Sale includes a disallowed wash sale loss (code W). Amount (leave blank if all) shows 0 the amount is .15 but doesn't work. No value works, What should I do?

[Chris Sc]

@KathrynG3

I tried modifying the worksheet as you suggest, by adding my 0.12 wash sale as a supporting detail in the forms mode.  This does not fix the problem.  It still shows as an error.

[scarletjim]

Downloaded an update today but no fix for this wash sales issue. All totaled the sum of my wash sales that are less than 50 cents is less than fifty cents. Yet I have red flags that Turbotax has placed on 7 transaction that can't be resolved without deleting the transactions. When I do an error check Turbotax offers me a box to change the value, but alas, it won't let me input the actual wash sales amount. A flaw that needs to be fixed asap!!

[azooster2021]

Dude; YOU ROCK. Been messin with this return for a week, even spent an hour  at H and R Block and no solution. Glad you are in our Universe. Thanks so very much.

[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.  

@scarletjim

[ge14094]

Annette....

    I have read all of these messages and they all focus on a rounding error under of $.49 or lower.  I am having a similar problem on an investment with a disallowed loss of $5.00.  The downloaded amts were CostBasis $2947.99 and a proceeds amt of $2,943.49, a difference of $4.50.  There is a -0- in the Adjustment Amt field and shows a Loss (of $5.00.)  The field in Part 3 shows a disallowed loss of -0-.  I cannot change it.  Please advise.

                                 Thanks

[dodo34]

Just figured mine out.  Had to track down the specific stocks that were considered washes (W).  In my case it was only one stock.   I then deleted this out of the Broker transfered list of stocks.  And entered in a new list by "add more sales" button.   you will need to enter in all the info for this stock from the 1099B such as dates and amounts.   

[scarletjim]

I followed your directions and manually entered the transactions that we causing the error due to a wash sales less than $0.50. I deleted the imported transactions and manually entered their replacements. However, when I got done and ran the error check, the manually entered transactions are now flagged as errors for the same reason as the previously downloaded transactions. This is definitely a flaw in TurboTax's programming and needs to be fixed!

[RickDG]

slight correction to Annette's answer; when you get to: 

• Click Edit beside the institution name,

select Continue, not Edit in order to get to the 1099-B.

I misunderstood initially and got to screen to edit the actual institution name and address. 

Besides that it was a clear instruction/solution, after trying to edit in review process more times than I should admit:) 

[danirosner]

I am having the same issue and can't file.  My 1099B was imported from TD Ameritrade and the wash sale is .46.  Are you saying you manually went in and deleted the whole worksheet in question?  How does that impact the entirety of the sale?  Should I get rid of the import and enter everything manually?

[scarletjim]

On Mac the way to delete a specific 1099-B worksheet is to use the delete key on your keyboard. However deleting a specific wash sales and manually reentering it, did not get rid of the error message when I ran the return review process. When you run the error check, TT will select each entry that has an error and ask you to change the value from zero for these cases having less than $0.50 wash sales. However, you can't because the program won't let you edit it in the error check process. To get around this I just went through all of the error checks and said done. Then it allowed me to go to the ready for file page.

[LArmy]

During the review. It ask for you to fix the transaction. Scroll up in the little window and record the company and the date of the wash sale.

when u are done looping through, then go back to income and edit the entire 1099 worksheet then find the individual transactions that you recorded. Edit those transactions and just delete the wash sale amount below 50 cents. Then click the button at the bottom and then answer question on next screen.  Then do the same for each transaction. Then review again to verify it cleared.  It’s a rounding issue with the software.  You are allowed to round down so deleting the amount is acceptable.  Hope this helps.

[scarletjim]

Thanks for the tip. That rectified my problem and now I have no errors!

[lbeyNJ07112]

Thanks!! That helped. I was able to complete it a little differently. I went into the 1099B form and removed the wash amounts less than 0.49. That cleared the errors. However, reviewing the transactions and the capital gains were a little off. The rounding issue is a little erratic it rounded 9.51 to 9.00 and 1.87 to 1.00, but rounded 2.99 to 3.00.

Hopefully, they take this seriously and fix this quickly!

[psilly0]

I followed AnnetteB6 guide, and it worked on premier cd version. Just a real pain in the ass cause i had fidelity robo advisor so i had like 20 wash sales. Also i hope i don't get audited, if i do turbo tax should be responsible. Thanks ALL! 

[Magicman1]

thank you!!!!