I am getting an error when filing my tax return. It keeps telling me to fix a 1099B entry that i uploaded from my investment bank.

[madlenerfam09]

and when i type the number in the cell and try to proceed, it keeps kicking me back and zeroing it out. what can i do?

[JohnB5677]

There are several things that could cause this:

Dates

• Dates have the format MM/DD/YYYY
• If this format is not adhered to it will fail.

Disallowed Wash Sales

The error message you are seeing on the wash sale entries is a result of automatic rounding.  If the wash sale adjustment is $0.49 or less, then it is automatically rounded to zero.  This type of rounding is allowed by the IRS. 

Unfortunately, zero is not a valid value for this field for TurboTax, thus the error message.

To enter a disallowed Wash sale:

Income & Expenses

1. Scroll to Stocks, Mutual Funds, Bonds, Other
2. Answer Yes to Did you sell stocks, mutual funds, bonds, or other investments in 2020?
3. On the OK, what type of investments did you sell? screen, select Stock, Bonds, Mutual Funds. Then select Continue.
4. From here, you can import or manually enter your 1099-B.
5. Answer the questions about your sales. Choose to Enter sales one by one when asked.
6. On the Now, we'll enter one sale on your 1099-B screen, enter your info.
7. Check I have other boxes on my 1099-B to enter and enter the disallowed wash sale loss in box 1g.
8. Select Continue and answer any follow-up questions.

Note: You'll need TurboTax Premier, TurboTax Live Premier, or TurboTax Self-Employed, TurboTax Live Self-Employed, to add any 1099-B forms.

Negative Proceeds

Turbo tax does not allow negative numbers in 1099-B box 1d

Some brokers  now reports losses of short options on 1099B as a negative number for proceeds in box 1d and a zero value for cost basis, rather than separate values for cost basis and proceeds that show a loss. 

The broker explanation is: "We are now updating our reporting of short options on the 1099-B to reflect how the IRS is now requesting that these transactions be reported.  In this new format, the cost basis and proceeds for short options is consolidated into Box 1d in a net amount."

To be able to post a negative value to form 1099-B box 1d follow these steps.

1. Select the option for a 1099-B
2. Select to type it yourself
3. Enter Bank
4. I'll enter one sale at a time
5. Enter the stock data and leave 10d BLANK
6. When you hit Continue you will get a RED error message
7. At the bottom of the screen select Allow me to continue with incomplete information. [Continue]
8. Any less common items will be blank.  Select Done
9. No this is not employee stock
10. Select the last item An adjustment is required for reasons not already covered.
11. Enter the negative number that you had in Box 1d.This will complete the transaction.

[maxenos327]

I realized the rounding error for wash sales entries of $0.49 or less. Normally, I would follow the directions you posted about manually entering sales. However, I have over 700 entries. How can I navigate this issue without manually entering each sale?

[jackexu10]

I got a similar error - it always asked me to add a purchase date and every time I entered a date and continue, it will show up again. I think turbotax doesn't allow anything with purchase date after 12/29/2020 yet.

[swightman]

I belong to an investment club and I have entered my Schedule K-1 information for it.  This is the only stock information I have.   I don't have a 1099B and if I did enter all of the sales and purchases, they would show the entire clubs gains and losses, not just mine.  I belonged to this club last year and did not have this problem.  Is this new for 2020 or did I enter something in error?

Sandra Wightman

[MaryM428]

Sign into TurboTax in a browser and clear all browser data for all time
Go through your return under Income and Expenses

Stocks, Mutual Funds, Bonds, Other

Make sure that there are no 1099-B listed there

Then go to Tax Tools, Tools, Delete a Form and delete any 1099-B that shows on the list

These steps should clear up the problem if it caused by a browser or TurboTax error.

If you sell stocks, bonds, derivatives or other securities through a broker, you can expect to receive one or more copies of Form 1099-B.

[hvonhaefen]

I am getting the same error!  Have tried to call Turbo Tax support without help....Got disconnected....no call back.

Turbo Tax is stating: "the IRS will not receive tax returns with a negative proceeds on an e-filed returns."  That's a bunch of nonsense.  The IRS publication clearly states in their instructions:

"Box 1d. Proceeds - Enter the gross cash proceeds from all dispositions (including short sales) of securities, commodities, options, securities futures contracts, or forward contracts. Show a loss, such as one from a closing transaction on a written option or forward contract, as a negative amount by enclosing it in parentheses."

Please correct this software glitch.

[hvonhaefen]

Awaiting call back from "someone that can help me with the software issue".

[hvonhaefen]

Please understand that this was from TD Ameritrade on a futures account where only proceeds are denoted.  All are closing transactions as noted in IRS instructions.  Futures=forward contracts

[LinaJ2020]

I will suggest to manually enter info.  Here are the steps:

In TurboTax online,

• Sign into your account, select Pick up where you left off

• At the right upper corner, in the search box, type in 1099b and Enter 
• Select Jump to 1099b
• Follow prompts
• On-screen, "Let's import your tax info, select I'll type it myself
• Follow prompts to continue

A Form 1099-B is issued to report the proceeds from your stocks and bonds transactions.  The transactions will generate either a long term or short term capital gain or loss depends on how long the stocks are being held.  The amount will be reported on line 7 of your Form 1040 along with a Schedule D and Form 8949.  

As far as the 1099-B negative number issue, the issue has been submitted and is currently under investigation.  For now, we have three ways to fix it for the workaround.  Click here:   1099-B negative