When entering totals for short term covered securities, from 1099-B, my broker has a box 1g, for a summary of wash sales disallowed; But turbotax has no place to enter this amount. Where in Turbotax do I enter it?
To enter wash sales disallowed for your short term trading losses, follow the steps below. These directions will allow you to enter a value that will carry to box 1g. For a great overview, see: How do I enter a wash sale? or see the description here:
To edit wash sales in TurboTax Online, follow these steps:
For TurboTax CD/Download, the instructions below do not require an override by using the "Capital g/l adj" page. instead.
To find this form, follow these steps:
So manual manipulation is required. TurboTax should change their application so that no manual manipulation is necessary. Since that data is all there and reported on the 1099, it should be as easy as entering the data, or downloading the data in an appropriate spot, and then TT should enter the data and adjust any values they need to make. Also, when trades are numerous, like in the hundreds, it would take enormous effort to manipulate the data individual as advised. Also, typically when there are hundreds of trades, you just need to enter the summary data, and attach a brokers report of the individual trades, so in that case TT should have a way to enter the summary data of wash sales. So really this is a deficiency in TT.