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

[Cleomobile]

I have “reimported” the 1099s 3 times now. I see no negative numbers anywhere so I have no idea why it’s telling me I have negative cost basis. I’ve started the return over 5 times now and no matter how it is entered my review says I have negative cost basis. It then locks up and I have to close my browser, log in, it goes directly to that page, locks up, I have to log out, log back in...it takes a few times of logging out and logging back in to get off that page otherwise I am stuck there. 

I can’t even print the return to mail it in. It just keeps me there and won’t let me finalize my return at all.

[BB801]

I previously posted it appeared to be fixed.   Could it be that only some versions/editions of TurboTax were fixed?   I used the cd/download version of TurboTax Premier.

[Cleomobile]

I’m just using the online site. 

[snrbss]

This is still not working for turbotax desktop as of the latest update for Turbo Tax Home Business 2020.  I went to the website the software pops up when the error occurs and it says to wait until late March for turbotax to fix this.  This is clearly a turbotax issue, and my brokerages are reporting as they should.  I spent an hour on the phone with support, and they did not help either.  You shouldn't have to enter 100s of transactions by hand either as I have some complex options and other derivatives in my 1099-B.

[LinaJ2020]

The issue has been submitted and is currently under investigation.  For now, we have three ways to fix it for the workaround.  Click here:

1099-B negative

A Form 1099-B is issued to report the proceeds from your stocks and bonds transactions.  The transactions will generate either a long term or short term capital gain or loss depends on how long the stocks are being held.  The amount will be reported on line 7 of your Form 1040 along with a Schedule D and Form 8949.  

[Edited 2/26/2021 3;36 PM]

@canuck97

[snrbss]

Still seems like a huge oversight for paid software for the half of Americans that invest.

[canuck97]

@LinaJ2020 

saw your post about signing up for email notification when this issue is fixed, but the link that you posted does not take you to a web page where you can enter an email address.  

Did you post the wrong link?

[LinaJ2020]

See my edited post.  Sorry for the confusion. 

@canuck97

[canuck97]

@LinaJ2020 

So your edited post is just to delete the comment about signing up for email notification?

There is no way to sign up for notification?   This would be very beneficial for many customers!

[JohnB5677]

I don't have a place to sign up for notification, but this is a work around.

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

Some brokers  now reports losses of short options on 1099B as a negative number for proceeds in box 1d and a zero value for cost basis, rather than separate values for cost basis and proceeds that show a loss. 

The broker explanation is: "We are now updating our reporting of short options on the 1099-B to reflect how the IRS is now requesting that these transactions be reported.  In this new format, the cost basis and proceeds for short options is consolidated into Box 1d in a net amount."

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.

[snrbss]

You should not have to manually enter forms and fix code that should be intuitive in software you pay over 100 dollars for to use once. This is very cumbersome for investors and to that point what is the point of the import from brokers when it can’t compute the numbers the turbo tax needs it to work. 

[Anonymous]

Yes. Did anyone fix it?

[BeornFromW]

You can access the solution from this link.  I used it today and filed my taxes.

How do I fix my 1099-B negative values? (intuit.com)

There is a workaround that will allow you to e-file your return now without waiting for the resolution in late March. The workaround has been approved by the IRS and vetted by our tax experts.

1. Sign in to TurboTax online and select Pick up where you left off or Review/Edit under Wages & Income.
   • If you’re on TurboTax CD/Download, open your return and select the Wages & Income tab from the top menu.
   • If your return has been rejected, select Fix my return. Then select the Federal tab from the left menu and the Wages & Income tab from the top menu.
2. On the Wages and income summary screen, select Edit/Add next to Stocks, Mutual Funds, Bonds, Other (1099-B).
3. On Your investment sales summary screen, select Edit next to your 1099-B.
4. Select Continue on the Which bank or brokerage sent you a 1099-B for these sales? screen.
5. On the Review your [Financial Institution] sales screen, select the pencil icon to edit any sales with a negative proceeds value.
6. Remove the negative sign from the value in Box 1d - Proceeds so that the value is the same, but positive (e.g. -100 to 100).
7. Add together the positive value of Box 1d - Proceeds and Box 1e - Cost or other basis.
8. Then replace Box 1e - Cost or other basis with that total (sum of positive value in Box 1d and value in 1e).
9. Change Box 1d - Proceeds value to $0.00.
10. Continue and proceed back to the Review your [Financial Institution] sales screen.

This workaround will produce an accurate calculation and will allow you to electronically file your return.

[Rainydaydog]

Tried this  - but then on the double check TTX asks for the Proceeds amount that I just deleted. 

[vtmarv73]

This is all very strange.  I have negative proceeds in many transactions and had this problem.   However, about three weeks ago, Turbo Tax issued an update that completely resolved the problem for me.  I submitted and already have my refund.