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?

[Lunasmom]

This worked for me after trying several of the other solutions and the client was thrilled.  Thank you!

[spamsgood]

doesnt work. 

[khanasoori]

I actually have same problem, it drive me crazyyyy , does anyone solved this problem

[spamsgood]

havent found a solution im waiting for them to call me. but im about to just go to H&R block and have them do it for me. this is stupid. ive edited like 45 acorns transactions and it just resets them . 

[lilbeast3122]

Mine was $1.80 and i still couldn't do it. I went in and deleted the wash sale loss because thats what the only recommendation i saw suited to my situation. 

[rlpjacket]

@AnnetteB6 's answer showing at the top was confirmed by the TurboTax support rep that I spoke with tonight.  Following the instructions worked, but at first I misunderstood the rep to be saying delete each of the reported entries with the sale and cost basis amounts having the small wash sale value.  Make sure you just want to remove the wash sale value part from whatever < 50 cent value but keep the entries otherwise.

[Vancester]

You don't need to delete the entire sale and enter it manually. All you have to do is edit the sale or sales in question on your 1099-B, scroll down to wash sale value and delete the amount. 

[turb00]

Hello @AnnetteB6, 

I am a fan of TurboTax, I appreciate the feature and convenience it provides us for free. I also am subscribing for a premium plan for some additional features I needed. 

However, I would like to point out that this solution is unacceptable. I made stock tax import from Robinhood. I have like 328 entries, all of which seem to have the same error Wash Sale loss set to 0 instead of blank. Given the huge number of entries that I will need to edit and the extremely slow nature involved in editing that 1 field, it is too time consuming. 

How about you update the import functionality to put in a blank instead of 0 for the Wash Sale value? Or help us by including a shortcut that lets us update all of those values from 0 to blank in a click of a button?

[turb00]

@Vancester The problem is it is too time consuming is if we have hundreds of entries that needs the same change.

[Anonymous]

Annette B6 advice works UNTIL you get to the last two bullets (even when I changed these, Turbo Tax said it was still in error): 

• 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

Instead, I found when you get to: 

• Click Edit beside the institution name, click on it, then click on "Continue"   

On the page that lists all of your Securities, go to the top of that page on the "Blue Bar" at the top, right hand side and click on "Forms".  The screen switches to the forms for EACH of the individual securities.   On the left side of the screen you can scroll down to EACH listing that has a " ! " (red exclamation point by it) because those are the ones that are being flagged by Turbo Tax review.  

Now click on one of them to highlight it, then on the form sheet being displayed, at the bottom left corner are three choices: Print  -  Delete Form  -  Print Form.  All you need to do is click on the "Delete Form" and the troubled calculation line will be deleted (it does not delete any of the others).  Continue through the other " !  (red exclamation points) until you are finished removing them. 

You can now return to "Step-by-Step" instructions (top right hand side of blue bar) and run "Review" again and they are gone.  This worked for me....Good luck!

[habu72]

I had same problem. TurboTax doesn't explain that any Wash amount on 1099-B item 1g if less than 50 cents, leave field blank, no problem. Mine was 6 cents and TurboTax flagged as error at review time. IRS don't care unless greater than 50 cent and then they round up to $1.

[Spartanlight]

I'll second what you said.  In my case, I had to look at my Robinhood paper form and found stock where the total of all the transactions was less than 50 cents and then I went to turbotax and edited the transaction (it was only 1) by changing it to zero.... That worked.  There were other stock that had smaller transactions (less than 50 cents), but the total of all of the transactions within those stocks exceeded 50 cents, therefore I didn't have to edit them.

[JohnB5677]

• A wash sale occurs when an investor sells or trades a security at a loss, and within 30 days before or after, buys another one that is substantially similar.
• It also happens if the individual sells the security at a loss, and their spouse or a company they control buys a substantially similar security within 30 days.
• The wash-sale rule prevents taxpayers from deducting a capital loss on the sale against the capital gain. 
• Wash Sale Rule
• To enter a disallowed Wash sale:

Income & Expenses

1. Scroll to Stocks, Mutual Funds, Bonds, Other
2. Answer Yes to Did you sell stocks, mutual funds, bonds, or other investments in 2020?
3. On the OK, what type of investments did you sell? screen, select Stock, Bonds, Mutual Funds. Then select Continue.
4. From here, you can import or manually enter your 1099-B.
5. Answer the questions about your sales. Choose to Enter sales one by one when asked.
6. On the Now, we'll enter one sale on your 1099-B screen, enter your info.
7. Check I have other boxes on my 1099-B to enter and enter the disallowed wash sale loss in box 1g.
8. Select Continue and answer any follow-up questions.

Note: You'll need TurboTax Premier, TurboTax Live Premier, or TurboTax Self-Employed, TurboTax Live Self-Employed, to add any 1099-B forms.

[turb00]

@Anonymous  I cannot find the "Blue Bar" that you mentioned and the "!" red exclamation point for the entries with errors. This would definitely speed up the process.  But still I would of those exclamation points to get through. 

Here is what editing those entries looks like:

1. select an entry. Hit "Edit" button.

2. Scroll down to "Box 1g - Wash sale loss disallowed". See if there is any value stored. Like the experts mentioned if the values are less then 50 remove them completely and leave it blank.

3. Hit continue. "Let us know if any of these situations apply to this sale" page appears.

Hit continue 1 more time.

On each edits, I get redirected to the first page out of the 14 pages of 300+ entries I have. There is no sign to tell which entries are okay. Now I need to find the last page I was on and then find the last stock entry I edited and click "edit" on the next stock.

Time: With those clicks, scrolls, edits and searches, and the loading time of TurboTax edit pages, it takes between 25 to 30 seconds on average to modify each entries. Let's say I have edit around 300 entries. 

25*300 = 75000 seconds

7500/60 = 125 minutes

That's 2 hours and 5 minutes I will have to spend on deleting that 1 field that is 0.00 instead of blanks, like the software requires it to be. 

[turb00]

I think that the coding solution involved would be so easy.

for each entry:

    if Wash sale box value is 0.00 or < .50:

      delete the value

Done!