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knoxjnj
Returning Member

1099-Q: Negative Earnings not recognized by TT

TT glitch: TT is not recognizing 1099-q negative earnings. Keeps telling me gross amount (Box 1) must equal sum of earnings (Box 2) "PLUS" basis (Box 3). Since earnings were negative and gross is lower than basis the only way I could make that work is to input a negative earnings number.  The negative number could then be added to the basis to equal a lower gross distribution. Unfortunately, TT will not accept the negative number.  Any ideas on how to fix?

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knoxjnj
Returning Member

1099-Q: Negative Earnings not recognized by TT

I figured it out.  It was a rounding error by TT.  While I entered the exact amount, TT rounded and the basis rounded up while the earnings rounded down.  This resulted in the "gross distribution off by $1.  That's why the amounts didn't match.

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