To import your tax information into TurboTax you must enabled TurboTax under Third-Party Services in Client Portal and generate a Token and Query ID by following the steps below.

1. Login to Client Portal…

Which IBKR tax reports may be imported into TurboTax?

The only tax report for which IB supports import to TurboTax is the Worksheet for Form 8949. This IRS form is used by U.S. persons to report the sales of securities. It also serves to reconcile balances reported on Form 1099-B and provides summary computations for Schedule D…

The most common issue encountered while trying to import your tax information into TurboTax is an "Invalid Credentials" error and there are two ways to solve this.

1. Verify you are not entering the Query ID (smaller number) in the Token field and the Token (longer number) into the Query ID field…

BACKGROUND

As a matter of operational convenience and to assist with the preparation of IRS Form 8949 (Sales and Other Dispositions of Capital Assets), IBKR prepares a Form 8949 worksheet in each of a PDF, CSV and TXF format on an annual basis. The TXF format is a data file specifically designed for import to Intuit’s TurboTax tax preparation software application…

No. While IB produces a file in a TurboTax Tax Exchange Format (.TXF), not all TurboTax applications accommodate this file import feature.  As a general guideline, the CD/download versions support this feature and the online versions do not.  Note, however, that this is only a guideline and the actual functionality may vary depending the specific CD/download software package your are using (e.g., Basic, Deluxe, Premier, Home & Business, Business) and whether you are using a mobile or tablet version. …

Yes, the .TXF file is compatible with both the Windows and Mac operating systems subject to the guidelines and considerations noted on the TurboTax website…

Yes, the .TXF file is provided for all IBKR account types subject to the following:

1. The account in question has qualifying transactions required to be reported on the Worksheet for Form 8949, and;
2. Those transactions do not include IRS required codes which TurboTax does not support.  If they do, you will receive an error message when attempting to download the TXF file (i.e., “The worksheet which IB prepares to assist with completing Form 8949 is compiled in an IRS compliant format and may contain transactions having IRS gain/loss adjustment codes which TurboTax does not support. As proper transaction coding is essential to the filing of a true and complete Form 8949, TXF file export is not provided in those instances where the file contains a code which TurboTax does not allow to be imported. In those instances, a file download error message will appear and an alternative TurboTax supported method may be used. Please refer to…

While there is no transaction limit enforced by IB, TurboTax restricts the import to files containing no more than between 2,000 to 2,500 transactions for system performance purposes.  Note that the precise limit depends upon the volume of data in each transaction, which explains why TurboTax cannot provide an exact number.  In the event the import of a file containing transactions above the threshold is attempted, an error message will appear (e.g.,…

Yes. In addition to the TurboTax .TXF format, IBKR supports the download of this worksheet in a Comma-Separated Values, or .CSV file format.  Files in this format can be opened in applications such as Microsoft Excel, Open Office Calc or Google Docs. The .CSV file format is not supported for purposes of import to TurboTax. IB also supports the download of this worksheet in PDF format…

Yes. Again, while IB imposes no limits, TurboTax has a 9-digit limit in data entry fields; when exceeding that limit, you'll receive a message similar to “The value is too large for this field.”…

Unfortunately Canadian tax forms are not compatible with TurboTax…