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Level 2

Solved

Check this entry error received upon final review. Error states "Form 1099-B Worksheet (TD Ameritrade) Sales Price is not between prescribed upper & lower limits?

Forum|Forum|5 years ago
February 6, 2021
2 replies
0 views

Occurs on final review step. The amount it lists as "outside upper and lower limits" is the correct amount as listed on my 1099-B. This page times out on my browser and I am unable to change the text in the recommended bar. It looks like a software glitch. Please advise of any known fixes. Thanks for your time

TurboTax Premier Online

Best answer by AnnetteB6

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.

AnnetteB6Answer

Level 15

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.

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"

swept14Author

Level 2

This was very helpful. Thank you. I updated all the entries in the worksheet IAW your recommendations. However, I now receive another error that states: Form 1099-B Worksheet: Sales Price must be entered. "Sales Price" doesn't seem to be a category on my consolidated 1099-B from my broker, nor is there an easy place to enter it in TurboTax.

Thank you for any additional light you can shed on this issue.

AnnetteB6

Level 15

Sales price would be the same thing as 'proceeds' or 'amount' when entering an individual transaction within TurboTax.

This is the total amount you received from the sale of your holding. It is usually reported in box 1d of Form 1099-B or on a consolidated broker's statement and may be labeled as gross (or net) proceeds, net sales price, or dollar amount of transaction -- all meaning the same thing but using different labels.

@swept14

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"

gloriah5200

Level 10

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.

For additional information refer to the following link:

Sales Price not between upper & lower limits

jcberardo

Level 3

Hello Turbotax -

I have sent an email to my Financial Institution to confirm what Turbotax is stating and to have them tell me if they will be updating the 1099-B forms in compliance to the IRS 2020.

IF the IRS 'ruling' is correct, then the IRS will not be accepting the 1099-B statements from any Financial institution submitting the negative numbers as stated by Turbotax, then the IRS will not have the financial statements to check against the personal tax returns... System in flux...

This needs to be confirmed by the IRS and Turbotax, yes??

jcberardo

Level 3

The issue has been submitted and is currently under investigation. Please click on the following link and sign up for an email notification when it's fixed.

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.

The latest update has not fixed the problem to E-file.

The Turbotax screen has 'can still print and send it in' ???

If it's not acceptable by E-file, why would it be by printed version?

I have sent another email to Fidelity to review and confirm the Turbotax statement,

And to confirm Fidelity will be updating the 1099-B forms.

And how does this impact the Turbotax Guarantee?

Would attach a screen shot and other items but I don't see a button to attach files..

JCB