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jesuis-anahuynh-
New Member

Does anyone else have issues with adding numerical value into their 1099-B "wash sale loss disallowed" cell? It won't let me submit my return.

I started putting small amounts into an account and recently got my 1099-B from Acorns and am having trouble putting down the wash sale loss disallowed (W) value into the cell. It won't let me put the value I have on the paper for that particular section (literally 0.34) and keeps clearing out back to "0." Also, it won't let me keep the cell blank because when I submit, I get kicked back into the "Review" stage of TurboTax. I already paid now I am trying to submit my return but it keeps prompting me to Fix Federal Return and there's no other way for me to get help.
3 Replies
CatinaT1
Expert Alumni

Does anyone else have issues with adding numerical value into their 1099-B "wash sale loss disallowed" cell? It won't let me submit my return.

The error messaging you are seeing with regard to the wash sale entries is a result of automatic rounding of the number imported from your broker or typed in by you.  If the wash sale adjustment is $0.49 or less, then it is automatically rounded to zero.  This type of rounding is allowed by the IRS.  Unfortunately, zero is not a valid value for this field -- thus the error message.

 

To resolve the issue, you can edit each individual transaction and delete the amount entered in the wash sale adjustment if it is $0.49 or less.  This will clear the error message.  

 

To do this, you will need to revisit the input section for the Form 1099-B transactions.  Use the following steps:

  • On the top row of the TurboTax online screen, click on Search (or for CD/downloaded TurboTax locate the search box in the upper right corner)
  • This opens a box where you can type in “1099-B” and click the magnifying glass (or for CD/downloaded TurboTax, click Find)
  • The search results will give you an option to “Jump to 1099-B
  • Click on the blue “Jump to 1099-B” link
  • Click Edit beside the institution name
  • Click Edit beside each transaction that contains a wash sale adjustment amount of $0.49 or less
  • Delete the wash sale adjustment amount and click Done
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DAGV1
Returning Member

Does anyone else have issues with adding numerical value into their 1099-B "wash sale loss disallowed" cell? It won't let me submit my return.

I'm having the same issues 5 times! Using Desktop Premier on a Mac and it will not let me edit anything. The instructions given take you nowhere on a Mac. I'm in the form and it will let me edit everything BUT the 0 entry. 

ReneeM7122
Level 8

Does anyone else have issues with adding numerical value into their 1099-B "wash sale loss disallowed" cell? It won't let me submit my return.

Turbo tax does not allow negative numbers in 1099-B box 1d.  If any of your transactions have a negative number, changing it manually to a 0 may not help clear the error.

 

Some brokers  now reports losses of short options on 1099B as a negative number for proceeds in box 1d and a zero value for cost basis, rather than separate values for cost basis and proceeds that show a loss. 

 

The broker explanation is: "We are now updating our reporting of short options on the 1099-B to reflect how the IRS is now requesting that these transactions be reported.  In this new format, the cost basis and proceeds for short options is consolidated into Box 1d in a net amount."

 

To be able to post a negative value to form 1099-B box 1d follow these steps.

  1. Select the option for a 1099-B
  2. Select to type it yourself
  3. Enter Bank
  4. I'll enter one sale at a time
  5. Enter the stock data and leave 10d BLANK
  6. When you hit Continue you will get a RED error message
  7. At the bottom of the screen select Allow me to continue with incomplete information. [Continue]
  8. Any less common items will be blank.  Select Done
  9. No this is not employee stock
  10. Select the last item An adjustment is required for reasons not already covered.
  11. Enter the negative number that you had in Box 1d.
  12. This will complete the transaction.

If this doesn't solve it, we would suggest removing the form and starting again.  Sometimes something gets caught behind the scenes.

@DAGV1

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