1099 B Proceed is negative

[stech]

I have 1099-B from robinhood. Form type is 8949. The proceed column has negative values. Is this correct?

[Mike9241]

ask Robinhood the reason. This is not the norm and I don't know if this will be red-flagged by Turbotax preventing e-filing.  This can also cause issues with the IRS because if that negative is not acceptable to Turbotax (you would then need to enter it as a positive in the cost column), the IRS record of total proceeds won't agree with your return.  

[stech]

I contacted Robinhood. Here is their response

You sold to open a lot of option contracts. When you sell to open the proceeds are negative

Buying to open is positive proceeds, but selling to open is negative proceeds

negative amount is correct. Contact your tax pro on how to enter

[stech]

Any update on what should I do? TurboTax may not have solution for this. What should I do? 

[JamesG1]

The IRS and TurboTax software will not accept a negative number in the Proceeds column of an IRS form 1099-B.

If negative numbers have been imported through your brokerage reports, you will need to edit the entries to make the correction.  

Losses from expired options are reported by entering the loss amount as a positive number in the cost basis column and no amount in the proceeds column. The end result would then be a loss. 

See also @ToddL99 here.
   
 @stech