Has someone been able to resolve the error on negative proceed on 1099-B? Before saying it's a mistake, it is not a mistake, it's short selling premium option trading

[m-v1]

I now get a different error, which says another trade needs acquired date, which should be various. TT randomly picks some of the various dates and not all... it is very frustrating. I am really thinking of using freetaxusa.com with total numbers and just mail all the transactions to IRS. What is the point of dazzling me if you keep crashing on me? 

[JohnB5677]

There is a procedure for entering Various into you investment transactions.

1. Open (continue) your return if it isn't already open.
2. Income & Expenses
3. Scroll to Stocks, Mutual Funds, Bonds, Other
4. Answer Yes to Did you sell stocks, mutual funds, bonds, or other investments in 2020?
   • If you see Here's the info we have for these investment sales, select Add More Sales.
5. Answer Yes to Did you get a 1099-B or brokerage statement for these sales?
6. At Let's get your tax info, choose how you want to enter your 1099-B (type it in yourself)
7. Select the pencil to work on the transaction
8. In the date area there are two bullets.
   • On one Date, and
   • Something other than a Date
   • Select Something other than a Date
   • There is a drop down menu for Various.

@m-v1

[m-v1]

I know all that, but I also have 1000 different trades half of which have various opening date. Even when I changed some to various, turbotax still showing the error. And since I have so many trades, the website keeps crashing. And before you say clear my cache and cookies and all that, I have done it. I'll wait until end of month, if I see no improvement, I'll take my tax somewhere else.

[JohnB5677]

An alternative is to post the summaries.

Your brokerage statements should include a summary of your transactions, grouped by sales category, for example, "Box A short-term covered" or "Box D long-term covered." You'll enter the summary info instead of each individual transaction.

1. Open or continue your return (if it's not already open) and search inside TurboTax for the phrase stock sales.
2. Select the Jump to link in the search results.
3. Answer Yes to both Did you sell stocks, mutual funds, bonds, or other investments? and Did or will you receive a 1099-B form or brokerage statement for these sales?
   • If you land on Here are all your 1099-B sales, select Add sales from a different brokerage. Then answer Yes to Did or will you receive a 1099-B form or brokerage statement for these sales?
4. When asked how you want to enter your 1099-B, select I'll type it in myself.
5. Select or enter your brokerage on the next screen and continue.
6. On the following screen (Tell us about...), answer the questions until you reach the next screen. Select the second option, Let's enter a summary instead, and select Continue.
7. You'll now be able to enter the total proceeds (sales) and cost basis, along with the sales category. Refer to your 1099-B for the amounts and category. When finished, select Continue.

When you are done, you'll eventually come to the Here's a summary of your broker sales screen where you can edit, delete, or enter more sales.

You will have to mail a copy of your 1099-B to the IRS.  TurboTax will produce a Form 8453. You print the Form 8453 and attach the brokerage statement(s) to it. 

Your Federal tax return goes to a different location depending on the state that you live in.  See this list to determine the location for you.

[Ordiemn]

I believe you are missing the point and the reason we pay for Turbo Tax Premier.

I could manually enter over 200 sales entries for each lot I sold.   Then, I would not buy turbo tax.

After contacting the IRS they referred be to below and that it is “NOT” ok for the amount on my tax return to not to MATCH my 1099B except for rounding of the final amount.

“If you have to add two or more amounts to figure the amount to enter on a line, include cents when adding and only round off the total.”

So if The turbo Tax Premier program Intuit sold me and Claims to be 100% accurate cannot do basic addition and subtraction than round the final amount so that it at least approximates what the Brokerage account is reporting to the IRS Please refund my purchase price for your product and I will use another companies product.

Thanks

[Irene2805]

Customers may have received a 1099-B form reporting negative proceeds. After entering the form into the TurboTax Program and trying to e-file, their return may be rejected or are unable to e-file because of the negative proceeds that were entered.

The negative proceeds on the form are likely accurate. We are partnering with the IRS to change this situation and expect them to update their rules later in the season.

There are three options customers can take in this situation. Please see the article How do I fix my 1099-B negative values?

[EDITED |  2/26/2021 1:37pm PST]

[m-v1]

Exactly.

