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New Member

This form says, "Sale includes a disallowed wash sale loss (code W). Amount (leave blank if all) and has the amount 0.00? I cannot enter 0.26 which is the number? HELP!

I have no federal tax withheld.  And the amount in W is 0.26 and Turbotax WON'T LET ME ENTER THE RIGHT NUMBER!
11 Replies
Level 15

This form says, "Sale includes a disallowed wash sale loss (code W). Amount (leave blank if all) and has the amount 0.00? I cannot enter 0.26 which is the number? HELP!

You can round the number and input 0. 

New Member

This form says, "Sale includes a disallowed wash sale loss (code W). Amount (leave blank if all) and has the amount 0.00? I cannot enter 0.26 which is the number? HELP!

Got it solved with a specialist.

 

I actually took a refund hit of $12.00 by removing it and its losses, but I don't care. As long as I can file.

 

It couldn't be an amount less than 0, or 0, or so on.  It was dumb.  Lost $12.00 over a quarter, haha.

Level 1

This form says, "Sale includes a disallowed wash sale loss (code W). Amount (leave blank if all) and has the amount 0.00? I cannot enter 0.26 which is the number? HELP!

What smart check says to me too.  My amount is 4.16 but

rounding to 4.00 does not solve the issue.  Now what???

Level 1

This form says, "Sale includes a disallowed wash sale loss (code W). Amount (leave blank if all) and has the amount 0.00? I cannot enter 0.26 which is the number? HELP!

I had a 4 cent wash sale entry for a 4 cent loss, TT rounds that down to zero in the form.  TT says accrued market discount cannot be zero.  I tried entering blank in the wash sale entry (right click and select override) and it said could not be blank although it was the total amount of the sale (according to the form blank uses the whole value, but TT does not apparently allow it, saying that I need to enter an accrued market discount value(code D)).  Not a lot of money at stake, but this is an error that needs to be fixed.

Employee Tax Expert

This form says, "Sale includes a disallowed wash sale loss (code W). Amount (leave blank if all) and has the amount 0.00? I cannot enter 0.26 which is the number? HELP!

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

Overriding the entry during the error review process will not clear the error completely.  It only removes the zero, but not the indication that there was a wash sale adjustment.  

 

@RobGLA250

 

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Level 1

This form says, "Sale includes a disallowed wash sale loss (code W). Amount (leave blank if all) and has the amount 0.00? I cannot enter 0.26 which is the number? HELP!

Thank you, this correction to the 1099-B worked to remove the error

New Member

This form says, "Sale includes a disallowed wash sale loss (code W). Amount (leave blank if all) and has the amount 0.00? I cannot enter 0.26 which is the number? HELP!

terrible bug, cost me a lot of time. Will be considering other filing options next year

Employee Tax Expert

This form says, "Sale includes a disallowed wash sale loss (code W). Amount (leave blank if all) and has the amount 0.00? I cannot enter 0.26 which is the number? HELP!

If you did want to include these details in your investment transactions, you can return to the original entry and adjust the details in TurboTax Online. 

 

For TurboTax CD/Download, it is necessary to use the Calital g/l adj Part III worksheet, not the 1099-B worksheet. 

 

@jeffk77

Level 2

This form says, "Sale includes a disallowed wash sale loss (code W). Amount (leave blank if all) and has the amount 0.00? I cannot enter 0.26 which is the number? HELP!

I'm having the same problem on the Download version, but only Part II of the referenced form is editable (Capital Gain (Loss) Adjustment Worksheet)  I tried putting W in Part II which is editable, but then I get an error saying "User entered Adj codes should not contain code W when disallowed wash sale box is also checked in Individual Adjustments", and I can't uncheck the box.

Employee Tax Expert

This form says, "Sale includes a disallowed wash sale loss (code W). Amount (leave blank if all) and has the amount 0.00? I cannot enter 0.26 which is the number? HELP!

If you are using one of the CD/downloaded versions of TurboTax, please be sure you have updated it to the latest version.  A recent update has corrected an issue similar to what you described.

 

Take a look at the following TurboTax article for instructions:  How do I update my TurboTax CD/downloaded software program?

 

If you are using the latest version and the error persists, see the following information:

 

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 may 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.  

 

 

@jeffschmitz

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Level 2

This form says, "Sale includes a disallowed wash sale loss (code W). Amount (leave blank if all) and has the amount 0.00? I cannot enter 0.26 which is the number? HELP!

the update fixed it.  Thanks!

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