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]

Same here.  This is IRS publication proving you are correct .  Turbotax simply needs to fix the issues immediately.

I do hope Turbotax executives are looking at this:   https://www.irs.gov/pub/irs-prior/i1099b--2020.pdf

Page 8, lower left corner...   negative numbers are expected in 1d for certain transactions , ie, Sell Put Options... but all those negative numbers should be put in parentheses -- please click link for 1099B 2020 Instructions

[itsblackandwhite]

 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.

[jrich7929]

So where is everyone at with this?  Waiting for turbotax to implement a fix or doing the manual work around?

[TaxOption]

Anybody knows this error is fixed? Like everyone else, I'm getting too many of this type of errors to fix. Best regards.

[BriGuy832]

@jrich7929 

For me, I did the work to manually fix everything. There is no way of knowing IF TT will even implement a fix, especially since their own "experts" stance is that they are in the right on this, and are advising we need to do all the manual updates.

Speaking of the TT "experts", I haven't seen any chime in for a while........... 

[eza]

After no luck letting TT process my consolidated 1099 from TD Ameritrade, I tried the “type it in myself” option and was able to enter just the total proceeds, cost basis’s, and wash sale adjustments for each of the sale sections (short covered, short not-covered, long covered, etc) rather than all 400+ transactions separately. Once I did that, I passed the review and was able to file.

[vishalshah0111]

The issue is resolved now in Turbotax. I was able to import 1099 and no issues with negative entries in proceeds.

[Steven101]

I was getting the same response as you.  I complained and now a mysterious new glitch allows me to leave the zero Turbotax mysteriously added to the entry on 1099-B for a wash sale which I can't get rid of.  The IRS wants me to just leave it blank which it clearly states on the form is the correct option, but Turbotax adds the error!  And won't allow me to efile no matter what!  Of course Turbotax wants my money first, but won't do what everyone is paying them for which is primarily to efile per the IRS standards not their made-up bait and switch standards.  And yet I'd be willing to forgive them if they coughed up some money and paid a programmer not to mock them but fix it for us consumers.  One Turbotax tech support I talked to beyond the product expert basically said yes it is an easy fix, but why should Turbotax care?  Also I was told our complaints on this community site don't matter to the suits.  Get on Twitter and Facebook or call someone you know, I've been told.  Does anyone know anyone at Turbotax corporate to contact directly to get them to pay a programmer to allow the blank entry the IRS is telling me to put?

[jrich7929]

Getting the same issues as above. Says "Enter amount disallowed under wash sale rules, or leave blank if entire loss is disallowed."  I go down to the box I can edit, I delete the zero, when I finish updating all of the entries I need to update, it still says I need to review and fix the error.  Stuck in a loop. 

[jrich7929]

Also tried putting in any value greater than zero, and am still getting an error. 

[AnnetteB6]

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 (although not from the screen in the review process) 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

If you have too many transactions that would require editing, you can consider deleting your imported information and entering a summary of the different categories of transactions reported on your Form 1099-B (short-term covered, short-term not covered, long-term covered, long-term not covered).  This would require you to mail a copy (not the original) of your Form 1099-B from your brokerage to the IRS within three days of filing your return.  The Form 1099-B would be attached to Form 8453, which will print with your return.  

@jrich7929