1099-B gross proceeds zero needs info yes

Forum|Forum|5 years ago
May 29, 2021
3 replies
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I am filing federal tax using turbotax deluxe. When I automatically import a 1099-B from a brokerage account with the account number and document ID, closer to 100's of items have "zero" gross process with "needs info" stating YES. Also for all of these items the tax has been withheld. Can I delete these 100s of "zero" proceeds items or should I "Edit" each of them? When I click "Edit", it is asking details for box 1B, box 1e and "Sale Category". For reference, I am attaching a sample screen shot. What is the easy way to address this problem?

I am able to match the cusip that "needs info" and find the corresponding entries of 1D and 1E from 1099-B as in the image below. For each of these 100 entries, do I need to match the cusips and enter individually? Also what should I enter for Sale Category -- "Box A -- short term covered" or "Box B -- short term non-covered" or "Box C -- short term non-reported"? How will I determine for each of the cusips?

fanfare

Level 15

Ignore that error and proceed to file your return when ready..

Come back again if you still have a problem then.

ramakichaAuthor

Level 2

During the smart check, it reports "Fix Errors". The smart check asked to enter "Category" and "Cost or Adjusted basis" for the all the zero entries. I chose "Short-Term" and zero respectively for all items. After this when we re-run "smart check" there are no more errors. When we revisited the 100s of items with zero gross proceeds in the 1099-B column of "Wages and Income", it has our entered value of "Box B - Short Term noncovered" for category and zero for cost or adjusted basis columns. In the case of category for all other non-zero items, it has "Box A - Short Term covered".

Is this alright? Can I continue to process the returns @fanfare ?