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We have new information. We are partnering with the IRS to change this situation and expect them to update their rules later in the season. Here are your 3 options:
Option 1: Complete the tax return and paper file
Customers can choose to leave the return as it is, print the return, and mail it in.**
Option 2: Wait for the issue to be resolved. To be notified when the issue is resolved by the IRS:
Option 3: Use the IRS approved workaround to e-file now
** To mail your return:
Online:
Mobile:
Desktop
Other:
We have new information. We are partnering with the IRS to change this situation and expect them to update their rules later in the season. Here are your 3 options:
Option 1: Complete the tax return and paper file
Customers can choose to leave the return as it is, print the return, and mail it in.**
Option 2: Wait for the issue to be resolved. To be notified when the issue is resolved by the IRS:
Option 3: Use the IRS approved workaround to e-file now
** To mail your return:
Online:
Mobile:
Desktop
Other:
I have sent Turbotax message and screen shot to Fidelity to confirm the problem and find out if Fidelity will be updating the 1099-B forms.
If the IRS is not accepting the negative numbers on the 1099-B, which are coming from the financial companies documents, those same documents are sent to the IRS.
...
Then if a tax payer using Turbotax makes changes to the entry or the 1099-B input to the program, how does that impact the Turbotax guarantee? In some cases, there are over 100+ pages of 1099-B to go through to check and update... Errors will happen..
I will run the CD/PC program and see what happens.. Yes, save file with new name...
JCB
Tried importing from my Etrade account getting the error still.
"The import was unsuccessful. There isn't any tax related info to import right now"
Using the downloaded Deluxe version of Turbo Tax 2020.
I have over 5000 transactions and my schedule B is over 160 pages.
I think INTUIT owes the community a solution to this problem. We purchased this product so that we don't have to MAIL any documents to the IRS. We need this to be all "electronic".
Please fix this problem.
I can confirm to all that this is NOT an Etrade problem, because I was able to do my Mom's Taxes successfully and imported from her Etrade account into Turbo Tax without any problems. She had less transactions than me. I believe the number of transactions is the problem with INTUIT.
Please fix this problem.
@Hpatel22 It is currently under investigation, and we are working to resolve it, but we don't have any additional information at this point.
UPDATE:
Fidelity Compliance Dept is reviewing the negative numbers shown in the Proceeds Column 1d.
My understanding from Fidelity representative, making changes to the 1099-B or Form 8949 worksheets which are based on the Fidelity reporting that is sent to the IRS could be a problem. There will be a discrepancy between what Fidelity provided and what a person submits using Turbotax 'work-around'.
Fidelity will be getting back to me this week on this item.
The other point that I see in these questions and from the Fidelity rep, the reason WE bought and use Turbotax is to have our 1040's files electronically. WE don't want to mail 1040+ forms in to the IRS..
I suggest Turbotax also contact the financial instructions to assist in this programing & input issue.
JCB
************* UPDATE
Suggest contacting your financial institution and get a reply.
This is Fidelity reply (I underlined the key point):
Dear JB:
Thank you for contacting Fidelity Investments regarding your account ending in 0000. It is my pleasure to assist you.
New IRS e-filing standards restrict taxpayers with negative proceeds from filing electronically. As of a result of these changes, you may experience issues filing your tax returns through electronic tax prep services (e.g. TurboTax, H&R Block, Tax Act). Due to the influx of feedback from taxpayers regarding this new change, the IRS will be updating the e-filing standards to accept negative amounts. At this time, the update is tentatively scheduled to occur the end of March.
Please contact your tax advisor or tax prep services company for additional guidance and troubleshooting.
I hope you find this information helpful. If you have any questions regarding this issue, or for any general inquiries regarding your account, please contact a Fidelity representative at [phone number removed] for assistance.
--*-*-*-*-*--*-*-*
Turbotax provides a work-a-round that makes you manipulate the Turbotax form which will not match the financial statements that are sent directly to the IRS... And Turbotax has not stated they will defend this if you are audited by the IRS..
******************** END
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