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Level 2
posted Feb 8, 2021 1:36:30 PM

Wash Sale

I am trying to enter wash sale amount onto Capital Gain (Loss) adjustment worksheet, Part III as it was highlighted during final review.  However, TT will not permit me to enter the amount.  How can I enter the amount from the 1099B?

0 5 598
1 Best answer
Expert Alumni
Feb 8, 2021 1:57:49 PM

If the number you are trying to enter is $0.49 or less, round it to zero (allowed by the IRS) and do not enter anything in the field. 

 

Otherwise, an error code will be generated after the number is automatically rounded down and the entry will need to be deleted to move forward.  

 

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

 

5 Replies
Expert Alumni
Feb 8, 2021 1:57:49 PM

If the number you are trying to enter is $0.49 or less, round it to zero (allowed by the IRS) and do not enter anything in the field. 

 

Otherwise, an error code will be generated after the number is automatically rounded down and the entry will need to be deleted to move forward.  

 

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

 

Level 2
Feb 18, 2021 12:26:13 PM

TT HANDLED WASH SALES WITH NO PROBLEM FOR THE PAST MANY YEARS.  NOW THIS YEAR I HAVE A MULTI-STEP FIX ON EACH OF MY WASH SALES.  WE NEED A SOFTWARE FIX NOT A WORK AROUND.

Level 2
Feb 18, 2021 12:42:03 PM

TRIED YOUR SOLUTION AND TT CRASHED

New Member
Feb 19, 2021 4:35:20 PM

I agree we need a software fix.

Returning Member
Feb 20, 2021 3:48:34 PM

The fix (going to the 1099-B form and editing each entry) to delete the 0 that I originally put in the wash sale box didn't fix the error message. What else can I do?