Error message for 1099B Worksheet

[smileyst]

For all 3 of my 1099B entries, TT says "Cost or Adjusted Basis (Positive Amounts Only) does not match the value on the Capital Gain (Loss) Adjustment Worksheet. Leave this value blank when using the Capital Gain (Loss) Adjustment Worksheet." I get an analogous error message for all my "Sale Price" entries. First, the values absolutely do match. Second, if I leave them blank as the TT error directs me to, then I receive a new set of errors telling me to fill them in. Please advise...

[rjs]

This is a known bug, and is tentatively expected to be fixed by the end of next week (January 29).

[DavidD66]

As noted by rjs, this is a known issue and is currently being investigated.   If you imported your 1099-B entries and don't want to wait for the investigation to be resolved, you can manually enter your transactions.  Are you importing your Form 1099-B from TD Ameritrade?

[smileyst]

Thanks David. I'm new here. Not sure how to locate rjs's comment. It's a Fidelity trade. I entered the values myself. I'm stymied.

[DavidD66]

Are you using TurboTax Online or Desktop?

[smileyst]

I'm using the Desktop version of Home and Business on a Mac.

[smileyst]

Thanks rjs! Not sure why but I could not see your reply earlier. I hope you're right. Very frustrating!

[DavidD66 · Accepted solution]

@smileyst It's hard to troubleshoot an issue like yours in the public forum.  You may want to contact customer service where you can speak with someone live and discuss your issue.  To do so, see this TurboTax support FAQ on how to contact Support - https://ttlc.intuit.com/questions/3401489

You can also try deleting your Form 8995 and the Capital Gain (Loss) Adjustment Worksheet and re-entering.  To do so, switch to Forms Mode, open your return, and then select the Forms icon in the upper-left corner of TurboTax (or select View from the top menu, then Go to Forms). The Federal Information Worksheet will display and all the forms in your return will be listed on the left side.  Click on "Open Form" and enter  "Capital Gain (Loss) Adjustment Worksheet" to display the worksheet.  Then select the "Delete Form" button and delete both forms.

Also, keep in mind, the IRS will not start accepting e-filed returns until February 12.  Even if you complete your return now, and transmit it, it will sit on the TurboTax server until the IRS starts accepting returns.  So, you've got some time to figure this out, or wait for TurboTax to figure it out if the issue is on our end.

[smileyst]

Thanks. In the Forms section, I found the Form 1099-B Wks and 3 sub-forms, one for each category of trade (reported/not reported, short/long). I deleted those sub-forms. That did not seem to erase the data in the Form 1099-B Wks and it made the error message disappear.

[floatplan]

I found that if I rounded my amounts to the nearest dollar the error disappeared.

[de_prof2003]

Hello Dave,

I have a similar problem.  I really hope there is a way to solve it without me having to manually fill out an 8995 by hand.  I have a multitude of trades to report, and after all, I am paying TT to avoid having to perform such a chore.

My  problem involves a single wash sale.   The prompt I received from TT online wants me check my broker's 1099-B to validate the amount disqualified and to enter the correct amount because they say that the amount shown is zero.  Well, the disqualified amount was literally one penny  (0.01) and Turbo Taxes computers round all amounts, so, apparently, it comes up as a disqualified amount of zero.  A disqualified amount of zero cannot be correct because one cannot disqualify a non-existent dollar amount, so they want me to add a "correct" amount.  If I try to enter 0.01 or .01, such entries are not accepted.  In effect, the TT online worksheet provided to me refuses to allow me to add the correct amount.  So what can be done about this situation?  

[KathrynG3]

Have you only tried to adjust it in the Check this Entry section? Try leaving this area and returning to the original entry area to make the adjustment. 

To return to the Investment Section, leave the Review by following these steps:

• Click Federal from the left menu.
• Scroll down to Stocks, Mutual Funds, Bonds, Other and Review.
• Click the Review button by the stocks that need correction. 
• Click the pencil icon next to the stock transaction at Review your sales.
• Continue through the next screens until you again are at Review your sales and reach Now we'll walk you through entering your sale details. Scroll down and check the box for I have more info to enter that I don't see here. if it is not already checked.
  • When testing this, I was able to enter amounts less than $1 in this area.

@de_prof2003

[rjs]

@de_prof2003  The problem with a disallowed wash sale amount less than 50 cents is a known problem, and has been reported to TurboTax. But you can easily work around it. However, you can't correct the problem in Smart Check, where you get the error. You have to go back to where the sale was entered under Investment Income > Stocks, Mutual Funds, Bonds, Other. KathrynG3 gave you step-by-step instructions to get there. Edit the sale and delete the wash sale loss amount. Don't enter anything. Just leave the box empty. In other words, since the wash sale loss is less than 50 cents, and would get rounded to zero anyway, you don't report it as a wash sale.

[mhuizar]

Has this bug been resolved?

[rjs]

@mhuizar  Yes, the bug described above has been resolved.