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charela
New Member

On a form 1099-B worksheet, there is an entry from my broker with an error: "Accrued market discount should not be 0." Amount on form is 0.09 - won't take it-What now?

TurboTax won't let me get past this error  - it says "Enter amount disallowed under wash sale rules, or leave blank if entire loss is disallowed."  The amounts on the form are under a dollar - do I just remove that sale from the imported 1099B data?
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Accepted Solutions
rjs
Level 15
Level 15

On a form 1099-B worksheet, there is an entry from my broker with an error: "Accrued market discount should not be 0." Amount on form is 0.09 - won't take it-What now?

A disallowed wash sale amount of less than 50 cents gets rounded down to zero, so there is no wash sale. Don't remove the sale, but you have to remove the disallowed wash sale amount. You can't correct the problem in Smart Check. You have to go back to where the sale was entered under Investment Income > Stocks, Mutual Funds, Bonds, Other. Edit the sale and delete the wash sale loss amount. That will eliminate the error.

 

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5 Replies
rjs
Level 15
Level 15

On a form 1099-B worksheet, there is an entry from my broker with an error: "Accrued market discount should not be 0." Amount on form is 0.09 - won't take it-What now?

A disallowed wash sale amount of less than 50 cents gets rounded down to zero, so there is no wash sale. Don't remove the sale, but you have to remove the disallowed wash sale amount. You can't correct the problem in Smart Check. You have to go back to where the sale was entered under Investment Income > Stocks, Mutual Funds, Bonds, Other. Edit the sale and delete the wash sale loss amount. That will eliminate the error.

 

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AnnetteB6
Employee Tax Expert

On a form 1099-B worksheet, there is an entry from my broker with an error: "Accrued market discount should not be 0." Amount on form is 0.09 - won't take it-What now?

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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Brisy4626
New Member

On a form 1099-B worksheet, there is an entry from my broker with an error: "Accrued market discount should not be 0." Amount on form is 0.09 - won't take it-What now?

DO YOU'RE SPEAKING FROM 2019 TAXES? IRA DISTRIBUTIONS?

 

Brisy4626
New Member

On a form 1099-B worksheet, there is an entry from my broker with an error: "Accrued market discount should not be 0." Amount on form is 0.09 - won't take it-What now?

NUESTROS NOMBRES SON FELIPE JOSE MOURIN Y BRISEIDA MOURIN, YO SIMPLEMENTE QUIERO TERMINAR MIS TAXES DE 2020. POR FAVOR DEJEME ENTRAR A MI CUENTA PORQUE NO ENTIEN DO DE QUE ME ESTA HABLANDO. PODRIA HABER UNA EQUIVOCACION CON OTRA PERSONA?  EXCUSE ME

OUR NAMES ARE FELIPE JOSE MOURIN & BRISEIDA MOURIN. WE ARE RETIRED & MY WIFE IS DOING OUR TAXES FREE WHY YOU HAVE OFFERED IT TO PEOPLE WINNING LES THAT $71.000. I DON'T UNDERSTAND WHAT YOU ARE TELLING. LET ME TO ENTER TO MY ACCOUNT FOR TO FINISH MY TAXES

Brisy4626
New Member

On a form 1099-B worksheet, there is an entry from my broker with an error: "Accrued market discount should not be 0." Amount on form is 0.09 - won't take it-What now?

SIR I NEVER ENTER IN FEBRUARY, I STARTED MY TAXES IN APRIL. ?

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