topic The system added a 0 in the box "sale includes a disallowed wash sale loss (code W). The field should be left blank but it won't allow me to remove it? in Get your taxes done using TurboTax

The system added a 0 in the box "sale includes a disallowed wash sale loss (code W). The field should be left blank but it won't allow me to remove it?

dunkle83 — Thu, 25 Feb 2021 03:31:50 GMT

This is regarding a 1099-B - Capital gains adjustment. It says the accrued market discount should not be 0. It needs to be the amount disallowed under wash sales rules or blank if the entire loss is disallowed. I am just trying to remove the entry??

Re: The system added a 0 in the box "sale includes a disallowed wash sale loss (code W). The field should be left blank but it won't allow me to remove it?

David174 — Thu, 25 Feb 2021 18:24:34 GMT

I had the same problem, I tried calling in, but nobody was able to help me. This is what I did to solve this issue; I went in and put the number manually. instead of having X number of "sales" you will only have one. It will ask you for:

-Proceed

-Cost Basis

-Wash sale Loss/net gain

After you finish doing this, Review it again. everything should be fine after this.

Re: The system added a 0 in the box "sale includes a disallowed wash sale loss (code W). The fiel...

JohnB5677 — Mon, 01 Mar 2021 21:09:20 GMT

The error message you are seeing on the wash sale entries is a result of automatic rounding. 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 for TurboTax, thus the error message.

To enter a disallowed Wash sale:

Income & Expenses

Scroll to Stocks, Mutual Funds, Bonds, Other
Answer Yes to Did you sell stocks, mutual funds, bonds, or other investments in 2020?
On the OK, what type of investments did you sell? screen, select Stock, Bonds, Mutual Funds. Then select Continue.
From here, you can import or manually enter your 1099-B.
Answer the questions about your sales. Choose to Enter sales one by one when asked.
On the Now, we'll enter one sale on your 1099-B screen, enter your info.
Check I have other boxes on my 1099-B to enter and enter the disallowed wash sale loss in box 1g.
Select Continue and answer any follow-up questions.

Note: You'll need TurboTax Premier, TurboTax Live Premier, or TurboTax Self-Employed, TurboTax Live Self-Employed, to add any 1099-B forms.