If I try to enter a decimal as appears on my 1099-B it backs out the entry. If I try to submit as a blank the software detects and error and sends me back to fix the problem. If I try to submit as a 0 the software detects and error and sends me back to fix the problem.
According to IRS rules, all numbers on the tax return have to be rounded to the nearest dollar.
A value of $0.01 is rounded to zero and should be ignored. If your form 1099-B only has this value of $0.01 on it, just ignore it and delete it from your tax return.
What if this is one of many entries in your 1099-B worksheet that's been imported from your broker?
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:
Please be aware that you can aggregate covered transactions without adjustments on Schedule D Line 1a.
or Line 8a.
Form 8949 is not required and no mailing is necessary.
There is no reason to key in or import those transactions.
A wash sale with a disallowed loss of $0.49 or less is meaningless.
Treat these transactions as regular transactions without adjustment.