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February 14, 2021
Question

How do I capture and enter the correct amount disallowed under wash sales rules? This is preventing me from proceeding with filing electronically.

  • February 14, 2021
  • 1 reply
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It will not allow any decimals to input and I have tried several

    1 reply

    February 17, 2021

    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

    Please let us know if this helps.

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