Let's say I have a Proceeds of $10,200, Cost Basis of $11,000, Wash Sale Loss Disallowed Box 1g of $800, and Gain/Loss Amount of $200.
I select that I have information from Box 1G to enter. Do I enter the Wash Sale amount in the Box? It also asks for "Adjustment Codes" but I can't find those anywhere. How do I find the adjustment code?
Yes, you would enter the wash sale amount in Box 1G that was reported to you by your broker. The adjustment code for wash sales is just a "W".
**Different Adjustment Codes:
Yes, you would enter the wash sale amount in Box 1G that was reported to you by your broker. The adjustment code for wash sales is just a "W".
**Different Adjustment Codes:
I was looking for exactly this information. However, after I added the information as described above, I noticed my numbers don't add up. First, I added positive numbers and my total gains were too high. Then I realized my 1099-B statement actually says: "1g Wash Sale Loss Disallowed.", so I entered the numbers as loss. However, then my gains are too low. I assume it comes down to the "disallowed". But how would I enter field 1g correctly then? Thanks in advance for any ideas.
I also have a wash sale problem. A bit different. My current broker issued a 1099B indicating that I had a wash sale of $454.20. I contested that because I never did that wash sale. My broker said it can not help me because it got the information from my previous broker. So it cannot change that wash sale entry. My previous broker checked and confimed that I never made a wash sale but says it can not issue another 1099-B. What should I do in Turbotax?
What I really need to know is this. If My 1099-b Shows a wash sale of $454.20 and I know that I never made that wash sale, can I just ignore it without making any adjustments. And if I ignore it would it be advisable to attach a note that I never did that wash sale?
To match what the broker has sometimes you need to enter the wash amount as a positive number and sometimes as a negative number depending on the broker ... I have seen it both ways so try both ways until you match the broker 1099-B statement.
The amount in my wash sales disallowed column is 11 cents. I've tried entering 1.00 and .50, but no luck. I can't get past this point.
Yeah having the exact same issue as you. Have a wash sale of .03 put wont let me put it in. Even tried to put it as 1.00 and still has an issue with it. Requested a specialist to call me and the wait was 152 minutes and never received the call. Now stating the wait is 252 minutes
Same exact problem. Trying to enter a number but it either zeroes out or doesn’t take. Please update if you guys find a fix for this.
Got the fix. Spoke to someone and they helped me. Remember which stocks were giving you the issue. Go back to federal and go to the stocks section or where you entered your stocks. You have to edit each stock that was giving you issues. Put in that you purchased the stock(if that's what you did), then go down to the wash sale amount delete anything in there. Also delete anything in the federal withholding box. If the wash sale was under I think like .45 it gives you issues. Hope this helps someone
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 (although not from the screen in the review process) 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:
If you have too many transactions that would require editing, you can consider deleting your imported information and entering a summary of the different categories of transactions reported on your Form 1099-B (short-term covered, short-term not covered, long-term covered, long-term not covered). This would require you to mail a copy (not the original) of your Form 1099-B from your brokerage to the IRS within three days of filing your return. The Form 1099-B would be attached to Form 8453, which will print with your return.
THANK YOU SO MUCH! This seriously saved me from so much frustration. Was running into trouble last night and was so close to just mailing in my return and being done with it, so glad I decided to come here to see if others were in the same boat. Really appreciate your help!
I finally got this taken care of. I had only one wash sale amount, for 11 cents. I imported my investment forms from my financial institution rather than typing in everything myself. I typed 1099-B at the top of the turbo page in the magnifying glass box as instructed in the message I've pasted in below, then clicked on Jump to 1099-B. Clicked edit, and scrolled down until I found the box with the 11 cents in wash sales. I deleted that amount, clicked done, and all was well!
Employee Tax Expert
Monday
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:
My 1099-B shows a wash sale in column 1g. Turbotax wants a code that I can't find. What is it?
The code for wash sale can be found in the IRS instructions for Form 8949, Sale and Other Dispositions of Capital Assets. The code for a wash sale is W. Here is a link to the instructions for Form 8949. The wash sale code can be found on page 9.
IRS Instructions for Form 8949