Check this entry error received upon final review. Error states "Form 1099-B Worksheet (TD Ameritrade) Sales Price is not between prescribed upper & lower limits?

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

Occurs on final review step. The amount it lists as "outside upper and lower limits" is the correct amount as listed on my 1099-B. This page times out on my browser and I am unable to change the text in the recommended bar. It looks like a software glitch. Please advise of any known fixes. Thanks for your time

TurboTax Premier Online

Best answer by AnnetteB6

There has been a change by the IRS starting with the 2020 tax returns that will reject any return filed with a negative number reported in the proceeds or cost basis fields for Schedule D. TurboTax is flagging these situations ahead of time before the return is filed in order to prevent the IRS rejection. Some brokers are still using the old convention for reporting negative values and have not updated their reports to match the IRS.

The error message reported by TurboTax is telling you that the number entered cannot be negative.

Gains from expired options are reported by entering the gain amount in the proceeds column and no amount in the cost basis column. The end result here would be positive.

Losses from expired options are reported by entering the loss amount in the cost basis column and no amount in the proceeds column. The end result here would be negative.

No negative numbers should be entered in either the cost basis or proceeds fields.

If negative numbers have been imported through your brokerage statement, you will need to edit the entries to make the correction.

AnnetteB6Answer

The error message reported by TurboTax is telling you that the number entered cannot be negative.

Gains from expired options are reported by entering the gain amount in the proceeds column and no amount in the cost basis column. The end result here would be positive.

Losses from expired options are reported by entering the loss amount in the cost basis column and no amount in the proceeds column. The end result here would be negative.

No negative numbers should be entered in either the cost basis or proceeds fields.

If negative numbers have been imported through your brokerage statement, you will need to edit the entries to make the correction.

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

swept14Author

This was very helpful. Thank you. I updated all the entries in the worksheet IAW your recommendations. However, I now receive another error that states: Form 1099-B Worksheet: Sales Price must be entered. "Sales Price" doesn't seem to be a category on my consolidated 1099-B from my broker, nor is there an easy place to enter it in TurboTax.

Thank you for any additional light you can shed on this issue.

AnnetteB6

Sales price would be the same thing as 'proceeds' or 'amount' when entering an individual transaction within TurboTax.

This is the total amount you received from the sale of your holding. It is usually reported in box 1d of Form 1099-B or on a consolidated broker's statement and may be labeled as gross (or net) proceeds, net sales price, or dollar amount of transaction -- all meaning the same thing but using different labels.

@swept14

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

gloriah5200

There has been a change by the IRS starting with the 2020 tax returns that will reject any return filed with a negative number reported in the proceeds or cost basis fields for Schedule D.

TurboTax is flagging these situations ahead of time before the return is filed in order to prevent the IRS rejection.

Some brokers are still using the old convention for reporting negative values and have not updated their reports to match the IRS.

The error message reported by TurboTax is telling you that the number entered cannot be negative.

Gains from expired options are reported by entering the gain amount in the proceeds column and no amount in the cost basis column. The end result here would be positive.

Losses from expired options are reported by entering the loss amount in the cost basis column and no amount in the proceeds column. The end result here would be negative.

No negative numbers should be entered in either the cost basis or proceeds fields.

If negative numbers have been imported through your brokerage statement, you will need to edit the entries to make the correction.

For additional information refer to the following link:

Sales Price not between upper & lower limits

jcberardo

I reran the Turbotax on Saturday 20-Feb-2021 and there was an update to the software.

The error message no longer shows up.

Sched D row 1a ---- column d proceeds shows -5000 --- Col e 4000 --- Col h -9000

This matched the Financial Form 1099-B

The Form 8949 tables have no negative numbers, but does not match the Financial report on the options.

Using the Financial 1099-B specific number 1,900.18 which is negative, it now shows up on page 489 in the 1099-B Worksheet TQUICK.

NOW TURBOWTAX, do I have to go through each options and stock sale shown on the Financial 1099-B and confirm Turbotax has it correct or incorrect? THEN manually make the correction myself?

With that, where is the liability coverage for TURBOTAX should I choose to spend the money having Turbotax guarantee?

Timing and money are key when meeting ones obligation to the IRS.