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:
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.
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:
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.
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?
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!!