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vishalshah0111
Level 2

Check this entry on form 1099- B: sales price is not between the prescribed upper and lower limit. Sales Price -869.55. Where do I find this number on 1099-B form ?

i do not see this -869.55 anywhere in the form. Turbo tax is asking me to correct this as lower limit is 0.
25 Replies
JohnAOrt
Level 2

Check this entry on form 1099- B: sales price is not between the prescribed upper and lower limit. Sales Price -869.55. Where do I find this number on 1099-B form ?

Mine is similar but says Sales price does not match the value in Capital Gain (Loss) adjusted worksheet.  It seems like an import error from Fidelity, but I did not have this issue last year.  It also says "leave this blank" on the worksheet.  When I delete the red field, it recalulates refund - incorrectly.

 

This is increadibly annoying.  I feel like I'm in a "DO LOOP"

vishalshah0111
Level 2

Check this entry on form 1099- B: sales price is not between the prescribed upper and lower limit. Sales Price -869.55. Where do I find this number on 1099-B form ?

  • Yes, indeed. Sounds like what a  software developer would say.
AnnetteB6
Expert Alumni

Check this entry on form 1099- B: sales price is not between the prescribed upper and lower limit. Sales Price -869.55. Where do I find this number on 1099-B form ?

There has been a change by the IRS starting with the 2020 tax returns that will reject any return filed with a negative number reported in the proceeds or cost basis fields for Schedule D.  TurboTax is flagging these situations ahead of time before the return is filed in order to prevent the IRS rejection.  Some brokers are still using the old convention for reporting negative values and have not updated their reports to match the IRS.  

 

The error message reported by TurboTax is telling you that the number entered cannot be negative.

 

Gains from expired options are reported by entering the gain amount in the proceeds column and no amount in the cost basis column.  The end result here would be positive. 

 

 Losses from expired options are reported by entering the loss amount in the cost basis column and no amount in the proceeds column. The end result here would be negative. 

 

 No negative numbers should be entered in either the cost basis or proceeds fields.  

 

If negative numbers have been imported through your brokerage statement, you will need to edit the entries to make the correction.  

 

@vishalshah0111

@JohnAOrt

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vishalshah0111
Level 2

Check this entry on form 1099- B: sales price is not between the prescribed upper and lower limit. Sales Price -869.55. Where do I find this number on 1099-B form ?

Thank you. Yes, I got in touch with a tax expert and was told to manually edit the negative value to zero which lowered my tax refund as well.

fanfare
Level 15

Check this entry on form 1099- B: sales price is not between the prescribed upper and lower limit. Sales Price -869.55. Where do I find this number on 1099-B form ?

You must report the true cost basis and proceeds, since they are birds of a feather.

Otherwise, IRS will be in touch.

vishalshah0111
Level 2

Check this entry on form 1099- B: sales price is not between the prescribed upper and lower limit. Sales Price -869.55. Where do I find this number on 1099-B form ?

  • My proceeds has negative value. As IRS and Turbid tax does not allow a negative value for proceeds if the trade is done on the same stock within 30 days posting a loss. So I changed the proceeds from negative value to $0; while the cost basis was already $0.
Steven101
Level 3

Check this entry on form 1099- B: sales price is not between the prescribed upper and lower limit. Sales Price -869.55. Where do I find this number on 1099-B form ?

How can I edit Fidelity's erroneous outdated way of reporting and jamming up my Turbotax Online filing if Turbotax (I signed up for Premier) won't let me edit anything?

Bahram
Returning Member

Check this entry on form 1099- B: sales price is not between the prescribed upper and lower limit. Sales Price -869.55. Where do I find this number on 1099-B form ?

Good and make sense, but how we can find that item in 1099 form ? and any idea that its loss or gain?

Thank you.

BriGuy832
Level 3

Check this entry on form 1099- B: sales price is not between the prescribed upper and lower limit. Sales Price -869.55. Where do I find this number on 1099-B form ?

@vishalshah0111  I was having the same issue, but my understanding is that instead of just "erasing" the loss (by changing the negative amount to 0), the best course of action would be to enter that negative amount into the  "Cost" field, but as a POSITIVE. The "Proceeds" would be 0, and that would reflect the loss from the trade.

Again, this is just my understanding from the other posts on this topic, and not a recommendation or advice.

ReneeM7122
Level 9

Check this entry on form 1099- B: sales price is not between the prescribed upper and lower limit. Sales Price -869.55. Where do I find this number on 1099-B form ?

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.

 

@Steven101

From JohnB56

shancock1
Level 1

Check this entry on form 1099- B: sales price is not between the prescribed upper and lower limit. Sales Price -869.55. Where do I find this number on 1099-B form ?

So are you saying (below) that when you have the following:

 

Scenario 1

Sales Price (Proceeds)  - negative number by import from brokerage.

Cost or Other Basis - 0.00 by import from brokerage.

Disallowed Wash Sale - negative number equal to Sales Price above which is a negative number by import from brokerage.

 

Scenario 2

Sales Price (Proceeds)  - negative number by import from brokerage.

Cost or Other Basis - 0.00 by import from brokerage.

MNO
Returning Member

Check this entry on form 1099- B: sales price is not between the prescribed upper and lower limit. Sales Price -869.55. Where do I find this number on 1099-B form ?

I have over 300 transactions with this error.  I use Turbo Tax to avoid this.  Turbo Tax needs a fix.  Can I tell Turbo tax to ignore the error.  Its a worksheet and Schedule D is correct?  This is very frustrating.

SamwiseSmeagol
Level 2

Check this entry on form 1099- B: sales price is not between the prescribed upper and lower limit. Sales Price -869.55. Where do I find this number on 1099-B form ?

itsblackandwhite
Level 1

Check this entry on form 1099- B: sales price is not between the prescribed upper and lower limit. Sales Price -869.55. Where do I find this number on 1099-B form ?

Taking hours to get through review-- I have over 200 sell put options- and yes Fidelity downloaded directly into Turbotax- been doing this flawlessly for years.  Today-- Im stuck having to deal with Fidelity versus TurboTax.  I called Fidelity- they say its IRS acceptabe (here is the link to prove from IRS.gov  https://www.irs.gov/pub/irs-prior/i1099b--2020.pdf   , go to page 8 down to the left corner. )  It clearly states negative numbers in 1d are acceptable -But they prefer negative numbers have parentenses , eg, -$1500.00  should be ($1500.00).

 

Turbotax experts insist its a change for 2020 to have no negative numbers in 1d.  Fidelity says okay.  IRS says okay.  Turbotax simply needs to fix the glitch--  a simple stroke of a coding wizard's knowhow.  Done.

 

Please stop driving us Turbotax fans crazy.

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