I sold some stock that I had for many years. It was held in E*TRADE and I imported the 1099B directly into my Turbo Tax Premier. When I do a smart review, I get errors saying adjustment amount must have a value when an adjustment code (other than C, M, or T is entered). Code N has been entered. What value do I put in the highlighted box? Do I even need to fill it in?
Same for me. Please fix this Turbo Tax or E*Trade
Same thing for me. Uploaded 1099 from eTrade. Capital Asset Sales Worksheet is adding an Adjustment Code "N" . It's nothing that I entered. I can't figure out how to override the "N", and I can't get past the Federal Review check without putting in a dollar amount for the adjustment.
I did find out that N code stands for non covered securities. Maybe that code shouldn’t even be there?
That's interesting. I've read something different... that the "N" stands for "nominee". Per IRS "instructions for Form 8949", you should enter "N" if you ... "you received a Form 1099-B or 1099-S (or substitute statement) as a nominee for the actual owner of the property". I don't really know what that means. I thought perhaps in my case, it was because the assets were actually owned by a trust, of which I'm the trustee. But I'm not really sure.
https://www.irs.gov/instructions/i8949#en_US_2022_publink1000286502
Out of curiosity, are you getting this only for the transacations from 1 of the 2 Etrade 1099s? Or both? It seems to be happening only for 1 for me.
It's happening only on one of the two 1099s.... the one from Q4, after the final transition to Morgan Stanley.
I only imported my 1099B that had 2 stock sales. I just printed out my completed form 8949 and on (g) amount of adjustment it is filled in with zero. In 2 lines I have code NW and there is a number there. I have to assume if I put these same numbers in the worksheet then my errors will disappear.
Does that sound reasonable?
Not really sure. As a test, I tried putting in $0 as the adjustment, and then re-ran the Federal Review/Smart Check process. The error no longer appeared, so the $0 trick seems to be a workaround that gets it through TurboTax. But, from an IRS perspective, I don't know if that is the correct thing to do.
The eTrade upload was only available as of today. So I'm going to put my return aside and wait a few weeks to see if either TT or eTrade do some kind of update.
The worksheet does not go to the IRS, so as long as the number on column G is the same as what is being asked for on the worksheet we should be ok. I agree with you though and should wait a little while before filing.
Finally figured a work around for this issue. If you have all N codes than you can just add zero to adjustment amount. I had NW on 2 sales, and it would not work and could not figure the work around for that, so I deleted the E*Trade import and manually entered short term gain and long-term gain from my 1099B statement. It was much simpler and when I ran the error check no errors came up. All numbers match up and you avoid that worksheet.
I think the problem is with E*Trade reporting the sales as I had no issues with Fidelity and imported their 1099B.
The issue with 1099-B's incorrectly importing with adjustment code N has now been resolved.
Please delete your imported 1099-B and update TurboTax if you are using a CD/downloaded version. Then, re-import your data for the Form 1099-B.
If this doesn't resolve the issue, please let us know so that we can assist you further.