No matter what you put into the spot it wants you to alter, it just takes you back to do it again as if you never did anything to the form to begin with.
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.
The wash sale amount is more than $.49 and the system is still recording a 0 and sending me in a loop. Not letting me fill in the amount or move forward. This is s system glitch, how can I enter the correct amount?
If you need to edit the wash sale amount, it must be done through the data input section of your return. It cannot be edited or changed through the error check process.
To revisit the input section for the Form 1099-B transactions use the following steps:
This solution does not work for Turbo Tax Deluxe. How can I get out of this endless loop? If you import the data into the system then you should provide a solution for the data to be edited. The form does not even go to IRS so why is so difficult to update it as part of the review process? I have never had this issue using this software before.
Looking for you to provide a workable solution.
TurboTax Deluxe is not designed to handle stock trades. There are very few capital transactions that it can process.
Here is how to enter a disallowed Wash sale:
Income & Expenses
Note: You'll need TurboTax Premier, TurboTax Live Premier, or TurboTax Self-Employed, TurboTax Live Self-Employed, to add any 1099-B forms.
This is also a problem with the Turbotax Home and Business. Is this version also not designed to handle stocks and investments? In my opinion this is a bug. I've wasted a lot of time trying to fix the errors, and still haven't found a way that works!
This issue is currently being investigated and addressed by the appropriate team. In the meantime, see the information below for two possible workarounds -- editing each individual transaction affected, or entering a summary of your transactions and possibly submitting Form 8453 and your documentation to the IRS.
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 may 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.