Stuck at e-file with message "We need to make one more check" - empty 1099b fields?

[tblk7525]

Hello, 

my 1099-b has several empty fields which I left empty on TurboTax desktop version (Windows) as well. 

Now I am at the very last step - to e-file my taxed, and it won't go through. When I press to submit it, it says "Everything looks great on your return. We've double-checked it for accuracy and to make sure you got all tax break you deserve. But before you e-fil, we need a little more information that we didn't need earlier" and it goes back to check the several empty fields again. 

How to get ignore this error and submit it?

Thanks!

[tblk7525]

Help!

[JulieS]

Yes, you need to fill in the empty fields either with zeroes, or the information from your records. This is true even when the fields are blank on your 1099-B.

You should go back and review the 1099-B section in TurboTax:

1. Select Federal, then Wages & Income.
2. Scroll down and look for Investments & Savings.
3. Expand the section and find Stocks, Mutual Funds, Bonds, Other and click on Start or Update to the right. 
4. Click the down arrow to the right of your 1099-B and then click on Edit.
5. On the screen Review your (name) sales, look for the incomplete transactions and click Edit, or the pencil icon, to the right.
6. Fill in any missing information.
7. If your blank field is a date, check your records for the correct date, or enter Various.
8. If your blank field is the cost basis, check your records for the actual cost basis. You can enter 0 for cost basis, but that will make the entire proceeds amount taxable. 
9. Repeat with each transaction that is flagged Needs Review. 

[tblk7525]

Thank you. 

Regarding point #7 and #8: what will IRS check the records against if those fields are empty on 1099B? Is that a fault on the brokerage's document?

Regarding point #8, the stocks are automatically deducted from my payroll, it's very difficult to go one by one and find the cost of each one. What if I enter an approximate value? How will IRS verify that?

[AmyC]

Point #7 - The IRS requires you personally to keep track of what you purchase, when, and for how much. A brokerage may know but they change hands and data is lost. If the IRS asks,  a spreadsheet is great but whatever paperwork you keep for your records is fine.

Point #8 - track your purchases and keep all supporting paperwork. There are websites that track the daily prices and have historical quotes. You can look up values. This is my favorite, the Univ of MN.

All you can do is your best to verify a cost basis. If you have no proof, the basis would be zero. Since you own the stock, you should have some proof of purchase, paycheck summary, broker statement, something. If the IRS asks, you will give them your proof.

I want to urge you to create a financial notebook that is kept separate from your tax return. Keep it safe and each year, add your year-end statements from all your financial accounts plus a copy of your W2’s, your  carryover information, and proof of your basis in your various investments. You must keep tax records  from the time you purchase until sold/ loss used plus 3 years. It is very easy to lose track of disallowed losses, carryforwards,  and basis.

This can be a digital or paper notebook.

[tblk7525]

Unfortunately Turbo Tax does not allow to submit the file return if the field "type of gain or loss" is not filled (with short or long term). On my case, many entries are empty on the 1099-B document, and there is no option to fill them with zeroes. 

I am sadly forced to submit it by mail.