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Turbo tax is picking up box 1g in 1099-B, but NOT net GAIN/LOSS, how to adjust it ?

 
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3 Replies
MarilynG1
Expert Alumni

Turbo tax is picking up box 1g in 1099-B, but NOT net GAIN/LOSS, how to adjust it ?

You would enter the wash sale amount in Box 1G that was reported to you by your broker.  The adjustment code for wash sales is just a "W". You would need to select that code and then proceed through the remaining questions.

 

Here's more info on Entering Wash Sales. 

 

@dedhia-jyoti 

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Turbo tax is picking up box 1g in 1099-B, but NOT net GAIN/LOSS, how to adjust it ?

The question is not about how to enter the wash sale. I uploaded the 1099-B into Turbo-Tax from Fidelity. it is picking up this 1g amount, but next to it is a net amount, which is not picked up by Turbo-Tax. (May be Fidelity should not have mentioned anything in 1g, if in that 30 days+- period, there is no activity and wash sale is net loss.) for now, I am removing this 1g amount in turbo tax by editing it. Do not know if that is the right way of doing it.

JamesG1
Expert Alumni

Turbo tax is picking up box 1g in 1099-B, but NOT net GAIN/LOSS, how to adjust it ?

Does the amount that you removed appear to be the basis of the investment adjusted by the amount of the wash sale?

 

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