Turbo Tax Business Form 8949 - Incorrect Box checked / Intuit Turbo Tax bug?

[robertm526]

I'm using Turbo Tax Business 2023.  I had a LT Capital Loss and I have marked "Yes, this summary was reported on 1099-B Statement" and "Yes, the cost basis was reported to the IRS" during the Easy Guide questionnaire. Why Turbo Tax checking Box F - Long-term transactions not reported to you on Form 1099-B instead of Box D - Long-term transactions reported on Form(s) 1099-B showing basis was reported to the IRS on Form 8949? Is this an Intuit Turbo Tax Business 2023 bug?

[RobertB4444]

Not one that has been reported elsewhere.  But there have been some problems with importing 1099s this year from some brokerages.  If you imported this one I suggest you delete it and start over entering it yourself.  Since they are all covered transactions that should be pretty simple.

@robertm526 

[robertm526]

Thank you for your reply RobertB4444.

I tried deleting and re-entering it manually and the Turbo Tax Form is still checking Box F instead of D.  The questions have been correctly answered indicating that LT transactions on Form(s) 1099-B showing basis was reported to the IRS, but Turbo Tax is checking box F indicating LT transactions were not reported to you on Form 1099-B.  Not sure what is triggering this to flag Box F.

[RobertB4444]

I can't duplicate your error and  it's not showing up as something other taxpayers are experiencing.  First, I'm going to ask you to clear your cache and cookies.  Those are little programs that are stored on your computer and can get in the way of TurboTax sometimes.  Here are instructions for how to do that.

If that doesn't fix the problem I'm going to ask you to pull a diagnostic copy of your return.  That's a copy that keeps all of the numbers but removes all of the personal information so that we can take a look at it and see what is going on.  Here's how to do that-

If you're using the online program click on 'Tools' and then on 'Tools Center' and then on 'Share file with agent'.  

If you're using the desktop version click on 'Online' and then on 'Share file with agent'

You will get a token number at that point.  Post that token number here and we can review your return.

@robertm526 

[chris_balt]

I'm having the same issue.  Have deleted both the form and the information in step by step and every time it comes up as F, not D

[RobertB4444]

This is still not a reported issue for the software and I'm not sure why it is happening.  I feel like there must be an issue with importing the 1099-B into the system that is causing the problem.

At any rate the F instead of the D does not cause an issue with your tax return being filed.  The IRS has a copy of the 1099-B that is generating the entry and they will be able to match the sale price and cost basis that you are entering.  So even though the box reads 'F' the IRS system will match the numbers and ignore them.

@chris_balt 

[PNWBob]

This has been a bug for many years. Each year I have to manually correct the Form 8949 in Turbotax business which requires me to print and mail the forms in each year. Turbotax does not acknowledge this problem.  Good luck.

[lennar0719]

First let me say I cannot import this statement I have to do it manually for this specific institution.

My 1099-B states "report on Form 8949, Part II, with Box D checked".  I only realized this year Turbo Tax always marks Box E.  I have no idea why. I am hoping from what I see in this discussion that this will not cause a problem.  Every year I have to do a form 8453 and send through the US mail with documentation.  I am wondering if Box D was marked if I would not have to do form 8453.  I only ask because this year I did not do something correctly and I have to do an amended return to fix form 8949 to include long term sales.  If box D was marked would I still have to mail the 8453 with documentation?

[RobertB4444]

No, if box D is marked it means that the IRS already has the information so you would not need to send form 8453.

@lennar0719 

[lennar0719]

Thanks

What is odd is the brokerage statement is stating "Reported to the IRS is proceeds less commissions and options premiums.

Covered (Box 5 is not Checked) 

I choose long term bases not reported to IRS not covered 

am i choosing the wrong one?  

[RobertB4444]

Yes.  If the statement reports it as "Covered" then you will check the box for Long Term Basis is reported to the IRS.

@lennar0719 

[lennar0719]

thanks that is what I originally did but it did not transfer any of the info for the long term sales to the 8949 so I thought I made a mistake.  on Schedule D capital gains and losses it put the info Part II 8a.  since the statement on bottom of brokerage statement says Report on Form 8949 part II with Box D checked shouldn't Turbo Tax have done that .  It did pull it correctly for the short term investment but there was only one and I entered all the info.

[lennar0719]

Well I just read the statement on the 8949 which is a bit confusing 
The note reads I do not have to list anything on the 8949.  Why they have a Box D there is perplexing.  

Apparently I did it correctly and it was filed correctly so how do i get rid of the amended tax return, it is ready to file? Can I delete?  If you can not answer this no problem I will ask the community. 

I appreciate all of your help, I think I have spent more hours on this then the actual return, and lost a lot of sleep.

[RobertB4444]

If you don't need the amended return then you just abandon it in process.  Since you don't need to file it it will just exist there, unused.

@lennar0719 

[lennar0719]

Thanks so much I got nervous when I didn't see my $ amounts at the top (they are 0), but I  am sure if I use Turbo next year all info will pull over correctly.

Thanks again.