To enter investment income accurately, it may be recommended to use TurboTax Premier. TurboTax Deluxe has limited capability for entering details regarding investment activity. Here are the steps for reporting wash sales in TurboTax desktop.
- Open or continue your return.
- Search for wash sales and select the Jump to wash sales link.
- Answer Yes to Did you have investment income in 2024?
- If you land on Let’s finish pulling in your investment income, select Add investments.
- From here, you can import or manually enter your 1099-B.
- On the OK, let's start with one investment type screen, select Stock, Bonds, Mutual Funds. Then select Continue.
- Answer the questions about your sales. Choose Enter one by one when asked.
- On the Now we’ll walk you through entering your sale details screen, enter your info.
- Check I have other boxes on my 1099-B to enter and enter the wash sale loss disallowed in box 1g.
- Select Continue and answer any follow-up questions.
Just an FYI, if the program suggests an upgrade to Premier to enter your investment activity, it may be a good idea to upgrade to enter the wash sale activity.
@GayleS03
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