAct and H&RB before but then switched to Turbo because of this 'importing" feature. But even TurboTax, I could not import data from WellsFargo because the password I use for Wellsfargo too long to be accepted at TurboTax. WellsFargo recommended to make the password for Wellsfargo shorter and the TurboTax worked. After done importing, I had to change my password @ WelsFargo. I think that is a bug at Turbo tax: so what if I use 30 character-length at any institution, TT should take it and get the documents for me.

krick
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Re: TaxAct still not importing stock data

Post by krick » Sat Feb 18, 2017 2:55 am

TaxAct imported directly from GainsKeeper in the past (no CSV involved) but now clicking the "Electronic Import" button gives the error other people are reporting...

Currently this feature is not available in TaxAct 2016.
This feature will be made available at a later date.

I hope this is just a temporary problem that they intend to fix before the filing deadline.

talzara
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Re: TaxAct still not importing stock data

Post by talzara » Sat Feb 18, 2017 7:11 pm

caklim00 wrote:Donation Assistant is finally up.

If I had to predict, either TA is going to go bankrupt or will be acquired by a larger company within the next couple of years. Seems like fundamental things such as these are the first things to go when they've already planned their exit strategy. Its a shame as I liked TA.
TaxAct was sold to H&R Block back in 2011. They planned to combine TaxAct's 18% market share with H&R Block's 13% to make a total of 31%. That would have made for a strong competitor to TurboTax's 59% share.

However, the Justice Department blocked the merger on antitrust grounds. They said that merging the #2 and #3 tax software packages would increase prices and be bad for consumers.

Now TurboTax has a 65% market share, TaxAct has 15%, and H&R Block has 11%.

TurboTax's competitors are falling behind, and they'll fall further behind as TurboTax continues to take share. The tax code changes every year. It takes a lot of work just to get to the same level as last year.

By mandating that its competitors remain weak, the government has effectively endorsed a TurboTax monopoly.

Impromptu
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Re: TaxAct still not importing stock data

Post by Impromptu » Sat Feb 18, 2017 11:19 pm

This is my second year using TaxAct. TD Ameritrade is giving a consolidated 1099 that includes 1009 DIV, INT< MISC, and others in one place, rather than individual ones. I was hoping to use an import feature to simplify entering it, but that feature is not currently available. After a few times through it, I think I understand it well enough to input it by hand.

I don't use them for state taxes, as Illinois has a free and easy to use online form for state taxes. All I need is my federal tax forms and I can be done with the state form in 10 minutes.
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wootwoot
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Re: TaxAct still not importing stock data

Post by wootwoot » Sun Feb 19, 2017 4:58 pm

I'm running into this same issue importing CSV files in TaxAct. Has anyone found a fix other than typing in each transaction manually?

scurvy
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Re: TaxAct still not importing stock data

Post by scurvy » Sun Feb 19, 2017 7:41 pm

According to WiseBanyan's support site, TaxAct imports will be available on February 20th. Not sure if that's referring to TaxAct's or WiseBanyan's side, but at least it's something.

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runner26
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Re: TaxAct still not importing stock data

Post by runner26 » Sun Feb 19, 2017 8:37 pm

caklim00 wrote:Donation Assistant is finally up.

If I had to predict, either TA is going to go bankrupt or will be acquired by a larger company within the next couple of years. Seems like fundamental things such as these are the first things to go when they've already planned their exit strategy. Its a shame as I liked TA.
I have the desktop version, and as of this afternoon, it is still not available. It says I have the current version of the software, 1.02 and clicking on Donation Assistant, it says it will be available in the future. Are you using online or the cellphone app?

joeker
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Re: TaxAct still not importing stock data

Post by joeker » Mon Feb 20, 2017 7:14 am

I have been using Taxact almost from its very start years ago. I would characterize my tax return as moderately complex. I feel Taxact is for the "understand the math" type person preparing their taxes. Its Q&A is more basic than Turbo tax (most years I sign up to TT to compare with TA) but I feel Turbotax is an "enter your info and out comes the tax" type system. While there is extensive Q&A in TA, I think I can see how the numbers are getting built up - I feel it is basically closer to the flow of the underlying tax form. So I prefer Taxact for my style of preparing taxes.

Any rate, this delay in being able to import directly from the few brokerages (limited functionality in my view, even in past years) or more importantly in CSV format is unacceptable. If I didn't have so much time vested already, I'd have left TA.

Taxact hopefully you are listening. I have all my 1099-Bs in now and have my various CSV files ready - JUST TURN ON THE FUNCTION for crying out loud. You obviously had this feature in past years so it cant be a technology thing.... and phone support simply said its not ready for release.

