Form 1099-B Worksheet sale price is not between th...
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Level 1

Form 1099-B Worksheet sale price is not between the prescribed upper and lower limits

All my trades seems to match but i can't get passed this error. It's showing a negative sale price and saying it can't be less than zero.

7 Replies
Employee Tax Expert

Form 1099-B Worksheet sale price is not between the prescribed upper and lower limits

There has been a change by the IRS starting with the 2020 tax returns that will reject any return filed with a negative number reported in the proceeds or cost basis fields for Schedule D.  TurboTax is flagging these situations ahead of time before the return is filed in order to prevent the IRS rejection.  Some brokers are still using the old convention for reporting negative values and have not updated their reports to match the IRS.  

 

The error message reported by TurboTax is telling you that the number entered cannot be negative.

 

Gains from expired options are reported by entering the gain amount in the proceeds column and no amount in the cost basis column.  The end result here would be positive. 

 

 Losses from expired options are reported by entering the loss amount in the cost basis column and no amount in the proceeds column. The end result here would be negative. 

 

 No negative numbers should be entered in either the cost basis or proceeds fields.  

 

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

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Level 1

Form 1099-B Worksheet sale price is not between the prescribed upper and lower limits

I'm now getting this error "Sale Price must be entered" after I fixed the negative numbers on my trades.

Level 1

Form 1099-B Worksheet sale price is not between the prescribed upper and lower limits

OK - I fully understand the issue - I have over 90 (I'm a day trader and have many many transactions) of these transactions that are negative in the Sales Price (Proceeds)  field of the 1099-B Worksheet.

 

Is TurboTax going to issue a forthcoming correction/update to the TurboTax program?

Do I ignore the 90+ entries that TurboTax is stating I need to review as they are correct?

 

Are they even correct at all?  Meaning are they imported from my Brokerage correctly or not?

In reviewing the imported transactions with the 1099 from my Brokerage the data matches and is imported into the appropriate field.

 

Please advise. 

Level 2

Form 1099-B Worksheet sale price is not between the prescribed upper and lower limits

@shancock1 

I've been reading this a bunch of these threads all addressing the same issue, and can try to help a little.

First off, you cannot transmit electronically with these errors (I have tried twice, after clicking through all 186 of the errors on my return from this exact issue).  When I get to the final step to transmit the returns, I am forced to review all of them again.

What the TT "Experts" have said is that the IRS will reject these returns with negative "proceeds", and that it is a new change for this tax year.

So from my understanding, the options are: change each one individually; or print and mail the return.  I have not gone through all 186 yet, but after adjusting roughly 25 manually, my refund has drastically dropped. 

Employee Tax Expert

Form 1099-B Worksheet sale price is not between the prescribed upper and lower limits

Another solution, for each brokerage, you can enter 4 lines and cover the entire form. As a day trader, it may be just one line.

Enter the totals for each:

  • short term covered
  • short term non-covered
  • long term covered
  • long term non-covered

@shancock1

@BriGuy832

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Level 2

Form 1099-B Worksheet sale price is not between the prescribed upper and lower limits

Hi @AmyC ,

 

Thanks for the suggestion.  I saw the same in another thread (https://ttlc.intuit.com/community/taxes/discussion/re-1099-b-worksheet-check-[product key removed]-p...)

 

and posed this question:

 

"If we do go that route, we still need to mail a paper copy of the 8949 to the IRS.  The only that I know of to get this would be to process the import from our broker, but that back up would reflect the original issue of the negative amounts in the 1d field (for proceeds), unless we manually changed all of them.

 

Will the IRS accept this backup, even though it will have the negative figures in 1d?"

 

What is your understanding Amy?

Level 2

Form 1099-B Worksheet sale price is not between the prescribed upper and lower limits

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