Is there a way to bypass SmartCheck errors? SmartCheck displays "Gross Sales Price shouldn't be less than zero", but this is how it is in 1099-B?

You can delete your import and enter summary transactions. 

1. Sign in to TurboTax and open your return.
2. In the search box, enter stock sales and select Jump to stock sales.
3. Click Add more sales.
4. Choose Stocks, Bonds, Mutual Funds, then continue on Get ready to be impressed
5. On Let's import your tax info, select I’ll type it in myself
6. Continue through the prompts and select I'll enter a summary for each sales category
7. You can e-file but will also have to send in a copy of your 1099-B worksheets showing the gain and loss calculations

I have the same problem after updating to the latest TT today. Previous, over a month old TT did not complain on the same data set.

@ErnieS0 Regarding suggestion to re-type manually instead of using import I strongly disagree. I verified that my 1099-B form fully matches printed and transaction history. The negative Gross Sales Price, e.g. 1b Proceeds column, is 100% legitimate for option trading.

@phq You are correct. The question from @louboston27 was how to bypass hundreds of errors in TurboTax. You can file by mail with those errors, because as you mentioned, the 1099-B is correct.

@ErnieS0 I did verify that your suggestion works and does not change any final numbers. However the real solution would be to make TurboTax properly process any legitimate 1099-B data! How hard is that? Besides, having all itemized transactions imported TurboTax can offer switching to summary without manual entry.

@ErnieS0In addition, an item number 7 in your suggestion, will also have to send in a copy of your 1099-B worksheets showing the gain and loss calculations completely defeats the e-file paperless purpose!

Again, TurboTax must be able to process any legitimate 1099-B regardless of Gross Sales Price values.

I have the exact same issue.   Typing the information defeats the purpose of using Turbotax.  I have not had this issue in past years.  Pretty standard options stuff - disappointing that something like this slipped through.   

OK, this is incredibly bad.  For some reason only two out of a long list of negative gross sales prices (imported from my broker) are flagged as an error.  So OK, I will edit them just so I can file the return.    The program won't let me edit them.  There's a red text highlight - can't click on it. No field to enter.    And you have already collected $25 for me to file my State return... and now I cannot file electronically.   

To resolve this error,  I did the following:

1. Check the value where this error is being reported (example: $999)

2. Now, go to the Income section and look at the stock sales

3. Locate the value ($999) and look at the trade

4. If you look at the trade, it should report the reverse : Gross proceeds to Cost price

So, if you sold a stock for a loss of $999 and cost price was zero, update the fields

Turbo Tax makes it as -$999 for gross proceeds and cost price: 0, which is in-correct and should be the other way.  So, cost price was: $999 and gross proceeds were 0.

5. Save and then run "error check" again

You should be able to solve the error.  I am using TurboTax Premier and it's sad to see these kind of issues with TurboTax.

Hi, 

Thanks for the suggestion.  I did try this.  If there were only one or two transactions that would work.   I have a lot of these transactions - manually editing of each is not very practical. 

Details: I had two transactions flagged - I fixed them using this method (a number of steps for each transaction so not a quick edit) and then the program flagged two additional transactions.  (I expected that to happen, but tried it anyway.) 

I  agree that that this is very disappointing. I have used Turbotax for years and have never had this problem before.   

Same problem this year (2021).

Same error for me

I spoke to Sandra in Turbotax customer service today and pointed her to this thread where people have been reporting and complaining about this since 2019, and even people like me who are using the 2021 version of the software are still seeing this issue.

I requested her to (1) communicate to the Turbotax development team about this issue, including sharing this thread and (2) add this thread to my Intuit TurboTax Case #[phone number removed].

I hope they seriously look into this asap and demonstrate some customer obsession here by getting this issue addressed asap. 

Seems like my case number was removed as it mistakenly interpretted that as a phone number. I appreciate Turbox tax's attempt to prevent customer person infomation.

Including my turbox tax case # here again 1490 space 178  space 807.

@asikka 

How did you manage to talk to a live person? I called 1-800-4-INTUIT, but can't get around that robotic voice.

Hey all, just thought I would update this thread with my solution for the 2020 tax year.  I solved my problem by entering the summary level transactions, and then I was able to upload the detailed 1099-B as a PDF, so I did not have to mail it in.  Hope this is helpful (since I see it is still a problem for some folks).

Hi @louboston27 

Thank you for the info!!

I'm having the same issue but I'm not familiar with what you're suggesting as a fix. I'm not as familiar with the platform or how to troubleshoot these types of errors.

Could you explain in greater detail it would help me immensely? Again sorry for my limited knowledge.

What are the summary-level transactions? and how/where would I enter them? 

Should I delete all the transactions since they are providing the errors?

Where did you upload the detailed 1099-B as a PDF?

Again sorry for all the questions.

Thank you!

Fred

Hi @Anonymous,

Yes, i used the [phone number removed] number and selected the option to report the problem with Turbo tax premier version in US. I've been able to get to them multple times, may be because I registered by Turbo tax and phone number + email address with them. You can try calling them after registering the product and may be that helps you connect and talk to a liver person. Hope it helps.

Hi @louboston27 ,

I have the same question as Fred. I importted the data from my E*Trad brokerage account into turbotax so not sure where/how can I upload summary transactions or the pdf. Any pointers to this would be helpful.

If you imported  your financial transactions without a problem, you don't need to enter a summary.

If you had issues importing correctly, you can Delete Imported Transactions and Enter a Summary in Lieu of Individual Transactions.

@asikka

[Edited 03/02/2022 12:37 pm]

I resolved this by 

1. Find Federal Form D

2. Edit the financial institution 

3. Find the negative gross sale

4. Edit the negative gross sale to 0

5. Enter the absolute value of the gross sale figure in the cost line item. 

6. Save and File

Thanks @MarilynG1. This is what I ended up doing and after that i was able to successfully file my state tax. I wish that I had received this advice earlier. I wasted to much time trying to get this issue addressed.

Thanks for the suggestion. However, manually editing the numbers has been suggested in other threads, but IMHO, and as it was pointed out by others, is not acceptable. For one, I have over 100 sales with negative values. What's the point of paying TurboTax? For two, by changing only the individual sales number, I believe the total number will not match the number on your Schedule D, as well as the number reported by the broker. Remember IRS also receives copies of 1099-B sent from brokers.

TurboTax needs to do something so that I don't have to manually edit numbers.

I'm still confused about what the smart check error means?  Gross sales price being less then zero is perfectly valid so not sure what turbotax is complaining about here?

I am exactly int the same situation. Seems like this is an issue that TT should resolve.