1099, capital gains, sales, multiple tiny items related to ETF "needs review", no way to "review" them

[cdbmkenirsk11]

The capital gains section of the 1099, where it lists individual sales, there are some small transactions flagged NEEDS REVIEW

But there is no indication of what to do

Each line item has a checkbox. I can check it and then click "EDIT"  but that doesn't remove the NEEDS REVIEW flag

These line items refer to ETF

There is one transaction per month for about $5 each

It shows DATE SOLD (one date per month), proceeds/cost basis/gain (like $5.00, $0.00, $5.00) . For SALES SECTION (which should say long term or short term) it's blank.

[RobertB4444]

You have to pick a sales type - either short term or long term.  If there is no way for you to tell whether the item was held by you for a year or more then I suggest putting 'short term'.  

The system also doesn't like items with zero basis.  It means you sold something that you didn't pay anything for.  Which is sometimes the case.  Change the zeros to 0.01 and it will fix the issue if that is the problem.

@cdbmkenirsk11 

[cdbmkenirsk11]

i tried 0.01 and it rejected it, but I can try 1.00

[Spino]

At the end, when you do the error check, it will highlight all the blank cells that need to be filled.

But the "needs review" indicates that you need to go over and make sure everything has been imported or entered correctly. If it still doesn't disappear, it may be easier for you to sort out when you do the error check.

Investment sales generally fall into one of 4 "boxes"--short term (less than a year from purchase to sale) covered (the basis is reported by the brokerage), short term uncovered (basis/original cost not reported), long term covered, long term uncovered. Most of your brokerage transactions will usually be either A: short term covered or D: long term covered.

[cdbmkenirsk11]

Looking at the 1099, these are not actual sales. They are charges I paid ... losses... with this note:

 --- Income or expense adjustment. This security is a widely held fixed investment trust (WHFIT). Items of income, deduction, and credit, and any other information shown on this statement must be taken into account in computing taxable income and credits on your income tax return(s).  ----

So the first problem is that Turbotax thinks it is a sale of stock .  Better I should delete it ... if Turbo will let me

[cdbmkenirsk11]

yeah, there's no way to delete the thing. More likely I have to delete the whole 1099, and enter it by hand, omitting those dozen line items or finding a different way to key them in.

Arguably this is just a failure by Turbo Tax to correctly import a 1099 that contains fees and expenses.

[cdbmkenirsk11]

and ... all those numbers appear as proceeds (i.e. income) , and then they appear later with a minus sign as fees, so they are a bunch of noise that amounts to zero income and zero loss, making a mess of the 1099.

..

and this note appears in the fine print

....... There are cases where the proceeds are used to pay expenses and there is no corresponding distribution. For more information refer to regulations section 1.671-5. .... 

So there were proceeds and expenses, I never touched the money on the way in or out, but there it is like a tiny little poop in the swimming pool.