Looks like my Schwab download today didnt come thr...
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megan_webber
New Member

Looks like my Schwab download today didnt come through perfectly and it wants me to enter 1099-B gain/loss adj for disallowed wash sale rules

Amt per stmt looks like $0.24 and it wont take a zero/blank/or 1 and is the only item showing up on my federal review to file. Can I bypass somehow?
2 Replies
AnnetteB6
Employee Tax Expert

Looks like my Schwab download today didnt come through perfectly and it wants me to enter 1099-B gain/loss adj for disallowed wash sale rules

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.  

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megan_webber
New Member

Looks like my Schwab download today didnt come through perfectly and it wants me to enter 1099-B gain/loss adj for disallowed wash sale rules

I did option #2 yesterday per TurboTax call-in recommendation:   deleted 1099-B import from Schwab and manually entered summary levels (I had 2 ST & LT) info. TT help line said it was a known issue with many brokers 1099-B downloads. Once I entered manually, program just asked for a drag-and-drop PDF import of my Schwab 1099, so all relatively easy in the end. Filed yesterday online and already accepted. Thank you and hope this helps others who run into same issue.

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