How do I fix a turbo tax error on my capital gain or loss worksheet?

[rcmarquise-]

The amount on worksheet  for wash shows 0. The error says it can not be 0. The detail short term wash shows .24.  How do I correct this?

[fanfare]

a wash sale loss disallowed of $0.24 is meaningless.

You should treat this as a regular transaction without an adjustment.

Meanwhile,

TurboTax is causing problems in this scenario.

[rcmarquise-]

I tried to change the highlighted error by changing the 0 to blank. When that did not work, I tried changing 0 to 1.00 and that did not work. I tried to remove the check in the box and could not. I paid $70 for turbo tax to fill out this form correctly and now I can not file.

[AnnetteB6]

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:

• 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

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.  

@rcmarquise-

[kdpmitax]

Either I'm using a different version of Premier or this is an old reply. I found 1099-B and am in Form 1099-B Worksheet. However, I don't see anywhere I can edit or there is an edit button. I know where the Wash sales are but there is a 0 value and I cannot change it. I can change from 8949 box A to something else but didn't think I was supposed to do that. How do I edit this wash sale?

[AnnetteB6]

You must go to the section of your return where you would type in a stock transaction manually.  In that section you would be able to edit an individual transaction to remove the wash sale amount less than $0.50.  

Go to the Income > I'll Choose What I Work On > Investment Income > Stocks, Mutual Funds, Bonds, Other section to dig deeper and edit an individual transaction after selecting the brokerage account reporting the transaction.  

@kdpmitax

[ACarion]

Got the SAME problem..... No Help from Turbo Tax.

[ACarion]

Thank you for this reply. It might work if I could open Turbo Tax. I can't find my activation codes, etc. and again I can't open the application.  Tried disconnecting my modem. Didn't work this time. I stupidly closed Turbo Tax after a frustrating day yesterday. Going back to Sams to get a different tax software. Done with Turbo Tax.

[Vondell410]

turbo tax 2021   entered dividends, had no losses from 2021 as carryover, it continues to keep me in this loop asking same three questions over and over    HELP  I can't get taxes completed 

[Vondell410]

I have deleted my downloaded 1099 dividends and entered manually.  I still have the problem of being in a loop asking the same questions over and over regarding 2020 losses.  I had no losses from 2020 to carry.  Turbo should know that since it is in my 2020 tax return info.  What am i to do?  This is supper frustrating.  HELP

[RobertB4444]

You are probably better off having someone walk through the return with you to look at your entries so I recommend getting live expert help.

Here is a link to finding a TurboTax expert.

However, that requires upgrading your product which may be an expense you don't want.  In that case you can call an expert and ask questions over the phone.

Here is a link to the TurboTax Phone Number.