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New Member
posted Feb 21, 2021 4:21:28 PM

I can not fix my fed return, it seems that when my stock gains / loss is under $1.00 it triggers a "error check" that the amount can not be 0

0 4 999
4 Replies
Expert Alumni
Feb 24, 2021 5:53:42 AM

It sounds like you may have a wash sale.

  • A wash sale occurs when an investor sells or trades a security at a loss, and within 30 days before or after, buys another one that is substantially similar.
  • It also happens if the individual sells the security at a loss, and their spouse or a company they control buys a substantially similar security within 30 days.
  • The wash-sale rule prevents taxpayers from deducting a capital loss on the sale against the capital gain. 
  • Wash Sale Rule
  • To enter a disallowed Wash sale:

Income & Expenses

  1. Scroll to Stocks, Mutual Funds, Bonds, Other
  2. Answer Yes to Did you sell stocks, mutual funds, bonds, or other investments in 2020?
  3. On the OK, what type of investments did you sell? screen, select Stock, Bonds, Mutual Funds. Then select Continue.
  4. From here, you can import or manually enter your 1099-B.
  5. Answer the questions about your sales. Choose to Enter sales one by one when asked.
  6. On the Now, we'll enter one sale on your 1099-B screen, enter your info.
  7. Check I have other boxes on my 1099-B to enter and enter the disallowed wash sale loss in box 1g.
  8. Select Continue and answer any follow-up questions.

Note: You'll need TurboTax Premier, TurboTax Live Premier, or TurboTax Self-Employed, TurboTax Live Self-Employed, to add any 1099-B forms.

 

 

Level 1
Feb 25, 2021 7:40:19 AM

I have the same problem.  The 1099-B was imported.  The was amount was 10 cents, so it imported as a zero.

 

The problem is it doesn't let me uncheck or change the amount on that fix error screen.  How do I make the changes?

Expert Alumni
Feb 25, 2021 7:49:03 AM

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

Level 1
Feb 25, 2021 7:59:53 AM

Thanks, got it fixed.