Turbo tax does not allow negative numbers in 1099-B box 1d

[canuck97]

unbelievable!   Thanks for letting me know.   I would have been mad if I found this out on my own

[keebin_tax]

confirming that this is still an issue for 2020 tax year. I just got a ton of errors when trying to file my return.  It's especially troublesome in the web version of turbo tax because it takes time to load the PDF-ed 1099B  for EACH invalid entry. will definitely have to wait for the bug patch. this is my first year using turbo tax - did they resolve it last year within a reasonable time frame last year? were there proactive communications to the user base that it was fixed?

[canuck97]

I believe they fixed this in about 2 weeks or so.   So they better jump on this and get it fixed quick

[canuck97]

when they fixed this problem last year it was resolved under case  number (it wont let me post case #, it thinks it is a social security number)    If you want t follow up with them directly, fill out a request at  https://support.turbotax.intuit.com/contact/  This will eventually take you to a page with the phone number and a support ID.   

[JohnB5677]

To be able to post a negative value to form 1099-B box 1d follow these steps.

1. Select the option for a 1099-B
2. Select to type it yourself
3. Enter Bank
4. I'll enter one sale at a time
5. Enter the stock data and leave 10d BLANK
6. When you hit Continue you will get a RED error message
7. At the bottom of the screen select Allow me to continue with incomplete information. [Continue]
8. Any less common items will be blank.  Select Done
9. No this is not employee stock
10. Select the last item An adjustment is required for reasons not already covered.
11. Enter the negative number that you had in Box 1d.
12. This will complete the transaction.

[keebin_tax]

Thanks John! Are you with Turbo Tax? Is there a chance that this will be addressed systemically? My transaction volume is significant. 

[canuck97]

This is rediculous!   Turbo tax can't possibly expect everyone to manually enter this data when several people have hundreds if not thousands of transactions!   This problem was already fixed once and it needs to be fixed again ASAP!   Most people will be getting their brokerage forms by mid February

[MarilynG1]

@canuck97 You can enter a Summary of your Transactions in Each Category in Lieu of invidual transactions. 

Click this link for info on How to Enter a Large Number of Stock Transactions. 

[keebin_tax]

Hi Marilyn, thanks for the response.

To be clear, if I have 10,000 stock transactions, then I'm able to skip entering (or importing) all 10,000 transactions. I can just look at the bottom-line financial impact of all of the 10,000 transactions. i.e. If I made $1,000 net through all of the 10,000 transactions, then I can just enter in $1,000?

[AmyC]

Another option, type in 4 lines manually. Each line is the total for that type of transaction. The IRS has the same brokerage statement and totals.

Enter the totals for each:

• short term covered
• short term non-covered
• long term covered
• long term non-covered

@keebin_tax

[canuck97]

keebin,  did you try reporting this as a current problem?   I really want the import of these forms to work.  If it worked last year there is no reason why it shouldn't work now.    My understanding is that if you enter in summary data you have to mail in some forms if you efile.

I don't want this hassle, we pay good money for turbo tax and it should just work as expected.  The more of us that complain about it, the better chance that it will get fixed

@keebin_tax 

[keebin_tax]

Hey Canuck, I submitted a ticket and got the reference ID # to call up. I called, but got put on hold and didn't have a chance to follow through. Will try again later this week. 

[fanfare]

@canuck97 

Exception: if you summarize Category A or Category D, Form 8949 is not needed for transactions without adjustments. No mailing is necessary.
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If you have wash sales, it gets more complicated since those adjusted transactions have to be itemized on Form 8949 and the summary sub-totals on Schedule D Line 1a adjusted accordingly.

[keebin_tax]

Thanks @AmyC ! This solution was perfect.

@canuck97 i'm not sure if you have the same situation, but I was able to do Amy's suggestion. I basically inputted the aggregate totals (basically I have 4 aggregate sales) and then I just uploaded my 1099 into the system. I did not utilize the direct import feature (which creates each individual sale and creates the error)

[canuck97]

@keebin_tax 

Please keep me informed on the status of your problem report.

I am surprised that you can already import your stock trades.   What brokerage do you use?   The Etrade forms wont be available until Feb 16.

Thanks,

Rick