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1099-B Confusion and Adjustment Codes
When filling out the 1099-B info on TurboTax, I chose to enter in a summary since I have a lot of transactions. However, I'm having trouble as to how I should fill out the rest of the information. My 1099-B looks as follows:
- [1d] Proceeds $29000.00
- [1e] Cost or other Basis $30000.00
- [N/A] Total Gain/(Loss) ($500)
- [1g] Wash Sale Loss Disallowed $7.00
After filling out the easy stuff in TurboTax, I checked the box where I need to enter "amounts from box 1f, box 1g, or other adjustments". It brought down the following boxes:
- Total adjustments to gain or (loss) ___________
- List all adjustment codes ___________
Do I just add the [N/A Total Gain/(Loss)] and the [1g] box together [so $-500 + $7] to get the Total adjustments to gain or (loss)? For the adjustment codes, I think I use an 'M' since it is a summary and a 'W' since I'm also including a Wash Sale. Would someone be able to please clear this up for me? Thanks in advance!
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No, when you enter summary information TurboTax figures the amount of Gain/Loss. The only adjustment you enter is the $7 for the Wash Sale and the Code is W.
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That's great that you know that code is a W!! On my Edward Jones statement, there are no codes that I can find. So do they use W for wash, G for gross proceeds, C for cost basis? Where do you find the hidden codes?
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The secret guides, Instructions for Form 8949 (2019) | Internal Revenue Service & Instructions for Form 1099-B - Internal Revenue Service
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You said put in "W" as code...Where do you get the "w" from. It is not on the form?
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RE: 1099 R Why am I asked questions on this when I did not enter info for 1099 r?
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You might have accidentally added a 1099-R:
Follow the steps below to delete the Form 1099-R.
- Sign in to your account.
- Go to Federal Expenses.
- Go to Wages and Income.
- Scroll down to Retirement Plans and Social Security and click show more
- Select IRA, 401(k), Pension Plan Withdrawals (1099-R)
- This will bring you to a screen that says Your 1099-R entries Select Delete next to the 1099-R.
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1099-B Confusion and Adjustment Codes - box 1f & 1g
My 1099-B looks as follows:
- [1d] Proceeds $29000.00
- [1e] Cost or other Basis $30000.00
- [N/A] Total Gain/(Loss) ($500)
- [1g] Wash Sale Loss Disallowed $7.00
- 1f Accrued Market Discount $40.00
Do I add $7 + $40 = $47 and enter both codes W & D?
Tx!
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I’m trying adjust cost basis with wash sale loss, what do I need to do so that turbo can calculate gain/ loss correctly and what Do I use?