turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

iamthekat
New Member

Check this entry Sch C-568 3-5 hidden:Sch B, Line 11,Amount:Other Loss is not between the prescribed upper and lower limits. tried step by step and forms-i am so lost

I have no range on how to clear it or where to change it. I am so lost and I have no clue how to fix it.
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply
MonikaK1
Expert Alumni

Check this entry Sch C-568 3-5 hidden:Sch B, Line 11,Amount:Other Loss is not between the prescribed upper and lower limits. tried step by step and forms-i am so lost

The warning about losses not within the prescribed limits is referring to the way negative numbers were entered, possibly from an import. 

 

There has been a change by the IRS starting with the 2020 tax returns that will reject any return filed with a negative number reported in the proceeds or cost basis fields for Schedule D. TurboTax is flagging these situations ahead of time before the return is filed in order to prevent the IRS rejection. Some brokers are still using the old convention for reporting negative values and have not updated their reports to match the IRS.  You would need to go over your entries and find the negative numbers

 

See the discussion in this thread, IRS Instructions for Schedule D and for Form  8949. Any negative numbers need to be entered in parentheses.

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question