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Level 4
posted Feb 18, 2020 6:25:17 AM

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

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.

1 122 8890
1 Best answer
Level 4
Feb 24, 2020 2:24:39 PM

This was a software bug that turbo tax recently fixed

24 Replies
Level 15
Feb 18, 2020 6:38:12 AM

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

 

 

Level 15
Feb 18, 2020 6:42:18 AM
Level 4
Feb 18, 2020 7:03:09 AM

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

Level 15
Feb 18, 2020 7:06:59 AM

@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.

 

Level 4
Feb 18, 2020 12:24:14 PM

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

Level 15
Feb 18, 2020 12:31:07 PM

@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.

 

Level 15
Feb 18, 2020 12:41:45 PM

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.

Level 4
Feb 18, 2020 12:59:45 PM

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

New Member
Feb 18, 2020 5:30:49 PM

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.

Level 15
Feb 18, 2020 5:32:28 PM

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.

Level 4
Feb 19, 2020 11:53:11 AM

@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!

Returning Member
Feb 23, 2020 11:51:02 AM

Access denied?

Level 4
Feb 24, 2020 2:24:39 PM

This was a software bug that turbo tax recently fixed

Level 2
Jan 30, 2021 11:11:47 AM

This issue appears to have returned for the 2020 tax year

Level 4
Jan 30, 2021 11:59:38 AM

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

Level 3
Jan 31, 2021 9:08:15 AM

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?

Level 4
Jan 31, 2021 1:07:40 PM

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

Level 4
Jan 31, 2021 1:20:41 PM

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.   

Expert Alumni
Feb 1, 2021 9:00:09 AM

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.

Level 3
Feb 1, 2021 9:08:15 AM

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

Level 4
Feb 1, 2021 10:14:26 AM

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

Expert Alumni
Feb 1, 2021 4:21:21 PM

@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

Level 3
Feb 1, 2021 5:06:31 PM

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?

Expert Alumni
Feb 1, 2021 6:34:41 PM

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