scolorado
New Member

Business & farm

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!

 AnnetteB6

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:

  • 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