Cannot remove adjustment code from Capital Gain (Loss) Adjustments Worksheet

[o-Josuah-o]

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.

[chuckk1]

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).

[momstaxservice]

I am having the same issue here! Perhaps this need a fix from Turbo Tax??

[RachelW33]

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.

@momstaxservice @chuckk1 @o-Josuah-o 

[o-Josuah-o]

@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.

[RachelW33]

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 

[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.

[vikki222]

I clicked on the link to be notified and I get a page not found error.

[vikki222]

When will the fix for this be implemented?

[o-Josuah-o · Accepted solution]

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.

[babbo3648]

I am having the same problem now in April.  I think TurboTax needs to compensate us for this bug. Do you all agree?

[babbo3648]

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.

[chuckk1]

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.  

[babbo3648]

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.

[chuckk1]

Over a month ago.  I contacted MS/Etrade about the issue and they said give it a week for having it corrected.  I assumed they corrected for everyone.  I let them know it was a widespread issue.  Might give them a call. Good luck