Every 1099-B entry imported from ETrade shows up incorrectly with Adjustment Code N

[midovelic]

same issue i can not delete the adjustment N

[johnnj967]

I have the same issue and was able to enter $0 as the adjustment amount. The amounts are correct but the adjustment code is "N" for nominee which is incorrect.  Not sure what to do!  

[bill_vencl]

I have the same problem.  2 1099-Bs sent from eTrade.  1 marked with all N's.   One likely from before eTrade to MS transition and one afterward.  The bigger issue right now....  For every wash sale disallowed on the 1099-B with the Ns, TurboTax creates an adjustment on 8949 that is twice as large.  The Gain/Loss column H on 8949 now shows the losses as Gains.  2 days into this and losing patience...

Minnesota Token: 1187261.

[Red Fox]

It is truly incredible this wasn't tested before the import was opened up for use by Morgan Stanley/Etrade. I mean, how many of us wouldn't gladly beta test this early each year for them? They just need to ask. This is just lazy, sloppy behavior - since I have to believe nearly everyone is seeing this with their post-conversion trades. And to do so before a long holiday weekend where everyone undoubtedly wanted to "finish their taxes"... with no phone support available at all. Typically Friday "dump and run".

So Morgan owns the primary problem with the data feed. But TurboTax really should allow users to change what is obviously bogus data on our end as well. Perhaps they do, and we have not yet discovered it... but it sure seems like this data is "locked" in and unchangeable, which kind of defeats the whole "free will" thing.

Like many, and I'm going with tens of thousands of people or more, I'm just patiently waiting until those responsible for this problem get on it tomorrow (Tuesday) and hopefully issue an updated import feed soon.

However, in past years, even when "1099" forms were updated by Etrade, the import feeds themselves are often NOT updated and still point to the "original" data, and you just blindly pull down the original data thinking it has the updates in it. Horrible. I do hope they simply wipe the original data and replace it with good data asap, so there is no confusion on "pointers" to the good, updated data to worry about.

Good luck all. I have a simple situation, and will just add "0.00" and remove the errors and submit with the "N" codes if necessary. I can easily explain that away to IRS if they question it, and the tax due calculations are still correct. It's saying I'm a "nominee", but I'm not allocating any of the funds back to the "holder(s)". Financially it is correct (if you have no wash sales or duplication issues from the pre-conversion trades), but technically it is an inaccurate characterization of the gains and losses.

All so avoidable.

[Bigbeacher]

Token # 1187431

Colorado

[lizgoswick]

me too.  Really do not want to enter manually.  Hope they fix it in the next weeks.

[sksummers61]

Same issue here.

[Apbk]

Ditto; needs a fix!!

[BrimstoneFox]

Possibly the worst part is the instructions on the IRS website: https://www.irs.gov/instructions/i8949#en_US_2022_publink[phone number removed]

Spoiler

I did that for my first transaction of course following it you negate the profit, and it does not quite make sense, whether, pretty sure I did not meet the first condition, I found some other documentation that I'm pretty sure was written backwards too (which number you subtract from which, it made no sense) I think it was related to RSU cost basis on the IRS website but I don't remember.

My plan is to just try again in a few days.

[Steve861]

How do I use the "group totals" method?  Is it as simple using "Various" as the descriptor in lieu of the securities name?

[jsshum]

I have the same issues.  Besides the N codes; the wash sale disallow amount is double and can not enter the W code.

[danthedad]

I have the same issue. I imported my 1099-B from E-Trade for ESPP and RSU sales. All of the trades for the first 8 months of the year came with one 1099-B and all of the amounts and codes are correct. The trades from the last few months of 2023 came on a second 1099-B and are all using adjustment code "N". During quick check, it complains that they adjustment amount is empty. It should be blank for RSUs. I cannot delete the "N". I can change to "B" and put 0.00 in the adjustment box, but it should all be empty on the worksheet like the transactions from earlier in the year. Please fix this asap or I'll need to delete the imported 1099-B and re-enter manually to file.

My file code is 1188349 with Oregon.

[jared5537]

What does the code N even mean. 

[PatentWonk]

I just got off the phone with e-trade tech support. They insist the problem is on the TurboTax side and that they don't have any control over how TurboTax processes the data they send. They are wrong, of course, because the error is in the datastream coming from Morgan Stanley, but I just wanted to share my experience. Don't be surprised if you hear the same misrepresentation.

[Red Fox]

I will be calling Etrade on Friday if I haven't seen a general communication on it before then. Thanks for the update.