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Sale includes a disallowed wash sale loss (code W). Amount (leave blank if all) shows 0 the amount is .15 but doesn't work. No value works, What should I do?

Forum|Forum|5 years ago
January 30, 2021
12 replies
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I've tried just entering a 1 it takes it but at the end it needs to be reviewed again and the same transactions appear with the 0.

TurboTax Premier Online

Best answer by AnnetteB6

Having the same issue. Seems like a software glitch. Turbo Tax do you have any recommendations ??

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.

@gdp91

@saapost1

I'm at a loss also.

If you have a loss from a wash sale, you cannot deduct it on your return. Additionally, a gain on a wash sale is taxable.

Form 8949 and Schedule D will be generated based on the entries.

The wash-sale rule is an Internal Revenue Service (IRS) regulation that prevents a taxpayer from taking a tax deduction for a security sold in a wash sale. The rule defines a wash sale as one that occurs when an individual sells or trades a security at a loss and, within 30 days before or after this sale, buys a "substantially identical" stock or security, or acquires a contract or option to do so. A wash sale also results if an individual sells a security, and the individual's spouse or a company controlled by the individual buys a substantially equivalent security

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EugeneGTI

my disallowed wash sale is 0.15 (so 15 cents). It does not allow me to enter it, put a zero, or put one. It just resets the value to zero and goes into a loop saying i need to fix it. Fix your software!!!!

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wtgreen

I was able to get around what seemed like a rounding error by Turbotax, I eliminated the worksheets related to this and had entered the data when it asked me to. No more zero loop. Not sure if it is exactly accurate, but mine was .02. and it rounded it down to zero.

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psilly0

This is a BUG in the software, the work around posted above doesn't work and takes up so much time. INTUIT FIX YOUR TRASH SOFTWARE! THIS BUG IS CAUSING ME THE INABILITY TO FILE.

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s_starnadori

Same issue. I am about to scream. Will not take any number I put in. Does not allow you to put any cents .xx

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lilbeast3122

Mine was $1.80 and i still couldn't do it. I went in and deleted the wash sale loss because thats what the only recommendation i saw suited to my situation.

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psilly0

I actually bought a hard copy of TurboTax Premier - Windows for $100!! Installed it and updated it, and the same issues occurs with wash sales. I can delete the "0." and it continues to the next page, however when i redo the smart scan at the end, all the same "0."'s reappear when reviewing the errors. I feel like TurboTax is responsible if i get audited. My taxes are already so dam complex, this is just something i shouldn't have to deal with.

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RomanMaroni

Unreal. The best advice seems to be to delete the auto upload and do it manually. The problem with that is I waited until it was available to auto upload because i didnt want to do it manually. I wanted it auto to make sure all info was correct. I could have filed manually a week and a half ago. Probably my last file with TurboTax.

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slaface12

I'm running into this same issue. And Wash Sale Loss Disallowed is greater than $.49 so the work around suggested will not work for me.

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slaface12

Update: Annete's answer actually worked for me! I deleted the one entry I had less than $0.49 and it worked for me. I left the other entries above $0.49.

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Bshelden49

That's great to hear and thanks for letting me know.

I've began using TurboTax in 2005 and this is the earliest I've used their tax software. I've found several glitches that needed work arounds which happens when software is just released. No matter how much testing is done it's almost impossible for Intuit to find every bug prior to releasing the software.

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Shay2021

Why am I being charged over 1000.00 on my refund

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dodo34

Just figured mine out. Had to track down the specific stocks that were considered washes (W). In my case it was only one stock. I then deleted this out of the Broker transfered list of stocks. And entered in a new list by "add more sales" button. you will need to enter in all the info for this stock from the 1099B such as dates and amounts.

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scarletjim

I followed your directions and manually entered the transactions that we causing the error due to a wash sales less than $0.50. I deleted the imported transactions and manually entered their replacements. However, when I got done and ran the error check, the manually entered transactions are now flagged as errors for the same reason as the previously downloaded transactions. This is definitely a flaw in TurboTax's programming and needs to be fixed!

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psilly0

I followed AnnetteB6 guide, and it worked on premier cd version. Just a real pain in the ass cause i had fidelity robo advisor so i had like 20 wash sales. Also i hope i don't get audited, if i do turbo tax should be responsible. Thanks ALL!

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rlpjacket

@AnnetteB6 's answer showing at the top was confirmed by the TurboTax support rep that I spoke with tonight. Following the instructions worked, but at first I misunderstood the rep to be saying delete each of the reported entries with the sale and cost basis amounts having the small wash sale value. Make sure you just want to remove the wash sale value part from whatever < 50 cent value but keep the entries otherwise.