Are you ready for tax season? You may not be, but your tax software is. Let’s put TaxAct to work, so Uncle Sam knows what’s due.
*Please Note: Importing tastyworks data requires TaxAct Plus or better and can only run on Windows. Additionally, there is a 2,000 transaction limit. To read more about this limitation and find possible solutions, please click here.
Start by launching TaxAct and make sure that you have all of the necessary updates to your software. Updates to the software are usually retrieved when you launch the software. If your version of TaxAct needs an update, then you will be prompted.
After launching TaxAct, the first thing you’ll want to do is head to the “Federal” tab by clicking it.
Once inside the Federal tab, scroll down into the tab window and click “Investment Income.” The items inside Investment Income will expand. Click “1099 Import” to proceed to the next step.
Click “Electronic Import.”
A window will pop-up prompting you to select your brokerage. Select tastyworks from the drop-down menu, then click Continue.
You will be prompted with a login screen to input your tastyworks account number (for example, 6YL#####) and social security number (without dashes). If you do not know your account number and want to look it up, then please log in to your account at tastyworks.com, or click here. Your account number is listed below “Account Status.”
After your 1099 data imports, you will reach the “1099 Import” page. You will see a list of all your transactions. The length of your list will depend on how many transactions you performed. Scroll to the bottom of the page to continue.
Depending on your account activity, your 1099 import may include (but not limited to) a 1099-B, 1099-DIV, and 1099-INT. To select all your transactions, click “Select All” then click Continue.
After clicking Continue from 1099 Import, you’ll see a “1099 Import Successful” prompt. Click OK to complete!
You will have a chance to review your upload details in the Form 1099 Summary. If everything looks good, then scroll to the bottom of the window and click Continue.