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When trying to file my 1099-B I run into issues with the "sale includes a disallowed wash sale loss (code W). When I enter number it does not keep the number and save it

Forum|Forum|5 years ago
February 23, 2021
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Any number I put whether its 0 or 170 (which is what my 1099-B shows) it does not keep it, I click continue then it pops up again. I enter again. Then says "issues with e-file, do paper taxes"? How is this possible? There seems to be something wrong with the program not keeping the number and saving it, preventing me from filing.

TurboTax Premier Online

Best answer by 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

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

JohnB5677Answer

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

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