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johannse
New Member

1099-b worksheet disallowed wash sale amt errot

Wool not stay blank.
1 Best answer

Accepted Solutions
AnnetteB6
Expert Alumni

1099-b worksheet disallowed wash sale amt errot

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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3 Replies
AnnetteB6
Expert Alumni

1099-b worksheet disallowed wash sale amt errot

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.  

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

binkynelson
Returning Member

1099-b worksheet disallowed wash sale amt errot

everyone keeps saying its due to amounts of .49 or less.  My disallowed wash sale loss is a total of $405.00 from about 10 different transactions.  About 100 more transactions were 0 for disallowed wash sale loss.  So why am I having this trouble?  

WendyN2
Level 7

1099-b worksheet disallowed wash sale amt errot

The rounding down to zero is one issue and we are advising folks accordingly as to a work around for the time being if they are in a rush to file. Yours sounds like a completely different issue, however. From your description, with you having about 100+ transactions, I am guessing that you imported and did not enter these all yourself. If you are providing the total $405 but the system is seeing each as an individual zero due to this rounding issue, that might be why. I am not sure if the $405 you state represents ONE figure that you totaled from all 100+ or again if you imported. If you imported, then you would need to (if you're in a rush and want to e-file now) manually enter - and you can do this with just one line item as a total wash of $405 as again the IRS just needs you to identify type (L/T, S/T, wash). It is the field within the page of TurboTax this year that is having the issue of not accepting zero value. It is being worked on. There have been many asking how to get around this. I do hope this helps some at least as I am only going with the information you provided me. I hope it works out for you!!

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