If your imported form 1099-B is wrong, contact your financial institution.
To update or delete the information you imported in TurboTax Online:
- Open or continue your return.
- From the left menu, select Federal and then select Income & Expenses.
- Proceed to the Your Income and Expense screen.
- Select the Edit button next to the item you would like to update or delete.
In the TurboTax CD/Download software, you can delete imported items as follows:
- Open your return.
- From the TurboTax File menu, select Remove Imported Data.
- Select the item(s) you want to remove and follow the instructions.
Changing the information you imported can be problematic. For example, if you're audited you'd have to explain why the numbers on your return differ from the original data source. If you must update or delete items, be sure to keep detailed notes with your tax records.
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I came up with 3 wash sales where the amounts were each less than $1; TurboTax does not allow data entry of less than $1 (CD edition) - they need to fix their problem.
Here's how I resolved:
1. Go to Tools Menu
2. Select 'Topic List'
3. Select 'Stock, Mutual Fund, and other investment Sales' just above Retirement Distributions
4. See a list of your 1099-B transactions and find the one (s) that are the problem.
5. I deleted each of 3 transactions that were each less than $1. This worked.
If you have transactions that are flagged and the amounts are significant (more than $1) make sure you make notes since it's conceivable you might have to eventually explain it to the IRS.
I'm upset that Intuit has not fixed this stupid data entry issue, or enabled the user to have a much more simple workaround since you can't efile until you get this resolved.