The 1099B from TD Ameritrade has dates in MM/DD/YY format. Turbo Tax correctly changes them to MM/DD/YYYY, but the "Federal Review" edit has some dates in each format which causes errors. Error occurs on first entry from sections D and E.
Using the download from TD Ameritrade, several (not all) entries of "principal payment" from bonds are showing up as sales of assets with date paid as sale date and the program is requiring a date acquired and cost. I have tried re-downloading and even deleting everything and starting over. Still the same issue. Can I simply make the acquisition date and cost the same as the date of the payment and selling price to get past this or is there a fix?
You cannot skip the error and efile your return.
The best way to correct the information is to go to the Federal Section, Wages & Income, Investment Income and make the corrections to the dates.
Thanks for the experts reply. It didn't help though, since the dates appeared correct in the 1099-B detail screen. For some unknown reason, the error message eventually disappeared and I was able to file my return.
Using the download from TD Ameritrade, several (not all) entries of "principal payment" from bonds are showing up as sales of assets with date paid as sale date and the program is requiring a date acquired and cost. I have tried re-downloading and even deleting everything and starting over. Still the same issue. Can I simply make the acquisition date and cost the same as the date of the payment and selling price to get past this or is there a fix?
You can do that but if an IRS audit occurred, this could be construed as tax fraud because you are zeroing out all potential capital gains. First of all, you need to determine if these are long term or short term capital gains, which will be listed under the sales category. If it indicates long-term, you can enter a date that is more than one year from the sales date. This makes it harder to determine a cost basis in this case but the capital gains are less. If it indicates it is short -term, you can enter a date that is within a year of your sales date. This also makes it easier to find out what the cost basis is because you can research historical stock prices within that year and take an average of that amount and enter as a cost basis. As i said, it is harder to do this if these are long-term transactions.
Reply to RandJ:
The fix to the problem caused by maturing CD's is to go to the 1099 detail page which shows these items and DELETE those items, as they are not required to be reported to IRS (they don't include any capital gains or losses). I finally got my return to process after doing this. BTW, you get "best reply" for reporting this.
I have the same issues where the review said sold/acquired in 2020, but 1099b worksheet had dates in 2019