After importing from my brokerage account, I have a bunch of "Capital Gain (Loss) Adjustment Worksheet" forms filled out and have run into a problem that I cannot fix.
1. Almost every form has a Part II Manual Adjustments adjustment code of "N" prefilled. I am unable to delete this field and leave it blank.
2. If the partner II code "N" is entered I am required to fill in an adjustment amount. For almost all of the forms, this is $0.00 and I have to manually go through and fill in $0.00 on every form one by one.
3. The Part II Manual Adjustments code "N" is also prefilled even when I needed to fill in Part III Specific Adjustments. But TurboTax reports an error that Part II should not have an adjustment code when I am filling in Part III.
4. The Part II Manual Adjustments code of "N" does not always match the Part I Values for Form 8949 adjustment code. This is a particular problem for wash sale. I cannot really get the correct calculation to occur because Part I Values for Form 8949 has adjustment code NW with non-zero values for the adjustment amount and the gain/loss, and then there is a further Part II Manual Adjustments code of "N" with another non-zero adjustment amount.
While I can go through and manually enter $0.00 for any worksheets that will work that way, I cannot do this to resolve the wash sale and Part III conflicts. In the current state, I am unable to finish and file my taxes.
I am having the same issue. All were imported with "N" in the Adjustment code field. From what I can gather, "N" means the below, which is not correct. The 1099 I received was for our Joint account, owned by both of us. We were actual owners of the stock/property. Looking at last year's return, all our stock sales had a blank adjustment code. I also cannot figure out how to delete it.
Adjustment code "N" - You received a Form 1099-B or 1099-S (or substitute statement) as a nominee for the actual owner of the property. Report the transaction on Form 8949 as you would if you were the actual owner, but also enter any resulting gain as a negative adjustment (in parentheses) in column (g) or any resulting loss as a positive adjustment in column (g). As a result of this adjustment, the amount in column (h) should be zero. However, if you received capital gain distributions as a nominee, report them instead, as described under Capital Gain Distributions in the Instructions for Schedule D (Form 1040).
I am having the same issue here! Perhaps this need a fix from Turbo Tax??
We are aware that some of our customers are having an issue with 1099-B's incorrectly importing with adjustment code N instead of adjustment code W.
Please click here to sign up to receive an email notification when this issue has been resolved.
@RachelW33 in my case, 1099-B records that are not wash sales are still being imported with adjustment code N, and I cannot remove this code. That appears to be different than the issue you linked to for email notifications.
Although your situation doesn't involve wash sales, you should still sign up here to receive an email notification when the adjustment code N has been resolved. Any issues involving imports with adjustment Code N will be resolved within the same update. @o-Josuah-o
As an update, this morning at 8:16am Pacific Time I received an email indicating there was an update resolving this issue. I did perform the update. At 6:13pm Pacific Time I received a second email indicating the issue is still being worked on.
I can confirm that the problem still exists, and I still cannot delete the 'N' codes that were inserted for every record.
I clicked on the link to be notified and I get a page not found error.
This appears to be resolved for me now, with the latest update. I was able to go through and manually delete the "N" adjustment code and leave blank any dollar amount for that Part II.
I am having the same problem now in April. I think TurboTax needs to compensate us for this bug. Do you all agree?
I am able to delete the adjustment code but not the amount so I can't file. I am very frustrated and angry at TT.
My issue was resolved because they fixed the Morgan Stanley download. MS had the fix. I had to delete my downloaded files and re-download. N was gone.
When did you do this? I downloaded six days ago and incurred the problem. ETrade has been a mess since the Morgan Stanley take over.