Problem Reporting Wash Sales from Betterment
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kaatzchris
Level 2

Problem Reporting Wash Sales from Betterment

When importing my Betterment 1099-B into TurboTax, all my sales were incorrectly rounded which has altered my totals. Instead of individually editing my 200+ sales, I chose the manual entry option and opted to "Enter sales section totals" when prompted. However, I have both short- and long-term wash sales that were disallowed (box 1g) and see no way to enter this information via this route.

Does anyone know of a solution to this problem? Is there a way to provide the wash sales disallowed information via the "Enter sales section totals" method? Is there a way to fix the rounding errors during the import? Or will I have to go through and edit all 200+ transactions line-by-line? 

To TurboTax staff - I've encounter numerous other users who are experiencing this rounding issue specifically with Betterment imports, but is likely occurring with other types of imports. It'd be awesome if there is a way to resolve this for future years. 

11 Replies
KathrynG3
Employee Tax Expert

Problem Reporting Wash Sales from Betterment

Try using these steps for each of your main sales section total categories, short and long term. You have two options:

 

First option, Follow the steps below, which will enter the adjustment in Part III of the Capital Gains/Loss worksheet.

Second otion: Follow these same directions, only enter it in Part II, Manual Adjustments. 

 

In either case, there needs to be a separate adjustment for Short Term and Long Term.

Please note, Part II will produce an error if anything is in Part III for adjustment.

 

  • From the Forms Mode, click Open Form.
  • In the Search box, enter Capital gn.
  • Under Form 1099-B Worksheet, select Capital gn(ls) adjustments/other info and Open Form.
  • A new window will open: Step 1: Add Capital gn (ls) adjustments/other info. Scroll to find the sheet for Capital g/l adj and select Next and Finish.
  • In Part III Specific Adjustments, scroll down and check the box next to Sale includes a disallowed wash sale loss (code W). Amount (leave blank if all)
    • Click on the box where an amount should be. Then, a + will occur to the left.
    • Click on the + Icon to open up the Description and Amount Worksheet and list your amounts here with the pennies.

 

 

 

A screen shot of Part II:

Note: Enter the "W" as shown and enter the amount in the same manner described above.

 

 

@kaatzchris

kaatzchris
Level 2

Problem Reporting Wash Sales from Betterment

Thanks @KathrynG3 but I'm using the online version of TurboTax so I don't have access to Forms Mode. Is there a way to do the process outlined above on the website version?

jaymalya
Level 2

Problem Reporting Wash Sales from Betterment

Yeah, I am in the same boat. Using the website to file and I already paid for premier. I am getting this fix your federal over and over again and the form does not allow for any fractional figures , only empty box or whole numbers. Even if I empty out the box ( whole loss is disallowed) , after going through 100s of transactions , it again ask to fix federal errors. Frustrating

kaatzchris
Level 2

Problem Reporting Wash Sales from Betterment

Sorry to hear that you're going through that! Hopefully this will be fixed for next year. I'm not sure how complicated it would be from a programming perspective to allow the software to add two decimal places for dollar amounts, but it must be doable.

jaymalya
Level 2

Problem Reporting Wash Sales from Betterment

thanks kaatzchris. I was hoping to avoid the hassle of cancelling the online turbotax premier order , buy desktop version & redo all the work I did online again. I sincerely hope @KathrynG3 would come with one option to fix this in the online version this year. I don't feel comfortable filing by email as is  even if the amount/error  involved is very small

 

Thanks

jaymalya
Level 2

Problem Reporting Wash Sales from Betterment

Well I attempted to cancel my order ( which is already charged to my credit card) and purchase a desktop edition. It appears that Intuit ( despite being tech savvy ) makes it incredibly hard to cancel an order . There is no email address to contact , I'll have to fill in details and then website displays a phone number. Automated voice responses in that number repeats canned questions and ask to go to support site to find answers. Website says 25 minutes wait time, phone says more than an hour. I can't believe they are in 2021 

seanpnyc83
New Member

Problem Reporting Wash Sales from Betterment

I'm attempting to use this proposed solution to blank out the "0" and leave the wash sale field blank; however, I cannot seem to edit anything. I am using Turbo Tax Premier on a Mac and cannot figure out how to get into any forms that are editable. Every time I try to make a change to the field that is erroring I get an audible beep and cannot edit. Please help! This is MUCH, MUCH more complicated than it needs to be and if I cannot get this resolved ASAP I will NEVER use TuboTax again!

jaymalya
Level 2

Problem Reporting Wash Sales from Betterment

This is not working as described. I switched from online to Mac desktop version ( Premier). As you mentioned , section III has already checked box for disallowed wash sale - so editing in Section II results in errors. However, Section III is not at all editable , contrary to what you described

KatrinaLO
Intuit Alumni

Problem Reporting Wash Sales from Betterment

If you are having issues and need assistance, please contact customer support. Please see the Customer Support phone number hereIf you would like to reach out through our website, please see the TurboTax FAQ below for contact information: https://support.turbotax.intuit.com/contact/

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jaymalya
Level 2

Problem Reporting Wash Sales from Betterment

I found a simpler solution. Just don't import directly from your brokerage. Instead , just type in the summary and you can still e-file. Print 1099-B form provided by your brokerage and mail it to IRS along with for 8453

 

There is yet another solution to go to the review section of 1099-B and delete any wash sale $0.49 and below. This works, but too cumbersome if you have lots of transactions as there is no way to search

JetBenny
New Member

Problem Reporting Wash Sales from Betterment

I'm using TurboTax premier desktop version for Mac. This issue struck me too. Yuck! I've been TT user for years.  This is probably the worst experience thus far. The desktop version was slow and somewhat buggy.  Regarding this issue, I was able to go into the forms, top left, click Forms, then top middle, click Errors.  The red arrow buttons appeared at bottom of screen. Clicking the red arrows took me to each field that had the error amount. For me is was 0. I put my mouse on the field. Then go to Edit menu. Under Edit, there is Override. Click that. Then you should be able to manipulate the field and put in the correct figure. Hit return and then you may see some arrows at bottom of screen to take you to next error.  Repeat steps. Keep in mind if you enter .49 or less, the program is probably going to round you to 0. What a pain this is.  Hope TurboTax and Betterment can get together on this.  Good luck.  

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