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sicksbit
New Member

I have two stock transactions that have wash sales of $0.31 and $0.32. These each round down to zero but the software keeps calling it an error. Suggestions?

 
1 Best answer

Accepted Solutions
AnnetteB6
Expert Alumni

I have two stock transactions that have wash sales of $0.31 and $0.32. These each round down to zero but the software keeps calling it an error. Suggestions?

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 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

 

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4 Replies
AnnetteB6
Expert Alumni

I have two stock transactions that have wash sales of $0.31 and $0.32. These each round down to zero but the software keeps calling it an error. Suggestions?

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 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

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
sicksbit
New Member

I have two stock transactions that have wash sales of $0.31 and $0.32. These each round down to zero but the software keeps calling it an error. Suggestions?

Thank you so much for your reply. I am sure this would work but I was told by phone support that I would need to print out and send my return in. So now I have technically "finished" my taxes and cannot go in and edit my return online etc. But at least this answer is out there now just in case anyone else runs into the problem!

 

EDIT: Using DaraLO's method to get back into the Federal Return edit screens I was able to remove the two trades that had the $0.49 and lower wash sales and then I was able to e-file.

 

Thanks again for all of your help!

DaraLO
Intuit Alumni

I have two stock transactions that have wash sales of $0.31 and $0.32. These each round down to zero but the software keeps calling it an error. Suggestions?

@sicksbit As long as you haven't yet mailed it, you can re-visit your tax return to edit and e-file.  Refer to the following Help Article for instructions:  How do I change from mail to e-file in TurboTax Online?

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**Mark the post that answers your question by clicking on "Mark as Best Answer"
sicksbit
New Member

I have two stock transactions that have wash sales of $0.31 and $0.32. These each round down to zero but the software keeps calling it an error. Suggestions?

DaraLO,

 

Thank you so much! This worked. I had to go in and pretend I was filing my state tax return, go all the way through it, cancel that, AND THEN I was allowed to edit my Federal Return and e-file.

 

Thanks again!

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