The wash sales must be separated out from all other sales, then combined if you want to enter a summary total, or one transaction.
- Add all the proceeds and enter the same amount as the cost basis, keeping your sheet (and mailing to IRS) for the breakdown. This would be only for wash sales that remain open as of January 1, 2021. You won't see the disallowed amount in your tax return, only on your backup detail list or statement.
Maybe the following information will help you to see how to summarize your sales in TurboTax that are NOT wash sales to complete one entry for long term sales and one entry for short term sales.
- Long term is a holding period of more than one year and receives capital gain tax treatment (0%, 10%, 15%, 20% depending on your regular rate of tax)
- Short term is a holding period of one year or less and receives ordinary gain tax treatment (your regular rate)
In short, you will have three entries in your TurboTax return.
- Short term sales summary
- Long term sales summary
- Wash sales summary
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