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Cannot Fix Entry Error

Forum|Forum|5 years ago
February 16, 2021
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I am getting an error on review and submit "Form 1099-B Worksheet: Accrued market discount should not be 0. Enter amount disallowed under wash sale rules or leave blank if entire loss is disallowed'

I imported a 1099-B from etrade, one of the entries that this points to seems to be a value of 0.09 in the field in question, but TurboTax seems to be rounding it down to 0. It won't let me change the value to blank or to force the non-zero value of 0.09.

How can I proceed?

Best answer by AnnetteB6

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 would 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.

A

AnnetteB6Answer

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 would 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.

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M

Mehmet8535

Hello Annette

I follow up all steps but I cannot find "

Delete the wash sale adjustment amount and click Done" this option.

It seems TurboTax pulls up the correct wash sale loss disallowed amount from the Robinhood but cannot put the correct amount in the file. I hope you can find the solution to this issue asap. The reason is to choose Turbotax for a tax return, I thought there is an easy way to import all stock trade but it seems not easy to do that with TurboTax.

PS: For "how did you receive this investment" the option comes blank when I tried to edit wash sale loss disallowed. It is mandatory to choose one of the drop options. I don't know it should be "I purchased it" or It was a short sale" because I bought and sold on the same day. Thanks for your advice.

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user12344

Same issue here, please fix ASAP

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ladodger16

I get same error but when I go to review there's no wash check off and my 1099b is blank and on my software I don't have checked off that there's a wash sale but among review it the box checked of and there's a even though its left blank

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cornhusk1

Yeah. So instead of fixing the issue, they want you to pay 70 dollars to use the turbotax required for investments, and make YOU do all the nit picking and editing, because THEIR program can't put the cents amount on file. What a shame. Fix it asap instead of making people do the work they don't want to do. Probably will never use TurboTax again unless they actually fix this issue by the end of the week.. Pretty sad.

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kdog21

please let me know if there is a solution this is the second year i had to deal with something like this with turbo tax

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Kwright25

Here is what worked for me and saved some considerable time. During the Smart Check/Review Page you can right-click on the checkmark "Sale includes a disallowed wash sale loss" and select override and uncheck that box. You can then right-click on the rounded zero in that same row select override and delete out the zero. Click continue and repeat for all errors found during the review. I stumbled upon this when I refused to search through the 1000+ transactions from Betterment to find the 118 rounding errors. Took me about 30 minutes to go through the 118 errors, longest part was the calculation between each error. P.S. I am on the desktop version, not sure if this work the same on the online version.

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Anonymous

It's slow, but rather than using the step by step form, I was able to use the "forms" view. Right click on the x in wash sale and select override. Uncheck it. Then right click on the zero, select override, and remove the $0. Repeat 500+ times 😕😕

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lhopkins

This actually did work.

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jackytreehorn

Everyone having this problem... Start off with making sure your using Google Chrome. I heard someone say that worked for them. Then I tried it and it worked for me... much easier than doing anything else.

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cornhusk1

Just wanted to say, I was doing my taxes on a Mac book, tried it on my phone a week or 2 later and it worked. Not sure why but I have a Samsung s20 plus so I'm nit sure if its inconsistency with macs software or what..

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toni12345

iam trying to get to ein # to fix it