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posted Feb 25, 2022 10:09:54 AM

Error: Gross Sales Price shouldn't be less than zero

TT complains that "Gross Sales Price shouldn't be less than zero" when I'm about to efile. Apparently this issue has been there since at least the 2019 version.

https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/my-1099b-has-a-negative-cost-basis/00/598390

https://ttlc.intuit.com/community/retirement/discussion/can-i-enter-a-negative-amount-for-proceeds-box-1d-on-my-1099-b/00/1165889

https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/turbo-tax-does-not-allow-negative-numbers-in-1099-b-box-1d/00/1177687

https://ttlc.intuit.com/community/taxes/discussion/is-there-a-way-to-bypass-smartcheck-errors-smartcheck-disp[product key removed]-price-shouldn-t-be-less/00/2249442

The issue could happen if you have short sales and import from certain brokers such as TD Ameritrade or ETrade.

 

Some "Expert" answered in the above threads that IRS does not allow negative sales value. That's not true. As stated in the IRS 1099-B Page 8 (https://www.irs.gov/pub/irs-pdf/i1099b.pdf) :

Box 1d. Proceeds
Enter the gross cash proceeds from all dispositions (including short sales) of securities, commodities, options, securities futures contracts, or forward contracts. Show a loss, such as one from a closing transaction on a written option or forward contract, as a negative amount by enclosing it in parentheses.

 

Some "Expert" in those threads gave a workaround by changing the reported number. I don't think that's an acceptable solution. Messing with reported numbers is a bad idea. You don't want to confuse IRS.

 

Many brokers report negative values for short sales, such as TD Ameritrade, ETrade. Many other tax softwares have no problem with negative values. It seems only TT has this issue. Please fix it and make the fix permanent.

12 143 5304
24 Replies
Level 3
Mar 19, 2022 6:22:28 PM

Agree completely. I went through this whole problem last year, and ended up manually changing 186 entries from "-" numbers in "Gross Sales Price" to 0, and inverting those to be positive numbers in the "Cost or Other Basis plus Expenses". And of course a few days later, TurboTax rolled out an update allowing these things.

 

But now the problem is back again, but only on my MA return, Schedule B/D, Capital Gains/Losses Worksheet.

 

One would hope that TurboTax would roll out a similar update/patch/fix that they did for last year's Federal Return, but that happened February 18th last year, and here we are a month after that with no update for the MA version. 

 

I was able to submit my Federal Return that has all the same information a few weeks back, and there was an error at that time that not all MA forms were available yet. Now that there all required forms, I am getting this "Gross Sales Price shouldn't be less than zero" error message, even though it is all the same data from my ACCEPTED Federal Return.

 

Really makes no sense, and shame on me for thinking that TurboTax would actually fix this issue as they said they would even after having such a terrible experience last year!

Expert Alumni
Mar 22, 2022 11:49:20 AM

Thank you for bringing this to our attention for the 2021 tax year. It would be helpful to have a TurboTax ".tax2021" file that is experiencing this issue.

 

You can send us a “diagnostic” file that has your “numbers” but not your personal information.  If you would like to do this, here are the instructions: 

 

In TurboTax Online, please go to the black panel on the left side of your program and select Tax Tools. 

  1. Then select Tools below Tax Tools. 
  2. A window will pop up which says Tools Center.  
  3. On this screen, select Share my file with Agent. 
  4. You will see a message explaining what the diagnostic copy is.  Click okay through this screen and then you will get a Token number. 
  5. Reply to this thread with your Token number. This will allow us to open a copy of your return without seeing any personal information.  

For TurboTax Desktop, please go to Online in the TurboTax header and choose Send Tax File to Agent. Post your token here.

 

We will then be able to see the same experience you are having. If we are able to determine the cause, we'll reply here with an update and perhaps a resolution. 

Level 2
Mar 26, 2022 9:10:21 AM

I'm having this same issue on hundreds of transactions (I sold a lot of options, then bought them back).  I uploaded my file...token is 970922

 

Thank you!

Level 3
Mar 27, 2022 8:22:39 AM

@PatriciaV Someone from the OotP reached out to me and I provided the token that way. If it would be useful to have here, please let me know, but I don't want to possibly duplicate the information by posting here if its already been downloaded.

Level 2
Mar 27, 2022 9:15:52 AM

By the way, I'm reaching out to TDAmeritrade too... not sure which side is causing the problem.   I only have this issue with my TDAmeritrade feed, not Fidelity.

