Negative Gross Proceeds Form 1099B

Forum|Forum|5 years ago
February 23, 2021
8 replies
78 views

Tax return rejected due to Negative Proceeds reported on Form 8949/Schedule D (Option Sales). Is this a software issue that hasn't been updated or a matter of the negative number isn't going to work at any point. I've seen where individuals using Turbo Tax had similar issues and it just recently was "fixed". Seems odd that people spending $39 would be able to do something that someone spending 100X that can not get through.

ProSeries Professional

This topic has been closed for replies.

itonewbie

Level 15

If your client sold options, why should your client have negative proceeds? These options either expired with a gain or exercised, in which case, the premium would be an adjustment.

---------------------------------------------------------------------------------Still an AllStar

P

pm-zzAuthor

Level 3

This is a TD Ameritrade Account - involves the trading of puts/calls and the proceeds have been reported correctly as Negative. My question is a "software" question - Turbo Tax apparently allows for negative proceeds to be submitted to the IRS and Proseries has rejected the return. Is the issue going to resolved to allow Schedule D to go through with negative proceeds.

itonewbie

Level 15

But how is that correct? If you could clarify the reporting position on the 1099-B, someone may then be able to figure what happened and how to solve your problem.

---------------------------------------------------------------------------------Still an AllStar

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