How to estimate your Wash Sale Damage before your receive your 1099 so you can plan to get the money to IRS

[Mr Washsale]

I have been searching for this answer all over the internet, with no luck.  I called the broker and no help.  I will try again.  I have a lot of wash sales that I closed before year end.  I did not close one stock it carried over into 2024 and it ws a snowball wash sale with small losses where the chain lasted for months.

Is there a way to read the current 2023 Realized Capital gain/loss reports with wash sales (TD Ameritrade) to estimate this life changing event?   I am just trying to get an idea until the 1099 comes in.  once this become official report I guess it reads (8949). 

Maybe add the columns of all the adjusted wash sales and shorts from (guessing) the "adj st gain" by filtering excel?"  Or do I use the balance at the bottom of the adj st gain?   I am assuming you need to filter the losses that are not allowed, but not sure. 

For the one stock I did not sell what figure(s) will this imapct?  the wash sale disallowed or the short term net gain,  st net loss, or  Short term net proceed sna costs basis? or all?  will the current report be similar to the 2023 - 1099.

One website article claims you dont need to worry about any of the wash sales that were sold and not repurchased but I beleive I will have to pay tax on all of my wash sales all year long and not sure but tax on the one that carried over.  It was a snowball wash sale.   ?nce you enter any wash sale loss dissollawance the taxes go up.  I just dont know how to cacluate this disallowance or view it before 1099.... so in ther words what figure is important from the broker.   The reponse I received from them doesnt seem correct.   

Thanks for the help.

[Mike9241]

If the broker can't help and we can't see the reports you're getting, I don't see how we can tell you the amount of wash sale loss that will carry into 2024. Also, if you had a loss on a position closed in December 2023 and establish a substantially identical position in January 2024, if that's within 31 days of closing that 2023 position you will trigger another wash sale.

perhaps consult a tax professional 

[Mr Washsale]

Ok thanks but maybe you can explain when you add up all the wash losses I'm guessing this is the disallowance? 

Then if you didn't close out a stock purchase of 30 shares of a 500 stock but was connected to a wash sale chain that had a ,  11k in wsale losses..do you add up the total cost basis and proceeds and then subtract them and lower the overL figures.

.or do you just subtract them to determine your short term gain tax amount. 

I'm just trying to figure out where the number come from and go with wash sale  disallowance and the carry over when you don't close out a stock because you purchased it in 2024. 

Nobody explains this online. 

[Mr Washsale]

So I called the Broker and they told me to go to cost basis for 2023, unrealized gain tab and look at the  column wash sale adjustments to get the deferred amount,  (the amount you lost because you opened a new trade before waiting 30 days and you triggered a wash sale because of the losses. 

 I'm not sure if this figure is the total wash sale disallowance for the year but they claimed it was.      Any idea if this is how TD Ameritrade reports it?  do brokers give this information before 1099?  

[MarilynG1]

It sounds like you have the direction you need from your broker to calculate your Wash Sales before receiving a 1099-B. 

Here's How to Enter a Wash Sale and The Wash Sale Rule to help you. 

If you have a lot of wash sales, here's How to Enter a Summary in Lieu of Individual Transactions.

[fanfare]

IRS requires a detail transaction report on all transaction with adjustments. That includes wash sales.

transactions without adjustments and basis reported can be aggregated on Schedule D Line 1a or Line 8a.

@Mr Washsale