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]

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).

[fcbtech2]

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

[asikka]

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.

[asikka]

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.

[MarilynG1]

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]

[Anonymous]

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

[asikka]

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.

[Anonymous]

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.

[dd79]

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?

[Ron128]

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

[PatriciaV]

We are investigating this experience for our tech support to address in a future update.

The SmartCheck message is typically triggered by a negative number in Form 1099-B Box 1d for sales proceeds. The On-Demand Guidance for that data entry (blue link on that page) instructs you to enter zero for the sales proceeds and a positive number in the Cost/Basis box equal to the reported proceeds (ie: swap the numbers, but make them positive).

If you are uncomfortable making that change, you may follow the instructions from Expert MarilynG1 to Delete Imported Transactions and Enter a Summary in Lieu of Individual Transactions.

[Burny]

So, I have been waiting for a IRS form to be released to finish up my federal return. Having finished federal, data was imported into my state return and I now have the same issue with the error message "negative gross proceeds" during smart check. As was pointed out before, this is mostly for short options transaction that were reported that way on broker's 1099-B

I have used TT in previous years and never ran into the that issue. 

Since it's pretty much the end of March, will there be a fix in TT to file electronically in time?

[dralexandero]

I'm having the same issue here. I just wonder if we delete the 1099B and manually enter the summarized results, should we still mail the details 1099-B to IRS? Or is there a way to upload 1099-B as a PDF for part of the e-filing? My 1099B has more than 100 pages and it does not make sense to mail it. Can we have an update to fix it before 4/15?

[MarilynG1]

Yes, you can upload a PDF file of your 1099-B with your return.

You should come a screen after you entered your sales summaries that asks how you want to submit your 1099-B to the IRS.

Click this link for more info on Form 8949. 

@dralexandero

[dralexandero]

Thanks for the reply. I tried to enter the summary but I didn't see any screen came out asking me to upload the PDF file. Is that because I'm using the desktop/download version? @MarilynG1