Well I got tired of all the errors. I was playing around last night, and deleted all the 1099 I had, and left one to see how the review goes.  This time the review showed me an error in regards to acquired date for one of the options. Of course it was already "Various". After that I took my money and went to TaxAct, and imported the ones that they allowed, and the rest used summary. There were a lot of negative numbers btw, and no problem occurred. 

And at the end they'll ask you to upload the PDF of those summary total transactions. Filed and already was accepted by IRS. 

What a waste of time.

[LinaJ2020]

The issue has been submitted and is currently under investigation.  Please click on the following link and sign up for an email notification when it's fixed.  

1099-B negative

A Form 1099-B is issued to report the proceeds from your stocks and bonds transactions.  The transactions will generate either a long term or short term capital gain or loss depends on how long the stocks are being held.  The amount will be reported on line 7 of your Form 1040 along with a Schedule D and Form 8949.  

[cparmba521]

Turbo tax allowed me to use negative proceeds, did not receive error message. They e-filed my returns, but both state and federal were rejected.

[m-v1]

I can confirm today that I used the total numbers instead of individual trades, and attached the 1099B transactions, my refund was accepted. I used TaxAct.

[cparmba521]

See message received below from turbo tax after federal return rejected.

Subject: CRITICAL NOTICE: Issue with your 2020 tax return Dear valued TurboTax customer, We identified an issue with your 1099-B entries that resulted in your 2020 tax return being rejected by the IRS. The information on your return is likely accurate. The issue pertains to negative proceeds values on one or more of your stock sales. While the negative proceeds values are likely accurate, the IRS changed their approach and currently does not accept e-file submissions of any negative proceeds values. We are partnering with the IRS and expect them to update their rules later in the season. In order to resolve this and refile your return, there are three different options you can take. We have outlined detailed instructions for each,here: https://support.turbotax.intuit.com/redirect/1099-B-negative-value You will need to mail-in or resubmit your e-filed return before the filing deadline on April 15, 2021. We are here to help. If you have additional questions or would like to speak with one of our experts at any point during this process, please call us at [phone number removed] and mention "1099-B Negative Value Issue." We're open every day from 5am-9pm PT. As always, thank you for being a valued TurboTax customer. Sincerely, TurboTax Care Team

[JohnB5677]

With all of that said, there are still two viable work arounds.

Option I

To be able to post a negative value to form 1099-B box 1d follow these steps.

1. Select the option for a 1099-B
2. Select to type it yourself
3. Enter Bank
4. I'll enter one sale at a time
5. Enter the stock data and leave 10d BLANK
6. When you hit Continue you will get a RED error message
7. At the bottom of the screen select Allow me to continue with incomplete information. [Continue]
8. Any less common items will be blank.  Select Done
9. No this is not employee stock
10. Select the last item An adjustment is required for reasons not already covered.
11. Enter the negative number that you had in Box 1d.This will complete the transaction.

Option II

Your brokerage statements should include a summary of your transactions, grouped by sales category, for example, "Box A short-term covered" or "Box D long-term covered." You'll enter the summary info instead of each individual transaction.

1. Open or continue your return (if it's not already open) and search inside TurboTax for the phrase stock sales.
2. Select the Jump to link in the search results.
3. Answer Yes to both Did you sell stocks, mutual funds, bonds, or other investments? and Did or will you receive a 1099-B form or brokerage statement for these sales?
   • If you land on Here are all your 1099-B sales, select Add sales from a different brokerage. Then answer Yes to Did or will you receive a 1099-B form or brokerage statement for these sales?
4. When asked how you want to enter your 1099-B, select I'll type it in myself.
5. Select or enter your brokerage on the next screen and continue.
6. On the following screen (Tell us about...), answer the questions until you reach the next screen. Select the second option, Let's enter a summary instead, and select Continue.
7. You'll now be able to enter the total proceeds (sales) and cost basis, along with the sales category. Refer to your 1099-B for the amounts and category. When finished, select Continue.

When you are done, you'll eventually come to the Here's a summary of your broker sales screen where you can edit, delete, or enter more sales.

You will have to mail a copy of your 1099-B to the IRS.  TurboTax will produce a Form 8453. You print the Form 8453 and attach the brokerage statement(s) to it. 

@cparmba521