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jrizzo21cmd
New Member

Entering the wash sale loss (code w) based on my 1099-B form and the value will not stick. Why is Turbo Tax not allowing me to file electronically?

 
2 Replies
ReneeM7122
Level 6

Entering the wash sale loss (code w) based on my 1099-B form and the value will not stick. Why is Turbo Tax not allowing me to file electronically?

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

Answer from AnnetteB6

gadgetgrl3
New Member

Entering the wash sale loss (code w) based on my 1099-B form and the value will not stick. Why is Turbo Tax not allowing me to file electronically?

Thank you! This was so very frustrating. Now I can efile.

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