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This happened to me too – there were 15 entries I had to correct on the form imported from Betterment but some had multiple entries so in the end there were about 20 I had to edit individually. I agree, it was really confusing language in the review, no way to actually change it there, and I don't even know what a "wash sale adjustment" is! Took a long time but it resolved the issue. Should not be a hard thing for TurboTax to fix...
The rule defines a wash sale as one that occurs when an individual sells or trades a security at a loss and, within 30 days before or after this sale, buys a "substantially identical" stock or security, or acquires a contract or option to do so.
A wash sale also results if an individual sells a security, and the individual's spouse or a company controlled by the individual buys a substantially equivalent security.
To enter a disallowed Wash sale:
Income & Expenses
Note: You'll need TurboTax Premier, TurboTax Live Premier, or TurboTax Self-Employed, TurboTax Live Self-Employed, to add any 1099-B forms.
To better document what occurred in my case.
I sold around $33K of betterment mutual fund as I closed out my betterment account.
When I imported my transactions from Betterment, TurboTax identified about 1,000 transactions were imported. Of those transactions 84 were labeled with an error. The instruction provided to go to the form in error and "remove" the $0.0 error and make it blank worked for 3 entries. The patterns that I saw were where the purchase and sale were rounded to $0.0 and the sale resulted in $0.0 entry. Other errors were exact sale values of $5 purchase and sale. I am using the downloaded version of Windows 10 of TurboTax premier. The instructions in that version of the software explain to go to the form, double click the field, use ctrl-d to override the value, clear the value. When you then click out of the field, the field stays in error even though it is now blank as per the instruction on the form. Note that by having these errors TurboTax will not allow online filing, it walks you through, in an infinite loop, the correction of the fields in the "reviews" mode which is entirely useless. Also, the editing of the slow and tedious with turbotax "calculating" between every modification. What I did was to remove the remaining 81 forms in error as the impact was a change of $2 in increased tax payment. CLEARLY TurboTax or Betterment has a problem on wash sales that result in a rounded value of $0.0. There is also another bug where editing the field to make it blank, by deleting the $0.0 value does not clear the TurboTax error. This occurred on sales ranging from $0.0 to $0.0 and on sales up to $13 and $14 that resulted in the less than .50 cents rounding issue. I would be more than happy to send TurboTax what ever information they need to troubleshoot because it was "hours" of fixing as even deleting the form was painful -- form deletes and then 30 second wait for turbotax to calculate, save the file, move on to the next form - try to edit the field, failure, delete form, 30 second wait to calculate, save file etc....
@JohnB5677 Thanks, but ultimately that means nothing to me and I won't memorize this for next year... The point of using TurboTax is so the average user doesn't have to study the intricacies of tax and finance to be able to file their taxes. I don't need to know how to enter a disallowed wash sale. I imported the 1099-B and ultimate the issue here is on TurboTax's side, as evidenced by everyone on this thread.
this is infuriating. having the same nightmarish experience as everyone else... all due to a turbotax bug they apparently would rather have us deal with than fix with a simple script? the best part- it's not obvious this is a blocker to filing until after you've already paid and are about to e-file. so during the ~1hr plus im manually fixing this issue, turbotax is spamming me trying to get me to "file now!". thinking about quitting my job to go lobby to shutdown intuit.
having the same issue this is maddening beyond words how do i fix this someone explain to me pretty pretty please in a simple clear way using turb otax online
Pretty sure "if <washamount> <=.49 then blank else <washamount> would fix your code.
I liked it better when this wouldn't import and I could still file and mail 100 pages of details to the IRS
When I follow your directions I still have to search through 24 pages of imported records and search for the transaction because there is no search or filter functionality. This is horrible.
i checked at least 5 times to see if any were >0.49 and none are they're all 0.00 , i dont know why turbo tax hasnt fixed this, and when i try to type " 0.00 " in the review page it doesn't let me, just an infinite cycle of " needs review " im going to give it a day it not ima call customer service and let them fix it for me.
@ivand9489 This thread has made it pretty clear that you DO NOT edit in the Review page but in the actual 1099-b transactions list page.
Let’s hope that a fix will be deployed soon. 🤞
Same problem here and I have too many entries to fix it manually. Killed half my day trying to get around this. Very frustrating. It’s a bug fix that TurboTax needs to get fixed. Please help us.
I'm experiencing the same issue.
imported record from betterment is rounded from $0.6 to 0.
if I enter value of 0.60 manually turbotax round it again to 0 and then shows an error saying 0 value is not acceptable.
I am also having this same problem of the wash sale. How can I fix it so that I may e- file my taxes?
That's part of the problem, you can't fix it on the review page. It doesn't take. You have to go into the 1099-b section of your taxes and adjust each transaction. (Follow the instructions at the top of this message from TT)
Keep the review page open in one browser and then the 1099-section in another so you can know which one needs to be fixed.
I had 24 pages I had to search through it took me hours, but I finally got them all.
This is a steaming crock. You guys CHARGED ME EXTRA to upgrade so that I could enter this stupid form, and you can't even get it right after importing it directly from my brokerage. Nice.
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