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LArmy
Level 2

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?

I've tried just entering a 1 it takes it but at the end it needs to be reviewed again and the same transactions appear with the 0.
1 Best answer

Accepted Solutions
AnnetteB6
Expert Alumni

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?

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.  

 

@gdp91

@saapost1

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64 Replies
wtgreen
Level 2

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?

I'm at a loss also.

Cynthiad66
Expert Alumni

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?

If you have a loss from a wash sale, you cannot deduct it on your return. Additionally, a gain on a wash sale is taxable.

Form 8949 and Schedule D will be generated based on the entries.

 

The wash-sale rule is an Internal Revenue Service (IRS) regulation that prevents a taxpayer from taking a tax deduction for a security sold in a wash sale. The rule defines a wash sale as one that occurs when an individual sells or trades a security at a loss and, within 30 days before or after this sale, buys a "substantially identical" stock or security, or acquires a contract or option to do so. A wash sale also results if an individual sells a security, and the individual's spouse or a company controlled by the individual buys a substantially equivalent security

EugeneGTI
New Member

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?

my disallowed wash sale is 0.15 (so 15 cents). It does not allow me to enter it, put a zero, or put one. It just resets the value to zero and goes into a loop saying i need to fix it. Fix your software!!!!

LArmy
Level 2

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?

Don't need a cut and paste message.

The data in that was imported is correct from TD Ameritrade.

The review process is hanging up on it for some reason. 

Every line it flags to review is something below a dollar  like .15 

The review is hanging up the process.

 

wtgreen
Level 2

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?

I was able to get around what seemed like a rounding error by Turbotax, I eliminated the worksheets related to this and had entered the data when it asked me to.  No more zero loop.  Not sure if it is exactly accurate, but mine was .02. and it rounded it down to zero.

fanfare
Level 15

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?

With people now able to buy fractional shares in small dollar amounts, there will be a lot more Wash Sales disallowed in the range of pennies, i.e. less than $1.00.

 

Best advice : take care to avoid wash sales.

gdp91
Level 2

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?

Thanks, Cynthia. The problem isn't with the wash sale itself but the software consistently refusing to accept my entries and, like everyone else, getting looped back to the beginning. What is the fix?

wtgreen
Level 2

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?

I deleted the worksheet or sheets related to this and then entered it manually so it wouldn’t for me give me a zero. 

it worked and is filed. 

gburgon
New Member

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?

I had the same issue. The software is the problem. The fix is verified from above. You need to delete the uploaded form and MANUALLY type in each sale item/group for washes. Hope this helps!

gdp91
Level 2

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?

Even after deleting the forms and manually entering them, I still get the same issue. TurboTax isn't getting my business if this issue persists any longer.

saapost1
New Member

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?

Having the same issue.  Seems like a software glitch.  Turbo Tax do you have any recommendations ??

AnnetteB6
Expert Alumni

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?

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.  

 

@gdp91

@saapost1

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

gdp91
Level 2

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?

@AnnetteB6 

 

Even after deleting the imported data and re-entering all the info myself, the system STILL insists that I need to enter something in. I've even deleted the 1099-B that contained the wash sales (in its entirety) to see if that would let me push forward but even then, I get stuck in the loop. It's not my system that's messed up, it's the TurboTax software. Someone needs to take a look at it

psilly0
Level 2

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?

This is a BUG in the software, the work around posted above doesn't work and takes up so much time. INTUIT FIX YOUR TRASH SOFTWARE! THIS BUG IS CAUSING ME THE INABILITY TO FILE.

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