TurboBug: can't enter wash sale loss less than a dollar

[TerukoL]

@wmmiteff What rejection code did you receive?

[wmmiteff]

not sure how to see the code but it does say

"There is a potential issue with the calculation of RSU Sale of Employee Stock"

[wmmiteff]

I was able to pull up my return in TT when I got off work and saw that their was a software issues that was causing issues.  i am refiling now to see if that works

[johnmcgee29]

Hello,

I appreciate the helpful answer but in reality, this isn't a good work around. Either spend hours combing through transactions, or submit paper documentation? That is why I am e-filing, so that I do not need to go anywhere or request any further documentation be mailed to me and then mail it out myself. This should be understood, especially in the middle of a pandemic.

I sincerely hope there is a fix in the works for this to be rolled out to simply show the transactions with rounded amounts from the Securities Sales page or allow rounding to 0 on one line of code for goodness sakes. It seems like a small change that could save someone hours and needless risk to themselves. If there is no fix forthcoming, I can say with absolute surety that our family will no longer user Turbo Tax products in  the future.

Thank you,

G

[Bnkdev]

I agree. My last year as well, this is such an obvious bug that they should fix. Very disappointed long time user. 

[mjceravolo]

I followed these steps, changing a wash sale value from 0.04 to 0.00, and it causes my state refund to drop by $1,100. So this is clearly not the correct solution.

[stevenmrodriguez]

I agree. I have had the same exact problem and share the frustrations of everyone else who has already commented on this. Can TurboTax please fix this bug and let us know about it? Thank you! 

[TB121]

This answer was great help!

[DavidT512]

And now, for the first time I can think of in years, immediately after I e-filed, I was directed by the TT software to mail to the IRS a form 8453, along with an 8949 (as per the box checked on the 8453).  This just doesn't make sense to me... this is why I have a managed portfolio, and e-file software, so I don't have to worry about this sort of detailed wash sale crap, whatever that means, and mailing anything in!  Every time I see the term "wash sale" , I think of money laundering!  

[Bnkdev]

To add insult to injury - TT doesn't let you import over 3000 transactions on the desktop from brokerage.... already abandoned the product this year and wont be back.

[Anonymous]

Annette B6,

Thanks for trying but your instructions are inaccurate and items such as "Jump to 1099-B" don't even exist.   The only fix is tediously digging through each transaction to zero out or fix any possible source of the error.   TT should be providing a direct link to the problem on my return.  I spent almost an hour finding the exact problem.  Fix this bug or it will be worth it to look at other solutions next year.

[Cranks42]

Thank you so much.  I have been searching for days how to get this changed as TurboTax won't allow you to E file with errors

[Tom_T]

Thank you all for the suggestions, but none of it will work for me because my 1099-B form is stuck in "Review" mode, and I apparently can't open or edit it.

Perhaps this is because it was directly imported from the financial institution itself? [Acorns Securities]

Waiting for a call back from customer service,  but if they tell me to mail in my return as a solution I think I may throw a fit: E-filing is the only perk worth paying for TT.

[DavidT512]

I directly imported my 1099 Bs too, and didn't have the problem you describe.

[JohnB5677]

The error message you are seeing on the wash sale entries is a result of automatic rounding.  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 for TurboTax, thus the error message.

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.