What do this message I am getting "Check this entry: Form 1099-B Worksheet: Sales Price is not between the prescribed upper and lower limits." on some stock sales mean?

[cfc]

The numbers which Turbotax uploaded, match those on the PDF 1099-b from my broker.  They are negative numbers, but not the only negative ones.

[Arzakon · Accepted solution]

This was an issue last year, looks like it is back again.

https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/re-turbo-tax-does-not...

[cfc]

I would appreciate someone else reporting this to them.  I am currently "trapped" outside the US, due to pandemic travel restrictions and phone calls to the US are all expensive for me. 

[ScottO]

I am getting that error.  I just followed those instructions and spent the past hour changing all the errors by those instuctions and I'm STILL getting the error and it won't let me file!

[Thong Nguyen]

has this been resolved? I can't finished my tax due to this issue :(

[DaveF1006]

The reason is that there are negative numbers being recorded in the proceeds.  The proceeds are not allowed to be negative, per the IRS. "The IRS no longer allows for the reporting of proceeds on a 1099-B to be negative. If your broker has reported your proceeds as a negative, then you will need to contact them to issue you a corrected 1099-B or file by mail. "  Please review this IRS link for further details.   [Edited 02-08-2021|11:37PST]

[charliegaddis1]

This is BS.  I got the download from two top brokers.  You're saying it is wrong?  I think your interface is wrong.  Maybe I need a different tax software with can handle the import.  I am not going to fix hundred+ transactions by hannd because TurboTax cannot get the import right.  

[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

The IRS requires rounded numbers in the final boxes. Neither the sales proceeds nor the basis should be negative for these final numbers.

[Thong Nguyen]

I thought the whole purpose of turbotax was to make it easier and simple for those who wants to file their taxes with turbotax. :(

[charliegaddis1]

The real answer is the imports do not work but it is not required to submit your trades in so much detail.  Entering the information in summary form meets the compliance requirement.

[ReneeM7122]

The error messaging you are seeing with regard to the wash sale entries is a result of automatic rounding of the number imported from your broker or typed in by you.  If the wash sale adjustment is $0.49 or less, then it is automatically rounded to zero.  This type of rounding is allowed by the IRS.  Unfortunately, zero is not a valid value for this field -- thus the error message.

To resolve the issue, you can edit each individual transaction and delete the amount entered in the wash sale adjustment if it is $0.49 or less.  This will clear the error message.  

To do this, you will need to revisit the input section for the Form 1099-B transactions.  Use the following steps:

• On the top row of the TurboTax online screen, click on Search (or for CD/downloaded TurboTax locate the search box in the upper right corner)
• This opens a box where you can type in “1099-B” and click the magnifying glass (or for CD/downloaded TurboTax, click Find)
• The search results will give you an option to “Jump to 1099-B”
• Click on the blue “Jump to 1099-B” link
• Click Edit beside the institution name
• Click Edit beside each transaction that contains a wash sale adjustment amount of $0.49 or less
• Delete the wash sale adjustment amount and click Done

Answer from AnnetteB6