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New Member
posted Feb 21, 2021 12:12:40 PM

I cant enter wash sales loss (disallowed) in the 1099-B entry. I need to enter decimal, but cannot the system doesn't allow it. im stuck and blocked

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3 Replies
Expert Alumni
Feb 23, 2021 5:11:47 AM

The error message you are seeing on the wash sale entries is a result of automatic rounding.  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 for TurboTax, thus the error message.

 

To enter a disallowed Wash sale:

Income & Expenses

  1. Scroll to Stocks, Mutual Funds, Bonds, Other
  2. Answer Yes to Did you sell stocks, mutual funds, bonds, or other investments in 2020?
  3. On the OK, what type of investments did you sell? screen, select Stock, Bonds, Mutual Funds. Then select Continue.
  4. From here, you can import or manually enter your 1099-B.
  5. Answer the questions about your sales. Choose to Enter sales one by one when asked.
  6. On the Now, we'll enter one sale on your 1099-B screen, enter your info.
  7. Check I have other boxes on my 1099-B to enter and enter the disallowed wash sale loss in box 1g.
  8. Select Continue and answer any follow-up questions.

Note: You'll need TurboTax Premier, TurboTax Live Premier, or TurboTax Self-Employed, TurboTax Live Self-Employed, to add any 1099-B forms.

New Member
Feb 23, 2021 2:37:15 PM

Turbotax deluxe won't transfer my wash sales loss so I can't finish and file my taxes. Do I need Premier for wash sales?

Expert Alumni
Feb 23, 2021 2:57:26 PM

Yes, any investment income reported does require Turbo Tax Premier or higher version. Instead of entering decimals, IRS requires you to round number up if .51 or higher or round down at .50 or lower.