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Disallowed wash sale amount (leave blank if entire loss is disallowed)

When I make a stock sale on TurboTax which was a wash sale

Under: "Any of these less common items on your 1099-B?

Box 1g Wash sale loss disallowed   $56.86

 

Two pages after, the sixth line gets prepopulated.

Under: "Select any less common adjustments that apply"

[check box] Loss from this sale is disallowed due to wash sales rules

        Disallowed wash sale amount (leave blank if entire loss is disallowed[$56.86]

 

If I leave it blank (delete it), then the previous entry from Box 1g also gets deleted. 

Should I just ignore this message "Disallowed wash sale amount (leave blank if entire loss is disallowed)"?

 

Please explain.

 

Thanks much!

peixes

 

 
 

 

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1 Reply

Disallowed wash sale amount (leave blank if entire loss is disallowed)

if it was reported on a 1099-B you need to report it in your 1040. otherwise, your proceeds are going to be short of what the broker reports to the iRS. so then it will be up to the IRSto either question the missing amount or add the missing sales price with no cost and bill you.

 

 

enter the sale. for the wash sale part in column g   enter the wash sale amount as a positive number.  turbotax has a box specifically for the wash sale amount.  if you enter it this way no code is needed. Turbotax will supply it automatically

 

 

on the other hand if you enter code w you can't use the wash sale box you must use the other adjustment box

 

 

 

 

 

 

 

prop

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