I imported my 1099-B but turbo tax keeps asking to check an entry that was imported.. It is about the wash sale loss. its 0.35 but does not let me enter it. Stays at 0.

[JohnB5677]

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.

[bthebuff]

Is Turbo Tax working on a fix for this so it's possible to Efile before April 15? That is the benefit of using this product, and it's incredibly frustrating to go back and try to guess what's wrong repeatedly only to be met with the same glitch.

[LindseyLO]

More guidance and details on this error has been provided by clicking here.

[NCperson]

just delete that one record - for 35 cents it is not going to change anything and rounds to zero which is permitted in any event

[bthebuff]

I have done this literally dozens of times. The information is apparently not being saved, because when I log back in later and try to efile, I get the same prompts with the same problems on the same form.

[SForrestLO]

@bthebuff

Have you followed the process listed by @LindseyLO?

[bthebuff]

That's what my "I tried that" response was referencing.

I realize that every time I get a reply it's from a different person, and that is profoundly frustrating! Please look into this Turbo Tax glitch with 1099 forms!

[JotikaT2]

Your other option is to delete the input and then enter it manually if possible.  This should remove the error message and allow you to file.

You will delete the information in the federal interview section. 

1. Select Income & Expenses 
2. Scroll down through all income until you see Investment income 
3. Select Stocks, Mutual Funds, Bonds, Other 
4. If you have any entries, you will see them on the following page titled Your investment sales summary.  If anything listed does not apply, select the trash can to the right to delete the input.
5. You can then select Add More Sales to re-enter your 1099-B information for that transaction.

If that does not work, I recommend using the link to contact us at this point.  An agent will be able to review your input and help determine exactly what the issue is.

Contact TurboTax

[bthebuff]

It's 28 pages long, so I really don't want to do that unless I have to. I will just set up a call. Thanks for the reply.

[KathrynG3]

If you are using TurboTax CD/Download, see this resource for wash sales: Article including screenshots in CD/Download.

If you are using TurboTax Online, please correct me if needed, but it appears you have already tried to enter details in the prescribed location, see the screenshot below:

[bthebuff]

I am using the online version. The other boxes on the 1099 are blank, so I don't need to check that box.

[JohnB5677]

If there are more than a few you can quickly enter this manually. 

Your brokerage statements should include a summary of your transactions, grouped by sales category.

There are seven possible "Box" designations that indicate the holding period (Long/Short Term) and the reporting status.  These are the only ones you have to summarize. If you want to manually enter your 1099-B as the summaries.

1. Tell us about your 1099-B sales for this  account
2. Answer the questions
3. Since you have more than a few  sales, we recommend entering sales section totals
4. Continue
5. Before entering sales section totals, take a moment to find them on your 1099-B
6. Continue
7. Now, we'll enter one sales section total on your  1099-B
8. Use the drop down menu to select the correct designation.

Code A. This code indicates a short-term transaction for which the cost or other basis is being reported to the IRS.

Code B. This code indicates a short-term transaction for which the cost or other basis is not being reported to the IRS.  

Box C. Report on a Part I with box C checked all short-term transactions for which you can't check box A or B because you didn't receive a Form 1099-B (or substitute statement). 

Code D. This code indicates a long-term transaction for which the cost or other basis is being reported to the IRS.

Code E. This code indicates a long-term transaction for which the cost or other basis is not being reported to the IRS.  

Box F.  Report on a Part II with box F checked all long-term transactions for which you can't check box D or E because you didn't receive a Form 1099-B (or substitute statement).

Code X. Use this code to report a transaction if you cannot determine whether the recipient should check box B or box E on Form 8949 because the holding period is unknown.

1. Open or continue your return (if it's not already open) and search inside TurboTax for the phrase stock sales.

1. Select the Jump to link in the search results.
2. Answer Yes to both Did you sell stocks, mutual funds, bonds, or other investments? and Did or will you receive a 1099-B form or brokerage statement for these sales?
3. If you land on Here are all your 1099-B sales, select Add sales from a different brokerage. Then answer Yes to Did or will you receive a 1099-B form or brokerage statement for these sales?
4. When asked how you want to enter your 1099-B, select I'll type it in myself.
5. Select or enter your brokerage on the next screen and continue.
6. On the following screen (Tell us about...), answer the questions until you reach the next screen. Select the second option, Let's enter a summary instead, and select Continue.
7. You'll now be able to enter the total proceeds (sales) and cost basis, along with the sales category. Refer to your 1099-B for the amounts and category. When finished, select Continue.
8. When you are done, you'll eventually come to the Here's a summary of your broker sales screen where you can edit, delete, or enter more sales.

You will have to mail a copy of your summary 1099-B to the IRS.  TurboTax will produce a Form 8453. You print the Form 8453 and attach the brokerage statement(s) to it.