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Solved

1099-B doesn't support negative value in box 1d

Forum|Forum|5 years ago
February 2, 2021
6 replies
0 views

Imported stock transactions from TD Ameritrade and all the entries that have a negative value in the 1099-B Sales proceeds line 1d causes Turbo tax to generate an error with Smart Check.

Getting Error: "Form 1099-B Worksheet: Sales Price is not between the prescribed upper and lower limits."

This looks to be a similar problem as last year. Called Support and they couldn't help. Too many entries to manually entered. Please , can someone from Turbo Tax software development please correct this issue for this year (tax year 2020).

TurboTax Home & Biz Windows

Best answer by GabiU

Check out this article: "How do I fix my 1099-B negative values?"

JohnB5677

To be able to post a negative value to form 1099-B box 1d follow these steps.

Select the option for a 1099-B
Select to type it yourself
Enter Bank
I'll enter one sale at a time
Enter the stock data and leave 10d BLANK
When you hit Continue you will get a RED error message
At the bottom of the screen select Allow me to continue with incomplete information. [Continue]
Any less common items will be blank. Select Done
No this is not employee stock
Select the last item An adjustment is required for reasons not already covered.
Enter the negative number that you had in Box 1d.
This will complete the transaction.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"

kimchuAuthor

Hello,

Thanks for the reply. However, what you suggested to manually enter the negative entries does not work (CD windows version). You still get "error: Value must be equal to or greater than zero."

And even if it does work, this would not be an acceptable solution since I have over 100+ Entries.

This is a software bug that it does not accept negative number. Can you please forward to TTX software development team to have this corrected ?

Thank-you.

Anonymous

I have the same issue. I have two forms with more than 200 entries from TD. Why should I do manual entry when I pay for automated software with premium price? TT folks, you have to fix this or do manual entry for us. Ridiculous service.

mattgna15

Having the same issue. I understand the fix by flipping the cost basis and proceeds but that is not what happened so doesnt seem right to fix it just to accomodate a bad software issue. Please fix and let us know when we can submit.

vicmyers

I agree with you. Turbo Tax should fix this, if the broker, TD Ameritrade, in my case cannot. But who knows how long it will take for Turbo Tax to address this. In my case, the manual fix allows the final error check to pass and to allow tax filing. And the G/L numbers are accurate.

After calling technical help at TurboTax and waiting over an hour to reach someone, I am very disappointed in the service. The person could not help, could not even promise to pass on the problem to software development, urged me to purchase TurboTax live so that I could talk to a CPA. And I thought I had decent ability to get help with a TurboTax Advantage account. Mention was made of talking to an "expert", but the person on the call could not tell me where to find the option for that on the website. They did not even seem to be aware that the problem existed. The community forum seems to be only place to get any help aside from the very basic stuff.

The only reason for staying with Turbo Tax is the fact that my tax history gets carried over from one year to the next. Does anyone know how easy or difficult it is to migrate to another tax service and be able to bring along one's tax history?

Anonymous

The issue is with TurboTax software and they are suggesting to fix it by manual editing each entry. This is completely ridiculous service for the premium service fees they are charging. I fixed it all 200+ entries by myself and had to expend more than 2 hours for that and verifying it manually. I expect some rebate in the fees that I paid for automated software.

allandb1

I had the same problem. What I did was to log into my account on the TD website and go to the Tax Center. Then I selected the 2020 gains/losses report (with wash sales adjustments) and downloaded it to a TXF file, which is one of the options on the top of the screen when you open the report.

I then imported the TXF file from my PC into TurboTax using the function to import a file.

After doing it that way, I had no error messages.

Hope this helps.

BeornFromW

I have been fighting this issue too. I followed the instructions and have a couple of comments.

First, instruction #5 refers to 10d but should be 1d.

Second, when leaving 1d blank my tax filing failed the review. I went back and entered 0.00 in 1d for those entries I had blanked out. All errors cleared up.

rsherry8

Now that some time has passed, I am hoping somebody from TurboTax ( Intuit ) will confirm that they are going to fix this issue and tell us when we can expect the fix.

Rainydaydog

Electronic is still showing errors for neg numbers, I've manually changed the 1d box to be 0 - but it makes me nervous to file with changed numbers.

GabiU

Answer

Community Manager

Check out this article: "How do I fix my 1099-B negative values?"

**Say "Thanks" by clicking the thumb icon in a post **Mark the post that answers your question by clicking on "Mark as Best Answer"

addisj23

Unfortunately this issue has not been fixed, despite what the previous comment claims. I just deleted and reimported my 1099-Bs and re-ran the Review and it is showing the same errors as before. This is using the Web version of Turbotax.

Jimmy W

Are you sure your error is about negative proceed values and not something else? Mine doesn’t have the error anymore. Anyone tried to e-file and succeeded?

yooperg

TT 2022 desktop allows negative proceeds, box 1d, like is reported on my e*Trade 1099B. (For covered call options). However, it does not allow these to be summarized to put on Schd D line 1a. If you summarize them in the step by step input, it puts them on form 8949. I think this perhaps is because in past years IRS did not allow negative numbers on Scd D line 1a for e-filing. Not sure if the IRS changed this for 2022, but TT didn't. At least you can report a negative proceeds on form 8949.