When I select No Entry for 1099-B Holding Period, TT accepts the input, but when it checks for errors, it continues to flag this as an error. How can I clear this error?
If Date Acquired is blank, enter the keyword "various". You must determine the holding period.
For long term use Sales category Box E
for short term use Sales category Box B
Thanks, this helped me identify the error and fix it. I tried entering "Various" for the Box 2 (Type of Gain), but I guess this keyword only works for dates. I know the date of acquisition even though it was not reported on 1099-B (and therefore empty Box 2).
The error Turbo Tax was giving me was related to leaving Box 2 (either line 9a in 1099-B worksheet, or line 1b(3) in Capital Gain Transaction Worksheet) empty, while having a corrected Type of Gain indicated (for either line 9b in 1099-B worksheet, or line 1b(4) in Capital Gain Transaction Worksheet). Review give error message "Type of Gain Reported must be entered when corrected gain or loss is entered".
It turns out error can be fixed by leaving both of those lines blank in the worksheet. Later when I enter the date of acquisition, TT knows to enter the correct type of gain (L or S) in the "Holding Period" field in the final "Result".
Ok so I went back through and fixed this for myself. It came from problems with sales/transactions with cost basis not reported to the IRS. Here are the steps:
1. Delete the offending 1099-B.
2. Re-import.
3. Select "My 1099-B has info that I know isn't right"
4. Edit the transactions to add the proper acquisition date and cost basis, but DO NOT edit the dropdown box (even though it is red) that has something like "Transaction Type." Leave it blank. Turbotax will not complain and the error will go away on the check.
"Holding period" means "How long did you have this security?" The answers are "Short Term" (less than one year) or "Long Term" (one year or more).
If you have entered dates for the purchase and sale of your security, TurboTax will calculate the holding period for you automatically.
Turbo TaxKitty, that didn't answer my question. Let's try again. On my 1099-B, box 2 is blank. Box 5 is checked. When I put my 1099-B information into Turbo Tax, the program errors on the Holding period. I select NO ENTRY and TT continues to think its an error. How do I fix this error?
Unfortunately, I can't see your 1099-B and have no idea what the box titles are. Should Box 2 (or Box 5) be a date?
My 1099-B has the following for one of the lines: 1a) Sold x units. 1b) blank for date acquired. 1c) Date sold 9/15/17. 1d) $ amount sold. 1e) blank for cost. 1f) blank for market discount. 1g) blank for wash. 2) blank for type of gain/loss. 3) blank for basis reported to IRS. 4) Fed income tax withheld = 0. 5) x checked for noncovered security. So, TT is erroring on holding period since it is blank. When I update it to No Entry it still flags this as an error. Therefore, without correcting this error, I will not be able to file my taxes.
You will need to determine the date acquired. If you cannot determine the date acquired because you lack the records, then the IRS will "assume" a short-term gain, so you may enter date which would make the holding period less than a year.
Has anyone found a fix or workaround for this error? I'm having the same problem a year later.
I am also getting this error a year later. I have entered all the correct dates and cost basis from the 1099-B. It was imported from Fidelity, not sure if that is a commonality with others who have this.
Same issue. Tried all suggested options. No luck. I guess Robinhood's bragging about the ease of use with TurboTax runs about as deep as their ethics.
Imported 1099-B, all acquired dates are populated but it askes for acquired dates repeatedly postponing my filing. In adjustment codes I see BYPASS8949, I'm not allowed to change anything in the window beneath the check entry statement though beyond re-entering the Date Acquired, at which point it just asks me to enter it again, like it's stuck in a loop.
@Takingtoolong Try going back to your original 1099-B entry, rather than typing the date acquired in the Review section.
Click this link for info on How to Edit or Delete Imported Transactions.
You could try deleting the imported transactions and re-entering them manually. Click this link for info on How to Enter 1099-B.
If you have a large number of transactions, click this link for info on How to Enter a Summary in Lieu of Individual Transactions.
There is no reason we should have to be manually entering these stock transactions when TT advertises "the magic" of importing them from the various brokerage houses. They should be able to find a software fix for this. The software has the purchase date and the sale date, the cost basis and the proceeds....they have all the information needed to figure out the gain or loss and whether or not it is long term or short term! This is the service we are all paying for!
My taxes are now almost 2 months late because of this issue with my robinhood 1099b "Holding period must be selected because not enough information is present...".. but the TT website continues to freeze everytime it gets to this point. Also does not give me the ability to file by mail. Also they already charged me for my taxes 2 months ago when I was trying to file ON TIME. I need this addressed or I need a refund so that I can go get my taxes done in person.....