Crazy!

gst
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Re: TaxAct still not importing stock data

Post by gst » Mon Feb 20, 2017 8:57 am

Any rate, this delay in being able to import directly from the few brokerages (limited functionality in my view, even in past years) or more importantly in CSV format is unacceptable.
Fully agree. This year is the first year where I'm doing my own taxes (previously used a tax preparer as my return is somewhat complex) and signed up for both TurboTax and TaxAct. Would really have preferred TaxAct, as it's much easier to directly edit form data than with TurboTax (where you have to reverse engineer which question leads to which form output).

However, I'm definitely not going to manually enter al of my transactions one by one. Not having a broker import is bad enough, but not having any import capability at all is definitely a no-go. Also those missing features make me question how well the other features of the system work: If they don't have enough resources to complete CSV import, what other things are missing (e.g., has all the validation logic been implemented correctly?).

Decided to go with TurboTax this year and probably going to continue using it until a better competitor shows up. (Although unfortunately there a lots of missing features in TurboTax too. For example: Forms mode in the online version, importing via CSV instead of only broker import, attaching a PDF 1099-b to a submitted efiled return).

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John151
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Re: TaxAct still not importing stock data

Post by John151 » Mon Feb 20, 2017 2:55 pm

As I wrote in a related topic, I filed with TaxAct Plus online in late January for $10.50 (federal) and $25.00 (state). Total price: $35.50. But TaxAct has raised its prices to $33.00 (federal) and $37.00 (state). Total price: $70.00.

Since TaxAct didn’t import my 1099-DIV and 1099-B information, I had to type that information in by hand. It wasn’t hard, but If TaxAct isn’t able to import my investment information next year, and if TaxAct charges $70 next year, I’ll probably switch to TurboTax. TurboTax will import my investment information, and it will cost only about $20 more than TaxAct is charging currently.

Impromptu
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Re: TaxAct still not importing stock data

Post by Impromptu » Mon Feb 20, 2017 10:01 pm

Tax Act Premium only cost me $20 this year. For the same level, discounted Turbo Tax would charge me $90.

Tax Act would do my state taxes for an additional $15. Turbo Tax would charge an additional $37. (In Illinois I can e-file for free, and their website is pretty easy to use).

Tax Act $35.
Turbo Tax $127.

Tax Act still wins on price.
I'll gladly pay you Tuesday for a hamburger today.

shark1
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Re: TaxAct still not importing stock data

Post by shark1 » Tue Feb 21, 2017 4:13 pm

It's unbelievable to me that Taxact does not have CSV import ready yet!! This has never been a problem during previous years, and I could understand if it was the 1099 import for certain brokerages, but this is just for the generic CSV file you get from your broker - same columns, etc. This is a complete joke and the last year I will use Taxact, especially given the huge price increase. Completely unacceptable!

dacalo
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Re: TaxAct still not importing stock data

Post by dacalo » Tue Feb 21, 2017 8:09 pm

Here is the response from TaxAct when I reached out to their support online, so maybe later this month?
Dear TaxAct® Customer,

The stock import function is currently undergoing enhancement modifications and is not available. At this time we do not have a specific date of release. We anticipate the function to be released soon in an upcoming update. We suggest checking in later this month.

We apologize for any inconvenience this may have caused. Once the modifications are complete the application will be released. Our teams are working diligently to get this function updated. We have included some additional methods below for entering stock data.

Please periodically check your account/return for this update and thank you for your patience and understanding.


TaxAct will complete Form 8949 for you and include it in your tax return submission. To get the transaction information into your return, select from the options described below.

#1 - Enter transactions on Form 1099-B

Create a Form 1099-B in TaxAct for each transaction listed on your statement. To enter Form 1099-B into the TaxAct program:
From within your TaxAct return (Online or Desktop), click on the Federal tab. On smaller devices, click the menu icon in the upper left-hand corner, then select Federal.
Click Investment Income to expand the category and then click Gain or loss on sale of investments
Click Capital gain or loss (Form 1099-B)
Click Add to create a new copy of the form or click Review to review a form already created
The program will proceed with the interview questions for you to enter or review the appropriate information.

