Error: Gross Sales Price shouldn't be less than zero

Forum|Forum|4 years ago
February 25, 2022
14 replies
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TT complains that "Gross Sales Price shouldn't be less than zero" when I'm about to efile. Apparently this issue has been there since at least the 2019 version.

https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/my-1099b-has-a-negative-cost-basis/00/598390

https://ttlc.intuit.com/community/retirement/discussion/can-i-enter-a-negative-amount-for-proceeds-box-1d-on-my-1099-b/00/1165889

https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/turbo-tax-does-not-allow-negative-numbers-in-1099-b-box-1d/00/1177687

https://ttlc.intuit.com/community/taxes/discussion/is-there-a-way-to-bypass-smartcheck-errors-smartcheck-disp[product key removed]-price-shouldn-t-be-less/00/2249442

The issue could happen if you have short sales and import from certain brokers such as TD Ameritrade or ETrade.

Some "Expert" answered in the above threads that IRS does not allow negative sales value. That's not true. As stated in the IRS 1099-B Page 8 (https://www.irs.gov/pub/irs-pdf/i1099b.pdf) :

Box 1d. Proceeds
Enter the gross cash proceeds from all dispositions (including short sales) of securities, commodities, options, securities futures contracts, or forward contracts. Show a loss, such as one from a closing transaction on a written option or forward contract, as a negative amount by enclosing it in parentheses.

Some "Expert" in those threads gave a workaround by changing the reported number. I don't think that's an acceptable solution. Messing with reported numbers is a bad idea. You don't want to confuse IRS.

Many brokers report negative values for short sales, such as TD Ameritrade, ETrade. Many other tax softwares have no problem with negative values. It seems only TT has this issue. Please fix it and make the fix permanent.

Show previous replies

maytt

This is not the right way to do business. TurboTax really think they don't need to care?

chadk94

Same problem...

Should I wait for a fix or go ahead and paper file?

/nadeem

tdieu

@PatriciaV

Token number 1010967.

Please help!

brave1heart

Token 1012001. Cannot submit MA return.

Dovjm1980

Does submitting the token do anything? Can they actually fix it on an individual basis vs. the global fix?

brave1heart

No, I think it just helps them root cause the issue better. To no avail since they missed the promised 4/15 date for the fix. And what's just as disappointing, their contact in this thread @PatriciaV ghosted us without providing any further updates. This is some of the worst customer service I have seen anywhere. And I've been a Turbotax customer for 25 years.

Manually overriding the Cost or Other Basis value with the absolute value of Gross Sales Price and setting the Gross Sales Price to 0 seems to work and I was able to transmit MA taxes. The Gain/Loss amount stays the same.

Trashboat808

I had to file an extension because of this error not being resolved. I shouldn't have to go into these sensitive trading documents to fiddle with the numbers after paying for this service to handle things... also having issues adding Webull crypto documents. Webull autofills in the "stocks" search but not in crypto, and manually it doesn't accept my .CSV files. Very disappointed in Turbotax and how this is being handled, days before the deadline (and now late on their fix for the 15th)...