topic Value too large error in Get your taxes done using TurboTax

Value too large error

carmaruti — Thu, 01 Apr 2021 18:12:04 GMT

So I am entering my trade information using summary for each sales category method. My cost basis and proceed value are large something like 40,000,000.. Turbo tax is throwing an error when I try to enter proceed saying "The Value is too large for this field, please enter a smaller number"? I already have form 8949 generated by tradelog, so do I just split the large cost basis/proceeds into multiple parts to enter in turbotax to get around the large number restrictions?

Re: Value too large error

Mike9241 — Thu, 01 Apr 2021 18:35:33 GMT

the largest number that can be entered in a field is 9,999,999.99

you'll need to split up the sale

Re: Value too large error

carmaruti — Thu, 01 Apr 2021 19:28:59 GMT

Interesting split up cost basis, adjustments and proceeds evenly to make sure they are within limits of turbotax? has anyone had any issues doing it this way before?

Re: Value too large error

kmg555 — Mon, 05 Apr 2021 19:01:35 GMT

I'm having this problem with 450,000. Looks like it should fit. Any thoughts?

Re: Value too large error

DaveF1006 — Mon, 05 Apr 2021 19:15:00 GMT

It depends. If this is reporting shares, I think there should be a period between 450.000 and not a comma. That is the first thing that jumps out at me.

Re: Value too large error

kmg555 — Mon, 05 Apr 2021 19:26:15 GMT

Sorry, just put the comma to make it obvious. I typed in 450000 and TurboTax says as too large. @Mike9241 said numbers to 9999999 should be ok.