New Member
Mar 27, 2022 11:41:26 AM

Hi, I'm having the same issue.

 

My token code is 972600

 

Thanks

Level 1
Mar 27, 2022 8:47:17 PM

I am also having this issue. Would be great if TT could roll out an update to fix.

Level 2
Mar 28, 2022 9:32:58 AM

I contacted TDA.  They are aware of the problem, and say it is up to Turbotax / Intuit to solve.  Unfortunately I don't have a 'Live' account to talk to anyone at Intuit.

 

Level 3
Mar 28, 2022 7:11:06 PM

I have the same problem,  impacts all my Fidelity option transactions (several) where I sold a call option but had to buy the call option back at a loss because the stock rose.  Example, sold an Apple call option on 1/4 for 340.30 then bought it back on 1/21 for a 475.69 which resulted in a net loss of -135 dollars. Fidelity just reports a sales proceed of -135.39 and the transaction processes with no errors on the Federal Turbotax return however the Massachusetts State Turbotax return records an error indicating that the Gross Sales Price can not be less than zero. Can you just remove that validation in the State return given the Federal return allows it.? Did not have this issue last year. Please help, I need to get my taxes filed soon.

Level 1
Mar 28, 2022 9:42:24 PM

I have same issue. Very annoying. Not able to submit MA tax return.

Need TT help to resolve asap.

 

Level 2
Mar 29, 2022 12:00:58 AM

@PatriciaV  My token number is 975122. This error is preventing me from filing my MA state tax return.

Level 1
Mar 29, 2022 12:08:00 AM

token  975123.

 

This issue is only with Mass State Review.  Spent hours to get here just to hit a wall.

Level 1
Mar 29, 2022 4:22:10 AM

My token no: 975134.

Plz help.

Thanks.

Level 2
Mar 29, 2022 5:55:37 AM

Hi

Please Help hears my token# 975146

Thank You

Level 2
Mar 29, 2022 6:09:48 AM

@PatriciaV Do you expect a correction to be issued for this?  Running out of time.

 

Expert Alumni
Mar 29, 2022 6:10:01 AM

Thank you all for providing the diagnostic tax files (tokens). We will submit this information to tech support as soon as possible. We'll post any information we receive about a potential work-around or pending update.

 

@bmartin112

@BriGuy832

@nborrelli

@maytt

@platinumxsniper

@ngotronghieu

@tokinb


 

Level 1
Mar 29, 2022 10:26:51 AM

Also having this issue, my token number is: 975493

 

Seems to be caused by the same thing: I sold covered calls and would often buy-to-close them after reaching some profit% threshold. It seems my brokerage would report separate lines for the sell-to-open action and buy-to-close action. Hence, the buy-to-close action is always some negative proceeds amount, zero dollar cost basis, and negative profit/loss amount. To change the numbers filed would conflict with the reported values.

 

Brokerage was Apex Clearing (through the branded platform TastyWorks). Should be noted that Apex Clearing is used by a lot of platforms.

Level 2
Mar 29, 2022 10:33:09 PM

same problem, still not updated 3/30/2022

Level 3
Mar 30, 2022 1:49:33 PM

Any update on this issue?

 

Any idea if there will be a software fix or is Turbotax expecting us to modify the 1099B data we receive from our brokers?

Level 1
Mar 30, 2022 6:18:57 PM

I'm having the same issue. Unable to file MA state return because of this issue, while Federal went through fine. 

Level 1
Mar 30, 2022 7:40:57 PM

I'm having the same issue which block me filing MA state return. Can TurboTax simply bypass this checking? Thanks

Level 1
Apr 1, 2022 12:33:38 PM

@PatriciaV any update on this issue? Still unable to bypass this error to submit MA state return.

Expert Alumni
Apr 1, 2022 2:00:07 PM

No update at this time (4/1/2022). Although something may be done sooner, as long as there is a work-around (swapping the proceeds and cost), it's unlikely that we will see a software change before the filing deadline.

Level 3
Apr 1, 2022 2:16:45 PM

So if we want to file our taxes before the deadline Turbotax's position is we need to manipulate data on  the1099-B we received from our broker in order to make the Turbotax software work?  Since the 1099-B data is pulled from the Federal return that means we also need to modify our Federal return and anyone who has already filed there Federal return will need to amend it? Really?