Cannot Fix Entry Error

[bmanosu]

I am getting an error on review and submit "Form 1099-B Worksheet: Accrued market discount should not be 0.  Enter amount disallowed under wash sale rules or leave blank if entire loss is disallowed'

I imported a 1099-B from etrade, one of the entries that this points to seems to be a value of 0.09 in the field in question, but TurboTax seems to be rounding it down to 0.  It won't let me change the value to blank or to force the non-zero value of 0.09.

How can I proceed?

[AnnetteB6 · Accepted solution]

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.  

[ladodger16]

I get same error but when I go to review there's no wash check off and my 1099b is blank and on my software I don't have checked off that there's a wash sale but among review it the box checked of and there's a even though its left blank

[Mehmet8535]

Hello Annette

I follow up all steps but I cannot find "

• Delete the wash sale adjustment amount and click Done" this option.

It seems TurboTax pulls up the correct wash sale loss disallowed amount from the Robinhood but cannot put the correct amount in the file. I hope you can find the solution to this issue asap. The reason is to choose Turbotax for a tax return, I thought there is an easy way to import all stock trade but it seems not easy to do that with TurboTax.

PS: For "how did you receive this investment" the option comes blank when I tried to edit wash sale loss disallowed. It is mandatory to choose one of the drop options. I don't know it should be "I purchased it" or It was a short sale" because I bought and sold on the same day. Thanks for your advice.

[user12344]

Same issue here, please fix ASAP

[alexrspokane]

Same issue here with my Acorns import, I can't for the life of me figure out what that reply above about 'deleting lines' means as far as where to actually go.  I've paid for TurboTax for years because it was simple, but this is definitely not...

[DArtis]

I was on hold for over 2 hours with customer service but what the lady told me worked for me. She said make sure you're on Google Chrome. I downloaded it to my iPhone, went to turbotax and wrote down or took a picture of each wash sale trade that came up in error in the review. Go back to income, go to the 1099 and edit each one that had an error by just erasing the wash sale amount and leaving it blank. All of mine were under $0.49 anyway so shouldn't matter 

[Mehmet8535]

Why should I spend 2 hours to fix it (if you have very heavy trade amount, it take more time than 2 hours)? There should be easy way to fix it. It seems there is a glitch. Make less than 0.49 equals 0.00 or greater than 0.49 make $1 in the system. Why should I do it one by one?

[DArtis]

I was on hold for over 2 hours but once she told me what to do , it didn't take long . I only had to fix 5 . Its very dumb that you would even have to go back and edit anything once you upload your form but it worked for me and I don't trust in them fixing the issue fast so had to do it myself 

[cornhusk1]

Yeah. So instead of fixing the issue, they want you to pay 70 dollars to use the turbotax required for investments, and make YOU do all the nit picking and editing, because THEIR program can't put the cents amount on file. What a shame. Fix it asap instead of making people do the work they don't want to do.  Probably will never use TurboTax again unless they actually fix this issue by the end of the week.. Pretty sad.

[kdog21]

please let me know if there is a solution this is the second year i had to deal with something like this with turbo tax 

[Acquire]

That is an absurd solution to a simple problem.  The software has already identified the problem transactions.  It is presenting them to the user in a UI that allows viewing and editing of the amount, it just won't actually save it for some reason.  I have hundreds of transactions, the software chugs hard when trying to page through them, and the wash value isn't even shown until you click to edit the transaction, so I have to go around searching for transaction descriptions.

[carla15]

I had to upgrade to the Premium version to apply this fix. I paid an additional upgrade fee this year for very low dollar, cents really, investments through Acorns. Next year either Acorns goes or Turbotax goes. 

[ZacharySchneider47]

Whenever I click on the search bar I cannot search anything it just directs me to a new tab with a phone number to call, and I haven't had anyone on the phone that can help me its always a robot directory. 

[JustDonny]

TLDR: submit as a summary then upload your 1099-B as a PDF when prompted to attach.  

"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."

I decided to go back into my 1099 form that I uploaded and start editing the 144 transactions that need to be left blank leading to this being fixed. Some .22cents and some .48cents but all random amounts below .49cents. This required me to go back into the form and edit it. Going through this website can be a real slow pain when it comes to navigation. Having to page through close to 700 sales only 1 page at a time was very frustrating. With some research I did find that I could input the numbers from the 1099 as a summary (pretty easy to do) and then mail all 100+ pages to IRS with along with a 8453 IRS Form. I ended up going that route because with the loading pages it took about 5 minutes per correction to do. However to my surprise, after entering in the numbers for the summary I was able to upload the 1099 as an attached PDF.