The TurboTax program cannot compute a negative number on a 1099-B
If your 1099-B reports any negative numbers, please manually adjust-
Please report the gains from expired options by entering 0 for the cost basis and then the amount of the gain in the proceeds box.
For reporting a loss, please enter the amount of the loss as the COST BASIS, and the proceeds as (0), this will have the same effect as a negative proceed.
This was the best answer and concise. This saved me a bunch of time. Thank you...
@KrisD15 Thanks for your reply, it helped.
I have next doubt. When I corrected entried as suggested, I see there are 2 checkboxes:
> The cost basis is incorrect or missing on my 1099-B
> I have other boxes on my 1099-B to enter
Second one is selected by default. Which one is to select? First checkbox seems logical?
Which one should I check? What does it means?
If you can continue with neither box checked, continue that way.
If the program demands you select one or the other, select the first choice, "The cost basis is incorrect or missing on my 1099-B".
I think the program is only asking because of the error message. You could delete the 1099B and re-enter it as described above, HOWEVER, if not done just right, that could cause issues with the software. Basis on options are not normally reported to the IRS, so selecting the first choice would have no consequence to your tax return and should keep you moving through the TurboTax program.