Wash Sale Losses Disallowed

Forum|Forum|5 years ago
January 21, 2021
1 reply
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I have a pretty simple 1099B for 2020 getting ready to file my 2021 return for 2020. It's only about 6 sale / purchase transactions and I have a net loss realized of $1,445 however for first time in using Turbo Tax I have $770 in column Wash Sale Loss Disallowed. I know that $770 can't be deducted for this years tax return but from researching online seems I still need to input this $770 figure somewhere, and not just my $1,445 realized loss? Any help would be appreciated.

thanks -

rjs

Level 15

You didn't say what version of TurboTax you are using. I will assume you are using Premier, which is the version that is designed for reporting investment sales. Reporting a wash sale would be the same in TurboTax Self-Employed or Home & Business.

If you entered each sale separately, you report the disallowed wash sale loss along with the individual sale that it applies to. After you enter the details of the sale (purchase and sale dates, selling price, and cost), click Continue and you get the screen shown below. The red arrow in the screen shot shows where you enter the disallowed wash sale loss for that sale.

fanfare

Level 15

you don't put that $770 anywhere (other than the adjustment column on Form 8949); your broker keeps track of that for you. (the buy order that triggered the wash sale is adjusted by $770).

vdamicsAuthor

Level 2

Ok thank you I’m using TurboTax premier and hoping I can just upload my TD ameritrade 1099 directly and it will handle for me but if not I’ll see what the steps say about stop wash disallowed once I get there. Was just hoping I didn’t have to do sale by sale since I’ve never done before. Thanks for input and help.