What does this mean and how do we fix it? "Check this entry: Form 1099-B Worksheet: Sales Price is not between the prescribed upper and lower limits."

[ngozman]

I just talked to IRS representative and she said that I could enter real cost basis and real sales proceeds for such trades. Net result will be the same and in case of any questions from IRS  I can substantiate my entries. 

My broker (t. Rowe Price) actually provide this info on 1099B in the note below every entry.

Description (Box 1a): PUT NETFLIX INC COM 04-17-20 425.00 CUSIP: 99QAQ8A6R
BUY TO COVER 10 04/16/2020 04/17/2020 (3,390.74) 0.00
Actual Proceeds: 2,629.60, Original Cost: 6,020.34, Realized Gain or (Loss): -3,390.74. The IRS requires reporting as displayed above. See the instructions for this section for more information.

[ngozman]

Has anyone transmitted corrected return to IRS? Was it accepted?

[Dewy67]

Yes. I performed the changes (swap proceeds with costs and eliminate "-" sign) on the 18 entries I had. I verified that the return(s) was unaffected e.g same same final results. I E-Filed the FED & State forms 2/16 AM and they were both "accepted" and the taxes due have been deducted from my bank. So I guess that works.

[BriGuy832]

@ngozman 

I do had my return accepted by the IRS after making the changes. All 186 of them. And yes it was as frustrating as you can imagine. What a waste of time (and money paying for a product that FORCED me to do such an extreme amount of editing of their own inept software).

If your TT program is running slowly after uploading your 1099 information from your broker, I would advise you do not manually edit like I did. It took WAY longer than I anticipated. 

[ngozman]

Today I ran TurboTax update and got no errors in my return at all. Still have negative amounts in proceeds field but now it is accepted by the program. 

[BriGuy832]

@ngozman 

That is good to hear. I am glad they got their act together and fixed it for everyone.

Would have been nice if they conveyed to us that there was in fact going to be an update instead of telling us to manually change everything. I'm all done already, but am glad that everyone that is having the issue has been given the fix.

[sushicat]

Is it wrong to hate turbotax on a chromebook where you get this error message and turbotax goes on the circle of death when you try to access form 1099B worksheet?  I must have spent 5 hours going one by one through all the puny stocks looking for anything where there was either a cost basis left blank or negative.  Can I pay for the stupid turbotax which I knew wasn't going to be free and then access the form?  Yes.  Then I get to go through page after page of stuff just to see that there was one $30 investment bought and sold the same day.  Into the trash it goes and now no error message.  Does turbotax ever try their product out on anyone reasonable intelligent (masters in math) to see if there need to be improvements?  

[khonllc]

Turbo tax still not fixed the 1099-b stock sale problem. Charge high price and customer service sucks