topic Re: Error check won't let me enter correct amount in Get your taxes done using TurboTax

Error check won't let me enter correct amount

Irwinkw — Mon, 15 Feb 2021 06:14:32 GMT

Final error check turned up a problem on the Capital Gains (loss) worksheet. It says "Accrued market discount should not be 0. Enter amount disallowed under wash sale rules or leave blank if entire loss is disallowed." The data box has "0." in it. My amount disallowed was one cent. I'm not able to enter any number in the box much less the 0.1 that need to go there.

Re: Error check won't let me enter correct amount

AnnetteB6 — Mon, 15 Feb 2021 13:53:24 GMT

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.

Re: Error check won't let me enter correct amount

Irwinkw — Mon, 15 Feb 2021 18:06:45 GMT

I entered "1099-B" in the search box and clicked on the magnifying glass. I get a list of questions and answers but don't see any "Jump To" link. I'm using TurboTax Premier CD on a Mac. Is there another way to get to the 1099-B form I need to edit?

Re: Error check won't let me enter correct amount

Irwinkw — Mon, 15 Feb 2021 18:44:19 GMT

I found another way. I went to Investment Income > Stocks, Mutual Funds, Bonds, Other and hit edit. Found the worksheet for the problematic sale and REENTERED the same cost and sale numbers. That took me to the next page with the wash sale where the amount of .01 was listed. I deleted that and continued out. Problem fixed!