Retirement tax questions
To correct the wash sale import,
...if you are in TurboTax Online, the way to adjust the error in TurboTax Online is to return to the original entry. There is no way to adjust the wash sale at the Review.
To return to the Investment Section, leave the Review by following these steps:
- Click Federal from the left menu.
- Scroll down to Stocks, Mutual Funds, Bonds, Other and Review.
- Click the Review button by the stocks that need correction.
- Click the pencil icon next to the stock transaction at Review your sales.
- Continue through the next screens until you again are at Review your sales and reach Now we'll walk you through entering your sale details. Scroll down and check the box for I have more info to enter that I don't see here.
- When testing this, I was able to enter amounts less than $1 in this area.
...if you are in TurboTax CD/Download, before correcting the Wash Sale, try using the "Capital g/l adj" page. instead.
To find this form, follow these steps:
- From the Forms Mode, click Open Form.
- In the Search box, enter Capital gn.
- Under Form 1099-B Worksheet, select Capital gn(ls) adjustments/other info and Open Form.
- A new window will open: Step 1: Add Capital gn (ls) adjustments/other info. Scroll to find the sheet for Capital g/l adj and select Next and Finish.
- In Part III Specific Adjustments, scroll down and check the box next to Sale includes a disallowed wash sale loss (code W). Amount (leave blank if all)
- Click on the box where an amount should be. Then, a + will occur to the left.
- Click on the + Icon to open up the Description and Amount Worksheet and list your amounts here with the pennies.
See the screenshots below for further assistance:
[Edited 02/17/2021 | 11:41 AM PST]
