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Get your taxes done using TurboTax
To resolve this error, I did the following:
1. Check the value where this error is being reported (example: $999)
2. Now, go to the Income section and look at the stock sales
3. Locate the value ($999) and look at the trade
4. If you look at the trade, it should report the reverse : Gross proceeds to Cost price
So, if you sold a stock for a loss of $999 and cost price was zero, update the fields
Turbo Tax makes it as -$999 for gross proceeds and cost price: 0, which is in-correct and should be the other way. So, cost price was: $999 and gross proceeds were 0.
5. Save and then run "error check" again
You should be able to solve the error. I am using TurboTax Premier and it's sad to see these kind of issues with TurboTax.
May 17, 2021
1:42 PM