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If my disallowed wash sale loss is less than one dollar, how do I enter it? TurboTax won't accept it.

@jwsea1 I may try that next year.

Dawn55
New Member

If my disallowed wash sale loss is less than one dollar, how do I enter it? TurboTax won't accept it.

I did the same thing as Danielmac.  Was tired of messing around with it for $0.03.

If my disallowed wash sale loss is less than one dollar, how do I enter it? TurboTax won't accept it.

Totally agree with you, mine is very long also and trying to pick out which wash sales match with which lines in Turbo tax was a total nightmare, It just shouldn't be this akward to fix, if I'm going to have to enter it all in manually then why am I paying so much for this software? 

Anonymous
Not applicable

If my disallowed wash sale loss is less than one dollar, how do I enter it? TurboTax won't accept it.

I had this same issue so after some investigation I think I may have found a solution. I’m not sure if this is the right way of doing this so would love feedback from others.

I noticed that if you enter a value for box 1g for disallowed wash sales, TurboTax will automatically select “Sale includes a disallowed wash sale loss (code W)” on the Capital Gain (Loss) Adjustments Worksheet. I tested this by entering values of 0.49 or lower in box 1g and the field was deselected. When I changed box 1g to 0.50 or higher, the field was selected and the value was rounded to the nearest dollar. Once this field was set, you didn’t have the option to deselect or change the value on the Worksheet when viewing in the forms mode.

I suspect what happened was when I was verifying the amounts imported from the broker, I was selecting the check box that said something along the lines of “this sale includes disallowed wash sales” which overrode the TurboTax autodetection mechanism and “Sale includes a disallowed wash sale loss (code W)” on the Capital Gain (Loss) Adjustments Worksheet while leaving the amount field blank.

I believe to resolve the errors, you just need to uncheck the “Sale includes a disallowed wash sale loss (code W)” for any amounts less than 0.49. You can do this easily when going through the Smart Error Check. I’m thinking since the amount is rounded down to 0, and there is no adjustments being made, there’s no reason for this boxed to be checked.

I hope this helps and hope someone from TurboTax can confirm my findings.

If my disallowed wash sale loss is less than one dollar, how do I enter it? TurboTax won't accept it.

@Anonymous glad you found a work around.

 

The whole purpose of paying big bucks for TT is to make filing your taxes easier. This year has been a disappointment for me.

If my disallowed wash sale loss is less than one dollar, how do I enter it? TurboTax won't accept it.

An update to the glitch: I gave it another week before filing and they seemed to fix the issue. Either internally from turbo tax or externally from the broker’s end. 

If my disallowed wash sale loss is less than one dollar, how do I enter it? TurboTax won't accept it.

This is good news!

If my disallowed wash sale loss is less than one dollar, how do I enter it? TurboTax won't accept it.

This is good news. Glad they fixed it.

If my disallowed wash sale loss is less than one dollar, how do I enter it? TurboTax won't accept it.

I downloaded all investment info from Schwab, one field is less than $1 and Turbo Tax will NOT let me change it! This is a bug!!!!!!!! FIX IT!!!! Had to file paper and they're still processing millions of 2019 tax returns!!!!!!!!!!!!!!

AnnetteB6
Employee Tax Expert

If my disallowed wash sale loss is less than one dollar, how do I enter it? TurboTax won't accept it.

This situation was an issue earlier in the tax season, but it was addressed and fixed.  If you are using the CD/downloaded version of TurboTax, be sure that you have updated to the latest version.

 

@skiop

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If my disallowed wash sale loss is less than one dollar, how do I enter it? TurboTax won't accept it.

 I spoke with Turbo Tax customer service and he said it's a known bug so I filed on paper in late Feb - now it's in Never Never Land - thanks Turbo Tax for such a ridiculous bug! 

If my disallowed wash sale loss is less than one dollar, how do I enter it? TurboTax won't accept it.

I am in the same boat. According to the USPS tracking info, they received my printed return on February 25. It's now in limbo land. No IRS status and when I call the IRS agent, they tell me NOT to file a second return. GRRRR!

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