Summary of Sales Entry in TT Premiere Desktop

[wwthomp]

When entering the Summary of short term sales in TurboTax Premiere desktop, in Sales Section Total, DESPITE  the caption to enter the "Total proceeds (sum of all Box 1d), aren't you supposed to SUBTRACT the proceeds from all WASH sales in that section and enter that resulting figure? This will result in the correct entry on Schedule D, line 1a, Totals. Same question re the entry for "Total cost or other basis". Please advise.

[AmyC · Accepted solution]

No. Wash sales have 2 entries - one as a sale where you did get money, one as a disallowed loss for tax purposes that adds to the basis of the replacement shares.

• Wash sales are included in the total proceeds box to match up with the IRS figures. Enter the full sum in 1d.
• Enter total costs basis from box 1e - including the wash sale sold
• Wash sale loss disallowed are a separate line entry -box 1g on your 1099-B.

Sch D will take (box 1d minus box 1e) plus box 1g to determine your taxable amount.