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ASommer1
Level 1

Can't delete 0 to leave field blank to fix SmartCheck error

Form 1099-B imported from Vanguard Corporation: "Accrued market value should not be 0.

Enter disallowed under wash sale rules or leave blank if entire loss is disallowed."  

The computer doesn't let me delete the 0.

 

2 Replies
AnnetteB6
Expert Alumni

Can't delete 0 to leave field blank to fix SmartCheck error

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 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

 

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ASommer1
Level 1

Can't delete 0 to leave field blank to fix SmartCheck error

That worked. Thanks.

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