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

[sarmonius]

Yes, we had this same problem today. Took me awhile to figure it out.  I right-clicked in the field where there was an "error" where there was a zero, and clicked override, then it let me change the zero to a 1.  Hopefully a few cents difference won't affect anything too much. But if turbotax could fix this for next year, that would be great.

[Archon]

When I right click I get the basic Internet browser right click menu.  I do not get a option to  "override".  I don't have a printer.  What a drag.

[AnnetteB6]

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

@Archon

@Jerry-B

@alexwalters387

@robbsadler

[ellie99]

I have the same issue and now it is preventing me from being able to file my taxes!  The only way around it is to print out everything and mail it in instead of e-filing?  Are you kidding me intuit??? GET THIS FIXED ASAP!

[btrclsl]

Wish this worked for me, but unfortunately it will not accept blank. Still blocking my ability to file. 

[AnnetteB6]

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 (although not from the screen in the review process) 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

If you have too many transactions that would require editing, you can consider deleting your imported information and entering a summary of the different categories of transactions reported on your Form 1099-B (short-term covered, short-term not covered, long-term covered, long-term not covered).  This would require you to mail a copy (not the original) of your Form 1099-B from your brokerage to the IRS within three days of filing your return.  The Form 1099-B would be attached to Form 8453, which will print with your return.  

@ellie99

@btrclsl

[Archon]

Thanks for the reply.  I imported my lengthy 2020 trade history form from Ameritrade.  So I needed the step by step to get back to the form itself.  The search function failed to get me there every time.  Since I'm trading the same way in 2021, my real solution is going to be live preparation next year.  I have outgrown the simple click through.    The other night though I just went with another company that imported my Ameritrade info and and then was immediately taken to an editing form where I had to manually confirm a dozen disallowed wash transactions.  I just wanted to get it done and now it's done.

[honeyfuji]

Hi,

So what would be your suggestion?

Should we ignore error message on 0 during Smart Check and simply submit the tax return? 

My return has about a dozen of transactions with < $0.5 throwing the same error message raised by the author of this post. 

Thank you.

[btrclsl]

Hi Team---

Here's what worked for me, after I exhaused all the help I could find.

1. As Annette described, remove the detailed list of individual transactions.

2. Key in the summary 1099-B actvity by category.
3. THEN, if you have an adjustment to enter, make sure the correct reason code (in my case wash sale) is selected.

Finally, you can upload a PDF of your 1099-B and still e-file. 

[tjbj]

This solved the problem for me too. Thanks Annette!

[chris6263]

I had this exact problem.  The solution is to go into the section with the prepopulated data and edit the individual entry that is creating the error.  Open up the section that was imported and if you look carefully you'll see that each entry is longer than shows on your screen. Find the slider bar at the bottom of the screen and slide it to the right to reveal the end of the line.  At the end of each line you'll see a "pencil" icon that allows you to edit the line.  Find the box with the amount that is less than a dollar that is causing the error and delete the amount (since TT rounds down to zero anyway) AND ALSO UNCHECK THE BOX that indicates that you need that data (can't remember how it's worded now).  Save it and the error doesn't show up any more.

[requimechic]

Yes! This! If everyone clicks on the Federal link on the left and open up your stock income info and find the company that is giving you problems, you can enter $1 and it will work. Upping $0.06 to a $1 is the only way it would for me. I spent way too much time on hold and this ^ info helped

[rencam61]

AS of Feb 15, 2021, putting $1 dollar does not work either. Turbotax comes back to the same error.  isn't  this a software bug?

[requimechic]

This is definitely a bug. You can't enter $1 on the error screen. You have to go to your federal income page where it shows your wages, stocks, etc... When you click on your stock info it'll take you to the form itself where all the info can be manually changed. This is where entering $1 worked for me. If you were on this same screen and it didn't work I don't know what to say. You could try putting in 0 or leaving it blank on that form but $1 is what finally fixed it for me.

[honeyfuji]

my solution was to go to the form -> Select 0 value from the form -> from the menu, select Override -> manually change the value of 0 to 1 dollar. This is all I could do to resolve the errors.