You'll need to sign in or create an account to connect with an expert.
I'm trying to finish but I keep getting errors on regarding a "wash" of stock sales. I'm allowed to claim zero for a wash, but TT isn't letting me get passed the 0 in the amount box for five stock sales which were a wash. It won't allow me to uncheck the WASH box either, so how do I get around this?
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.
While you're at it, check the IRA contribution portion as well. It keeps telling me I have contributed over $22,500 and thus need to pay $1350 penalty. I'm over 50 two yrs ago, therefore I'm allowed to contribute up to $30k/yr. So I shouldn't be paying penalty at all.
Also, I have entered all the mileages of my vehicles driven in the previous year and how many miles of those are for business purposes. During the final comb thru, it's telling no values have been entered on schedule E of ANY of the rent houses. This is a nightmare. The manual method offered at the end to fix this just doesn't enter the right values to the correct line on the form but the form is for visual only. I can't access it at all. This is probably my last year using Turbo Tax.
You have added on to a very old thread. You don't enter your 401K contributions as IRA. You only enter them from your W2 nowhere else. Or do you have self employment income? IRA contributions are limited to 6,500 + 1,000 for over 50. What are you trying to enter?
IRS Pub 590-A IRA Contributions
Sounds like you have a business. Are you making SEP IRA contributions?
Where to enter your SEP IRA contribution
https://ttlc.intuit.com/community/retirement/help/where-do-i-enter-my-sep-ira-contributions/00/26783
Use the Search box. Type in "self-employed retirement". Clicking on "Jump to self-employed retirement" it should take you directly to the Self-Employed Retirement Plans screen.
Go to Federal
Income
Scroll down to Other Business Situations
Self Employed Retirement Plans
or it might be under the Business tab in the Home & Business version.
Had problems setting up my Marital Status.
We'd love to help you complete your tax return, but need more information. Can you please clarify your question?
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
Mary7820
New Member
wandawww262
New Member
torrescharfauros
New Member
CannonFodder72
New Member
Lynnmarn
New Member