#2 - Enter transactions through Stock Assistant

Stock Assistant is a TaxAct tool that allows you to enter multiple transactions at once using a spreadsheet style entry format. To access Stock Assistant:
From within your TaxAct return (Online or Desktop), click on the Federal tab. On smaller devices, click the menu icon in the upper left-hand corner, then select Federal.
Click Investment Income to expand the category and then click Gain or loss on sale of investments
Click Stock Assistant
Click the Stock Assistant button to launch the tool window
#3 - Form 8949 Attachment Option
The IRS allows taxpayers to enter summary total amounts if their transactions are already listed on a Form 8949 or similar statement. If you have a Form 8949 attachment, you will simply enter the summary totals for each reporting category into TaxAct. If you have a PDF version of this attachment, you will be able to attach the statement to your return during the electronic filing steps. If you have a paper copy of your Form 8949 attachment, you will still be able to file electronically but you will need to mail this statement along with Form 8453 to the IRS.
To enter the information for the Form 8949 attachments:

From within your TaxAct return (Online or Desktop), click on the Federal tab. On smaller devices, click the menu icon in the upper left-hand corner, then select Federal.
Click Investment Income to expand the category and then click Gain or loss on the sale of investments
Click Enter totals from a statement of transactions you will attach to your return
Click Add to create a new copy of the attached statement or click Review to review a copy already created
On the following screen, check the box, then click Continue
Enter the name of the brokerage firm (e.g. TD Ameritrade, E*Trade) or software vendor (e.g. GainsKeeper, TradeLog, Form8949.com) who supplied you with the attachment and click Continue
You will now enter the summary totals based upon each reporting category:
For each reporting category you need to report, click Add.
To review previously entered Summary Total amounts, click Review.
Select the reporting category for the totals you are entering and click Continue.
Enter the summary totals for the reporting category previously select and click Continue
The next screen will show how the information will be reported on Form 8949
For Form8949.com users, if you have more than 2000 transactions (or choose not to import your transactions into your TaxAct return), you can enter your summary totals by reporting category. You can then attach your Form 8949 Statements to your electronic tax return and file electronically. Or you can print your Form 8949 Statements and include them with your paper return. To enter your statement summary totals into your TaxAct return:
From within your TaxAct return (Online or Desktop), click on the Federal tab. On smaller devices, click the menu icon in the upper left-hand corner, then select Federal.
Click Investment Income to expand the category, and then click Gain or loss on the sale of investments
Click Enter totals from a statement of transactions you will attach to your return
Click Add to create a new copy
Check the box to indicate you will be attaching a statement and click Continue
Enter "Form8949.com" in the Name of brokerage field and click Continue
You will now enter the summary totals by reporting category. Click Add to enter the summary totals for the first reporting category.
Select the reporting category of the summary totals you are entering from the drop down list and click Continue
Enter the total sales proceeds, total cost or other basis, and total adjustment amounts from above for the corresponding reporting category. Click Continue twice
Repeat steps 8 through 10 for each reporting category listed above that needs to be entered.
Note: The cost of Form8949.com services is not included in your TaxAct program fees.


Keep in mind, you may receive a brief email survey to submit feedback regarding the support provided to you as well as our TaxAct services. We would appreciate it if you would take a few moments to complete this survey, once it is received.

It was my pleasure to assist you with your request. Please let us know if you have any additional questions or need further assistance.

Thank you for using TaxAct,

Ken F.
TaxAct® Support Center
PS-140

shark1
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Re: TaxAct still not importing stock data

Post by shark1 » Wed Feb 22, 2017 3:19 pm

Just checked it today and it's working! About time!

dacalo
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Re: TaxAct still not importing stock data

Post by dacalo » Wed Feb 22, 2017 4:52 pm

shark1 wrote:Just checked it today and it's working! About time!
Yup, I just tried and it's working now, woohoo!

*3!4!/5!
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Re: TaxAct still not importing stock data

Post by *3!4!/5! » Wed Feb 22, 2017 4:57 pm

I entered mine by hand. I've got my refund already.

rnam
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Re: TaxAct still not importing stock data

Post by rnam » Wed Feb 22, 2017 5:17 pm

shark1 wrote:Just checked it today and it's working! About time!
I just updated to Federal version 1.03. Electronic import and CSV import both still don't work for me.

shark1
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Re: TaxAct still not importing stock data

Post by shark1 » Thu Feb 23, 2017 12:48 pm

I didnt update to a new version. I just went back to my return where I left off and clicked import and it took my .csv file now.

I am using online version.

rnam
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Re: TaxAct still not importing stock data

Post by rnam » Fri Feb 24, 2017 7:47 am

I complained again to TaxAct and got this response:
Dear TaxAct® Customer,

We anticipate the stock import functions to be released towards the end of the month and will send another email informing you of its release

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