How can I enter a wash sale <$1.00? The 1099-B worksheet won't allow 0.03, and marks it as an error if it's blank, 0, or 1 and won't let me submit

[oceanwebapplegrape]

This was one of a series of transactions imported from Betterment

[KathrynG3]

To correct the wash sale import,

...if you are in TurboTax Online, the way to adjust the error in TurboTax Online is to return to the original entry. There is no way to adjust the wash sale at the Review.

To return to the Investment Section, leave the Review by following these steps:

• Click Federal from the left menu.
• Scroll down to Stocks, Mutual Funds, Bonds, Other and Review.
• Click the Review button by the stocks that need correction. 
• Click the pencil icon next to the stock transaction at Review your sales.
• Continue through the next screens until you again are at Review your sales and reach Now we'll walk you through entering your sale details. Scroll down and check the box for I have more info to enter that I don't see here.
  • When testing this, I was able to enter amounts less than $1 in this area.

...if you are in TurboTax CD/Download, before correcting the Wash Sale, try using the "Capital g/l adj" page. instead. 

To find this form, follow these steps:

• From the Forms Mode, click Open Form.
• In the Search box, enter Capital gn.
• Under Form 1099-B Worksheet, select Capital gn(ls) adjustments/other info and Open Form.
• A new window will open: Step 1: Add Capital gn (ls) adjustments/other info. Scroll to find the sheet for Capital g/l adj and select Next and Finish.
   
• In Part III Specific Adjustments, scroll down and check the box next to Sale includes a disallowed wash sale loss (code W). Amount (leave blank if all)
• Click on the box where an amount should be. Then, a + will occur to the left.
• Click on the + Icon to open up the Description and Amount Worksheet and list your amounts here with the pennies.

See the screenshots below for further assistance:

[Edited 02/17/2021 | 11:41 AM PST]

@oceanwebapplegrape

[oceanwebapplegrape]

This is not an option in TurboTax Self-Employed 2020 online version 

[KathrynG3]

Try returning to the original entry to adjust this. I have updated my earlier post to include TurboTax Online instructions. 

How do I enter a wash sale on my 2020 return?

@oceanwebapplegrape

[Chris Sc]

@KathrynG3 

This does not work if the wash sale is less than 0.49.  The entry gets rounded down to 0 and TurboTax gives an error. It only works if the wash sale is 0.50 or greater. 

[Mike M1]

I am experiencing the same issue where I am unable to adjust or remove the value for the wash sale.  There is no option to adjust clicking on the value of "0." This will not allow e-file due to this one error with no means for adjustment.

[DORNAN]

I have the same issue and I cannot efile until it is corrected.  Ugh!

[Mike M1]

I figured it out.  Highlight the field with the value and then go to the "edit" menu and select "override".  It allowed me to adjust the value and proceed with e-file.

[oceanwebapplegrape]

Is this on desktop version? There's no edit menu or override on the web version.

[KathrynG3 · Accepted solution]

It is preferred to enter the Wash Sale as received, but for values less than $0.50, it is acceptable to delete the entry and leave a blank box instead of 0.

@Chris Sc

For TurboTax Online, follow the steps below or see: How do I enter a wash sale?

To edit wash sales in TurboTax Online, follow these steps:

• Click Federal from the left menu.
• Scroll down to Stocks, Mutual Funds, Bonds, Other and Review.
• Click the Review button by the stocks that need correction. 
• Click the pencil icon next to the stock transaction at Review your sales.
• Continue through the next screens until you again are at Review your sales and reach Now we'll walk you through entering your sale details. Scroll down and check the box for I have more info to enter that I don't see here.
  • When testing this, I was able to enter amounts less than $1, including amounts less than $0.50. However, keep in mind, you are allowed to delete amounts less than $0.50 and leave the wash sale cell blank.

For TurboTax CD/Download, the instructions below do not require an override by using the "Capital g/l adj" page. instead. 

To find this form, follow these steps:

• From the Forms Mode, click Open Form.
• In the Search box, enter Capital gn.
• Under Form 1099-B Worksheet, select Capital gn(ls) adjustments/other info and Open Form.
• A new window will open: Step 1: Add Capital gn (ls) adjustments/other info. Scroll to find the sheet for Capital g/l adj and select Next and Finish.
• In Part III Specific Adjustments, scroll down and check the box next to Sale includes a disallowed wash sale loss (code W). Amount (leave blank if all)
  • Click on the box where an amount should be. Then, a + will occur to the left.
  • Click on the + Icon to open up the Description and Amount Worksheet and list your amounts here with the pennies.

Alternatively, use Part II on the same Capital g/l form, but be sure to remove any additions made in Part III:

@DORNAN

@Mike M1

@oceanwebapplegrape

[j_r]

Hi @KathrynG3, 

I cannot find the supporting details box as you show to enter values less than $0.50. I am using Deluxe download for Mac. Is this option not available in my version? Thank you.

[Mike M1]

Yes, this was on the desktop version.

[KathrynG3]

Yes, you can enter Schedule D in Deluxe, so the supporting worksheets should be available. Try clicking on Open Forms and searching for Capital. 

It will be listed as another page under Form 1099-B Worksheet, but will not appear if only entering Form 1099-B.

@j_r

[j_r]

@KathrynG3 

Yes I can access the form, but the "supporting details" + button you show in the above screenshots does not appear on the Mac desktop version so I cannot add any supporting details.

[slsullivan80]

When I go to edit in the online software, the wash sale box 1g is correct with the less than $.50 amount, but it will not let me e-file.  There is definitely something wrong with the software.