UTMA Gains Adjustment Code N

[roytoutant]

I am filing for my grandson who has a UTMA account.

I downloaded the 1099 from Etrade.   

Turbotax is showing "adjustment code N" on all the trades, as shown on the 1099B worksheet.  I think this is incorrect.

Should I override the N, or put in zero as the adjustment amount, or do something else?

Thanks

PS the 1099 document itself does not show an adjustment code so I wonder if this is a bug?

[DXY2021]

I have the same question as well with Etrade (downloaded the 1099 today) - only had a few trades - not even sure what code N is but am wondering what to do as well.   hoping this doesn't have to do with Etrade's transition to Morgan Stanley during the year

I looked online and it says " You received a Form 1099-B or 1099-S (or substitute statement) as a nominee for the actual owner of the property" 

thank you for posting this question

[roytoutant]

Yes, the problem may be specific to Etrade.   I got two 1099s downloaded from Etrade.   One with trades before the transition to Morgan Stanley and one with trades after the transition to MS.

The "Adjustment Code N" issue only shows up on the older Etrade trades and not the newer MS trades.

[DXY2021 · Accepted solution]

Hello just an update - it appears many others are having this issue - here's another thread with more feedback

Every 1099-B entry imported from ETrade shows up incorrectly with Adjustment Code N (intuit.com)

[AnnetteB6 · Accepted solution]

The issue with 1099-B's incorrectly importing with adjustment code N has now been resolved.  

Please delete your imported 1099-B and update TurboTax if you are using a CD/downloaded version.  Then, re-import your data for the Form 1099-B.

If this doesn't resolve the issue, please let us know so that we can assist you further. 

@roytoutant 

@DXY2021