The software rounds the numbers input in it. My 1099-B has a wash sale value of 0.01 for one stock. How do I force Turbotax software to accept this entry?

[ceo-daddyco]

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.

[MinhT1]

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.

[aufderha3]

What if this is one of many entries in your 1099-B worksheet that's been imported from your broker?

[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 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

 @aufderha3

[fanfare]

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.