Problem Reporting Wash Sales from Betterment

Forum|Forum|5 years ago
February 16, 2021
11 replies
63 views

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.

TurboTax Self Employed Online

KathrynG3

Level 14

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

kaatzchrisAuthor

Level 2

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

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

JetBenny

Level 2

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.