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?

[louboston27]

I have hundreds of transactions on 1099-B showing negative proceeds (box 1d) and a cost basis of 0 (box 1e).  I'd like to keep TurboTax consistent with how the 1099-B worksheet is delivered from my financial institution.

[ErnieS0]

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

[phq]

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.

[ErnieS0]

@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.

[phq]

@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.

[phq]

@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.

[JET478TAXSTUFF]

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.   

[JET478TAXSTUFF]

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.   

[rpandia]

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.

[JET478TAXSTUFF]

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.   

[Anonymous]

Same problem this year (2021).

[Anonymous]

Same error for me

[asikka]

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. 

[asikka]

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.

[Anonymous]

@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.