Check this entry: Form 1099-B Worksheet

[paulfrank1991]

Hi,

I'm stuck at the page "Check this entry: Form 1099-B Worksheet (Charles Schwab & Co., Inc.: Holding period only applies to a transaction period reported on Form 1099-B"

I first did some trading on this security and triggered the wash sale adjustments. I continued to hold some shares until this company was taken private later on this year. Since there were multiple cost basis lots of the wash sale transaction, I thought that Turbotax might want me to check the item 2 and 3 on the worksheet as "YES" and check the item 13. But the reality was that I could not make any adjustments on the worksheet.

I hit "Continue" and Turbotax had "Cost/Basis Not Reported" selected for me. Can anybody tell me what is going on here?

Thank you so much.

[JohnB5677]

Wash sales are a different animal.  Because you sold a stock and repurchased it within 30 days you had the loss disallowed.  This will be added to the cost basis of the lter purchase. 

To post this in TurboTax post your records from your 1099-B exactly as they appear.  At the bottom of the screen select "I'll enter additional info on my own".  Scroll down to "Corrected Cost Basis".  Enter the adjusted number here.

[wdbreazy2089]

Also, this could be an error with the 1099-B import that may add sections that aren't reported to IRS when importing from Robinhood and other similar companies, causing numbers to be off when TurboTax is wrapping up. This happened to me, and it will make you walk through every entry to verify it is right to make sure your numbers add up. If there is a section of your 1099-B that is Not Reported to the IRS, make sure on the import that TurboTax did not accidentally add this to your list. I had to delete one transaction at the very end of my 10 pages of transactions to remove this error. Hope this helps! Saved me HOURS.

[milad621]

"make sure on the import that TurboTax did not accidentally add this to your list. I had to delete one transaction at the very end of my 10 pages of transactions to remove this error"

Where can I do this? I don't see any options

[KrisD15]

Go into your account and return

Click Federal

Click Wages & Income

Scroll down to "Investment Income" 

Scroll to "Stocks, Mutual Funds, Bonds, Other" and click Revisit

Click "Review" next to the transaction you need to edit. 

[mchia20]

I am having the same issue with review where I can't edit anything, there is nothing at the bottom to select to to enter on my own. I have a Short C sale that is autofilling as having a holding period, cost/basis not reported, and non-covered security. Where can I edit this?

[Gsmith92]

Hello PaulFrank1991,

   I had this same issue. There should be 3 options to report it as because TurboTax is confused. It should either be (L) - Long term , (S) - Short term, or something like no entry. I think you need to click the no entry because that is the only thing that helped me proceed forward. Let me know if this helps at all, if you haven't found the answer

[mzanet]

Same issue here.

[DawnC]

The changes required cannot be performed through the Review and/or Error Check screens.  You must return to the interview section to edit your entries, specifically, the wash sale adjustments.  

The error messaging you are seeing is a result of the automatic rounding of the numbers, either imported or typed in by you.  If the wash sale adjustment is $0.49 or less, then it is automatically rounded to zero.  Although this type of rounding is allowed by the IRS, it causes some fields to show $0.   And unfortunately, zero is not a valid value for this field, so you will get an error for any field with a $0 entry.

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(s).  

To do this, you will need to revisit the Form 1099-B entry interview.  Use the following steps:

• Use the Search feature by clicking on Search in the top right corner
• Type in 1099-B and hit enter
• In the results window, click on Jump to 1099-B
• Click Edit next to the issuer's name
• Click Edit beside each transaction that contains a wash sale adjustment amount of $0.49 or less
• Delete the wash sale adjustment, leave it blank, and then click Done

If you have too many transactions to edit, consider deleting your imported information and entering a summary of the different categories of transactions reported on your Form 1099-B.   This would require you to mail a copy (not the original) of your Form 1099-B to the IRS within three days of filing your return.   Form 1099-B would be attached to Form 8453, which will print with your return with instructions.   You will still be able to e-file using this method.

How to enter a summary in lieu of individual transactions  @mchia20   @mzanet

[Oouah]

Thanks for the help, I had sold SLV then rebought once I removed those transaction I was all good.  What a pain with this complication.