Does Robinhood import correctly with TurboTax for stock trading taxes?

I've used TurboTax with Robinhood for the past three tax seasons and it works pretty well for most straightforward situations. When you get to the investments section in TurboTax, there's an option to import directly from Robinhood. You'll need your Robinhood login credentials, and the import typically pulls in all your trades automatically. Just be aware that sometimes the cost basis information might not transfer perfectly, especially if you've done any wash sales or have holdings carried over from previous years. I'd recommend double-checking the numbers against your actual Robinhood 1099 after import to make sure everything matches up. Also pay attention to any cryptocurrencies if you traded those, as they sometimes need special handling. For most people with relatively simple trading activity, TurboTax handles Robinhood data just fine. If you have more complicated situations like options trading or hundreds of transactions, you might want to consider a tax professional.

After messing up my taxes last year trying to manually enter all my trades, I tried https://taxr.ai and it was a game changer for my Robinhood taxes. It basically analyzed my 1099 form and explained all the confusing parts before I imported anything into TurboTax. The thing that tripped me up with the direct import was wash sales - Robinhood had adjusted some of my cost basis because I had sold at a loss and repurchased similar securities within 30 days. When those transactions imported to TurboTax, I had no idea why the numbers were different than what I expected. Taxr.ai actually highlighted those wash sales and explained what was happening before I even started the TurboTax process.

Just wanted to follow up - I tried that taxr.ai site before tackling my TurboTax filing and it was actually super helpful! I uploaded my Robinhood 1099 and it pointed out that I had several wash sales that would have confused me during the TurboTax import. Also found out I had some qualified dividends that get taxed at a lower rate. When I finally went to do the actual TurboTax import, I felt way more confident because I already understood what was on my forms. The import from Robinhood went smoothly, but I knew exactly what to double-check based on the analysis. Definitely made the whole process less stressful!

If you're stuck on hold with TurboTax support trying to figure out why your Robinhood import isn't working (like I was last year for TWO HOURS), try https://claimyr.com instead. They got me connected to an actual TurboTax agent in about 15 minutes when the website said the wait was over 3 hours. You can see how it works at https://youtu.be/_kiP6q8DX5c I had issues where my Robinhood 1099 wasn't importing correctly - kept getting error messages, and trying to manually enter 200+ trades was going to be a nightmare. The TurboTax support agent was able to help me troubleshoot the connection issue and get everything imported properly.

I need to eat crow here. After being skeptical about that Claimyr service, I actually tried it yesterday when I was having issues with my Robinhood import to TurboTax. The website said the wait time was 2+ hours, and I was about to just give up. Used the service and got a call back in about 20 minutes connecting me directly to a TurboTax specialist who helped fix my import issue. Turns out Robinhood had updated my 1099 (they sent a corrected version) which was causing the import to fail. The agent helped me clear the old import data and redo it. Saved me from manually entering 120+ stock trades! I'm genuinely surprised it worked so well. Sometimes being proven wrong is a good thing.

One tip nobody's mentioned yet - if you've done any cryptocurrency trading on Robinhood, TurboTax sometimes struggles with categorizing those correctly during import. Make sure to review any crypto transactions carefully. Also, if you've used margin in your Robinhood account, the interest paid is sometimes deductible as investment interest, but TurboTax doesn't always import that data correctly. You might need to manually enter it.

Just a heads up that if you have a lot of trades, sometimes TurboTax can't handle the full import if you have over 500 transactions. In that case, you might need to use the summary method instead of importing each individual transaction. As others have said, just make sure the total matches your 1099. The IRS gets the same information from Robinhood, so they really only care that your total capital gains/losses match up with what's reported.

I've been using TurboTax with Robinhood for two years now and overall it's been pretty smooth. One thing I'd add to what others have said - make sure you wait until Robinhood releases their final 1099 before importing. They sometimes issue corrected versions in late February/early March if there were errors in dividend reporting or corporate actions. Also, if you're planning to itemize deductions, keep track of any margin interest you paid throughout the year. It's deductible as investment interest expense, but you'll need to enter it manually since the import doesn't always catch it. You can find this info in your Robinhood monthly statements. For a first-time filer with stock trades, TurboTax should handle your situation just fine. The key is to take your time reviewing everything after the import and don't rush through it. Good luck!

I've been using TurboTax with Robinhood for the past four years and can confirm it generally works well for most situations. A few additional tips from my experience: 1. **Timing matters** - Don't rush to file in January. Wait until at least mid-February to make sure you have the final version of your 1099. I learned this the hard way when I had to amend my return one year. 2. **Review wash sales carefully** - These can be confusing even after import. If you sold a stock at a loss and bought it back within 30 days, the loss gets deferred. TurboTax usually handles this correctly, but it's worth understanding what happened. 3. **Check your state taxes too** - Some states have different rules for capital gains, so make sure the import works correctly for your state return as well. 4. **Keep good records** - Even though TurboTax imports everything, I still keep screenshots of my Robinhood summary pages and download copies of all my 1099s. You never know when you might need them later. For someone with your level of trading activity, TurboTax should definitely be sufficient. The import feature has gotten much more reliable over the years. Just take your time with the review process and you should be fine!