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TaxSlayer: IRS Reject Code F1040-071-05

TaxSlayer: IRS Reject Code F1040-071-05

Dealing with rejected tax returns? Don't worry, we've got you! Let's break down IRS Reject Code: F1040-071-05 and how to fix it.

Angelo Noel avatar
Written by Angelo Noel
Updated over 3 weeks ago

What Does This Reject Code Mean?

The IRS is telling us something is off with the Capital Gains and Other Income entries. To get your return accepted, here’s a simple workaround to implement within TaxSlayer ProWeb.

Steps to Resolve in TaxSlayer ProWeb (2020)

Here's how to tackle this reject code:

  1. Add a $1 Capital Gain entry on Schedule D:

    • Go to: Federal Section > Income > Capital Gains and Losses > Additional Capital Gains Distributions

    • Enter $1 in the Additional Capital Gains Distributions field.

  2. Add a -$1 Other Income entry on Schedule 1 with the description BR1:

    • Navigate to: Federal Section > Income > Less Common Income > Other Income Not Reported Elsewhere

    • Enter BR1 for the description of other income.

    • Enter -1 in the amount of other income field.

    • Important: Do not mark the Earned income box.

Finding Rejected Returns

To see a list of returns rejected with this code:

  • Select Rejected Clients from the Welcome Menu of ProWeb.

  • You can sort the list using the arrows in the Reject Information column.

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