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

[josephbenedict]

@Kurt58 

Mine as well when I opened my return and went to Schedule D this morning - did we just get lucky somehow or did TT fix the issue to accept the negative values?

[Arzakon]

TT is no longer giving an error message for negative values in the proceeds box of 8949 (copied from 1099-B 1d) when you go to submit.  Interested in hearing if anyone has successfully submitted a return and gotten it accepted by the IRS.  I am not filing until April.

[canuck97]

if anyone that has had this problem this year with negative numbers in box 1d, and has now successfully filed and had their tax return accepted by the IRS, please let us all know on this thread

Thanks!

[BB801]

Yes- I had this problem with hundreds of transactions.  Yesterday I noticed an update upon starting Turbo Tax and my return went through the review step without error.  I finished my return, e-filed it, and received a message later that it had been accepted by the IRS.  

[canuck97]

@BB801 

Thanks for letting us know the efile worked!

One more question can you look at your tax form and see how many trades entries on form 8949 were created?  I had about 150 trades, of which only one had an adjustment ( it was a wash sale ).  But it created entries on form 8949 for about 36 trades.   

From what I read online form 8949 is not required if there are no adjustments for the trades.   But I can't get anyone from TT support to explain why I got 36 form 8949 entries, instead of 1 or 150.   There has to be something black and white that triggers a form 8949 entry!

[vtmarv73]

TT has resolved this problem with an update issued on February 18, 2020.  I downloaded the update, completed my return with no errors or changes to the 1099-b box 1-d.  I had many negative values for closing options.

After completing the return, I submitted and had IRS accept the return within a few hours.

[hpchoi]

Still does not work for me. It is very frustrating working with TurboTax. I am switching to TaxAct

[Irene2805]

You may have received a 1099-B form reporting negative proceeds. After entering the form into the TurboTax Program and trying to e-file, your return may be rejected or are unable to e-file because of the negative proceeds that were entered.

We are partnering with the IRS to change this situation and expect them to update their rules later in the season.

Right now there are three options you can take in this situation, They are explained in this TurboTax Help article:  How do I fix my 1099-B negative values?

[mjlis1672]

"Later in the season"? 

What does that mean?

I just tried to re-enter and import everything and the same problem pops up.

It's Feb 24th, there's 7 weeks until taxes are due

Can you do better than "later in the season"?

This happened last year too how hard can this be to fix?

The worst part is, even if I wanted to fix it manually, your site freezes up and I cant enter any of the "fixes" if I wanted to.  

This is beyond irritating. 

How did no one at TT not see that this would happen again when they patched it up last year?

Were you all hoping the brokerages would fix it on their end?

And now both sides the brokerages and you are hoping the other side will fix it?

A specific official statement would be nice.  Not some vague "later in the season"

[Cleomobile]

I am having this problem but have NO negative proceeds anywhere. I have no way to update anything because it’s not wrong and there are no negatives. What do I do? It will not allow me to proceed or file. 

[canuck97]

@Irene2805 

@vtmarv73 

@BB801 

@mjlis1672 

@Cleomobile 

I don't get it.  A few people have claimed that is fixed and were able to efile.

Irene, is this fixed or not?????

I have also seen a couple of posts saying the problem is still there or has come back

[kimchu]

What error message are you getting ? 

I haven't  efiled yet, but the latest update fixed the negative proceed problem. You no longer get the error message that there are negative proceed entries.

[Cleomobile]

Mine is negative cost basis now actually. I have NO negative cost basis ANYWHERE in the system or on any 1099.  I had 2 $0 cost basis and adjusted it to $1 based on another post that suggested that as a fix. But that also did not work. I’m basically just getting that I cannot have a negative cost basis. No error message really. It just won’t seem to read my numbers as they are inputted. I’ve tried inputting them manually as well as pulling them from my broker site. 

[Cleomobile]

Also, when I logout and go back in, it takes me directly to the page that indicates I have negative cost basis and it freezes up. I have to logout and log back in multiple times to get to any other page to get out of the frozen one.

[kimchu]

I haven't seen any negative cost bases in my 1099 and I have close to 1500 transactions. You shouldn't have to manually change any values. Perhaps there are left over entries from your manual adjustments.

To test this out, start a fresh return and only import your 1099 and see if you still have the error. Also, you should be able to quickly browse thru your 1099 to see if you have actually have negative cost bases in any of the entries.