When entering a large number of sales from your 1099-B into TurboTax for 2024, you can use the "sales section totals" option to simplify the process. However, wash sales need to be entered individual...
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When entering a large number of sales from your 1099-B into TurboTax for 2024, you can use the "sales section totals" option to simplify the process. However, wash sales need to be entered individually to ensure accurate tracking and reporting.
Here's a step-by-step guide:
For non-Wash Sales
Open or continue your return.
Search for stock sales in the magnifying glass at the top right of the screen and select the Jump to link in the search results.
Choose "I'll type it myself" when asked how you want to enter your 1099-B.
Enter sales section totals: You'll be able to enter the total proceeds (sales) and cost basis for each sales category (e.g., short-term covered, long-term covered) based on your 1099-B.
For wash sales:
Open or continue your return.
Go to wash sales or search for wash sales in the magnifying glass at top right then click the jump 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.
On the OK, let's start with one investment type screen, select Stock, Bonds, Mutual Funds. Then select Continue.
From here, you can import or manually enter your 1099-B.
Answer the questions about your sales. Choose to enter sales One by one when asked.
On the Now, enter one sale on your 1099-B 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.