1099-B doesn't support negative value in box 1d

[rsherry8]

Now that some time has passed, I am hoping somebody from TurboTax ( Intuit ) will confirm that they are going to fix this issue and tell us when we can expect the fix.

[Rainydaydog]

Electronic is still showing errors for neg numbers, I've manually changed the 1d box to be 0 - but it makes me nervous to file with changed numbers. 

[BeornFromW]

Just a follow up on the workaround I got from TT.  For entries that are negative in Box 1d, change it to positive and enter in Box 1e then enter 0.00 in Box 1d.  This will give you the right information.  I did this and the errors went away.  Since the IRS already has your 1099-B this is basically used by TT to determine your tax liability.  At least that is what TT customer service told me.

I have already filed.  It was accepted and I received my refund.

Example: 

Before

Box 1d - Proceeds = -$200 

Box 1e - Cost or other basis = $0.00

After

Box 1d - Proceeds = 0.00

Box 1e - Cost or other basis = $200

[ql2723]

TD clearly is not the only broker does it this way.  My Fidelity report has the same issue.  I suppose IRA changed the rule in 2020 since it's not a problem before.

[jcberardo]

From my previous threads:    

If you manually change the Turbotax forms, those forms will not match the 1099-B sent by your finance institution and could cause a red flag by the IRS.. 

2020 Tax Form1099-B negative numbers in 1d Proceeds not Accepted by IRS

Please confirm statements from Turbotax on negative numbers in Form 1099-B and Worksheets for Option trades.

Will Fidelity be updating the 1099-B and supporting documents on the negative numbers?

This is a critical item for 2020 IRS Income Tax Preparations..

-*-*-*-*-*-*-*-*--+-+-+-+-+-+-+-+

Dear John Berardo:

Thank you for contacting Fidelity Investments regarding your account ending in 0000. It is my pleasure to assist you.

New IRS e-filing standards restrict taxpayers with negative proceeds from filing electronically. As of a result of these changes, you may experience issues filing your tax returns through electronic tax prep services (e.g. TurboTax, H&R Block, Tax Act). Due to the influx of feedback from taxpayers regarding this new change, the IRS will be updating the e-filing standards to accept negative amounts. At this time, the update is tentatively scheduled to occur the end of March.

Please contact your tax advisor or tax prep services company for additional guidance and troubleshooting.

I hope you find this information helpful. If you have any questions regarding this issue, or for any general inquiries regarding your account, please contact a Fidelity representative at [phone number removed] for assistance.

-/-/-/-/-/-/-//-/-/-/-/-///-/-/-///-/-/-/

Suggest contacting your financial institution and get a reply.

This is Fidelity reply (I underlined the key point):

Dear JB:

Thank you for contacting Fidelity Investments regarding your account ending in 0000. It is my pleasure to assist you.

New IRS e-filing standards restrict taxpayers with negative proceeds from filing electronically. As of a result of these changes, you may experience issues filing your tax returns through electronic tax prep services (e.g. TurboTax, H&R Block, Tax Act). Due to the influx of feedback from taxpayers regarding this new change, the IRS will be updating the e-filing standards to accept negative amounts. At this time, the update is tentatively scheduled to occur the end of March.

Please contact your tax advisor or tax prep services company for additional guidance and troubleshooting.

I hope you find this information helpful. If you have any questions regarding this issue, or for any general inquiries regarding your account, please contact a Fidelity representative at [phone number removed] for assistance.
--*-*-*-*-*--*-*-*

Turbotax provides a work-a-round that makes you manipulate the Turbotax form which will not match the financial statements that are sent directly to the IRS... And Turbotax has not stated they will defend this if you are audited by the IRS.. 

[LinaJ2020]

The issue has been submitted and is currently under investigation.  For now, we have three ways to fix it for the workaround.  Click here:

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.  

[GabiU · Accepted solution]

Check out this article: How do I fix my 1099-B negative values? 

[addisj23]

Unfortunately this issue has not been fixed, despite what the previous comment claims. I just deleted and reimported my 1099-Bs and re-ran the Review and it is showing the same errors as before. This is using the Web version of Turbotax.

[Jimmy W]

Are you sure your error is about negative proceed values and not something else? Mine doesn’t have the error anymore. Anyone tried to e-file and succeeded?

[jcberardo]

FIXED ---- The latest update 18-Mar-2021 Version [phone number removed]     2020.48.21.77

Accepted the negative proceeds in 1099-B column 1d. I checked the Turbotax forms and the final pdf out put.

I have filed my 2020 1040 using the e-file system using the 'laptop version', not the online.. 

[jcberardo]

FIXED ---- The latest update 18-Mar-2021 Version [phone number removed]     2020.48.21.77

Accepted the negative proceeds in 1099-B column 1d. I checked the Turbotax forms and the final pdf out put.

I have filed my 2020 1040 using the e-file system using the 'laptop version', not the online.. 

[sharkMeister]

This is NOT valid for the online TurboTax software. Please fix this ASAP!

[khonllc]

Still have 1099 b negative value problem. Please fix your software. I can't do e -file.

[LinaJ2020]

The issue has been fixed.  For solution, click here: 1099-B negative

[kiloniner]

I was able to eFile my federal return with negative values, that worked fine. But I am still unable to eFile MA with negative values. Is there a plan to fix the MA state software too?