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

[canuck97]

etrade 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. 

Etrades explanation:

"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."

This is rejected by turbo tax since it will not allow negative numbers in box 1d. Who is wrong etrade or turbox tax?  Worse yet,turbo tax changes the negative number for a loss into a positive number for a reported gain, and it is drastically increasing the amount of taxes owed for me. How do I correct this?  I have hundreds of trades and I don't want to enter all this data manually.   Turbo Tax import from etrade should work, and whoever is wrong should fix their software and/or reporting.

[SteamTrain]

Yeah....TTX does negative numbers in a special way. 

"Supposedly" putting the number in parentheses indicates it's negative.    -121.00 = (121.00).

IF it really works, then that could be done to correct a few trades....but more than a few would be a PITA.

____________________________

Call Customer Support...they need to get this reported, and corrected in the software....or make sure it's already reported and corrections started (might take a couple weeks):

https://ttlc.intuit.com/community/using-turbotax/help/what-is-the-turbotax-phone-number/00/25632

[SteamTrain]

Apparently they are aware...you can sign up here for when the fix is issued:

https://ttlc.intuit.com/community/tax-topics/help/in-turbotax-online-customers-are-unable-to-enter-a...

[canuck97]

I tried changing one of the bad entries using parenthesis as a negative value and that does not work, but thanks for your replies

[SteamTrain]

@canuck97 

Good to know....that parentheses thing was noted as a possibility somewhere, but don't recall where...doubt I can find it the never-ending avalanche of "Where's My Money?" posts.

[canuck97]

well, this was partially fixed today.  You can now enter a negative value in box 1d, but the import from etrade is still changing negative values from the 1099B for short option sales into positive values, totally screwing up the total reported value of net gain/loss for a given 1099B

[SteamTrain]

@canuck97 

Did you actually remove the prior download first ?  And then re-import the data?

IF not, then that is what you may have to do first, i.e what was imported before was already converted wrong.

[SteamTrain]

OF course, removing an import is EASY in the desktop software...not sure how you do it with the Online software  (most of us SU's would never user the Online software ourselves...except for test purposes).

You'd probably have to call Customer Support to find out how to remove an import....might have to go to "Delete A Form" and delete stuff you don't want to along with what you do want to get rid of.

[canuck97]

yes, in fact I did it twice.  The 2nd tiime i deleted my browser cache and cookies before I  redid the import and it still did not work

[vtmarv73]

Funny temporary fix - edit the incorrect entry - try to enter an open parenthesis at the beginning of the number you want to correct to a negative value.  Get error saying to enter a number, then enter a negative sign.

[fanfare]

As an active investor, be aware that your category Box A sales without adjustments do not require Form 8949, so there is no reason to import or key in those transactions.
instead use the "enter a summary" option to put your numbers on Schedule D Line 1a.

[canuck97]

@fanfare 

@SteamTrain 

So if you enter summary information do you have to mail in your 1099-B to back up your summary data?  If so does that mean you can't efile?   If you can't efile that is a pretty strong argument to get this import feature working!

[rahimdelli]

Access denied?

[canuck97 · Accepted solution]

This was a software bug that turbo tax recently fixed

[Arzakon]

This issue appears to have returned for the 2020 tax year