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S
stech
Employee
March 29, 2024
Question

1099 B Proceed is negative

  • March 29, 2024
  • 1 reply
  • 0 views

I have 1099-B from robinhood. Form type is 8949. The proceed column has negative values. Is this correct?

 

1 reply

M
Mike9241
March 29, 2024

ask Robinhood the reason. This is not the norm and I don't know if this will be red-flagged by Turbotax preventing e-filing.  This can also cause issues with the IRS because if that negative is not acceptable to Turbotax (you would then need to enter it as a positive in the cost column), the IRS record of total proceeds won't agree with your return.  

S
stechAuthor
Employee
March 29, 2024

I contacted Robinhood. Here is their response

 

You sold to open a lot of option contracts. When you sell to open the proceeds are negative

 

Buying to open is positive proceeds, but selling to open is negative proceeds

 

negative amount is correct. Contact your tax pro on how to enter

 

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