Wash Sale Losses Disallowed

[vdamics]

I have a pretty simple 1099B for 2020 getting ready to file my 2021 return for 2020.  It's only about 6 sale / purchase transactions and I have a net loss realized of $1,445 however for first time in using Turbo Tax I have $770 in column Wash Sale Loss Disallowed.  I know that $770 can't be deducted for this years tax return but from researching online seems I still need to input this $770 figure somewhere, and not just my $1,445 realized loss?  Any help would be appreciated.

thanks - 

[rjs]

You didn't say what version of TurboTax you are using. I will assume you are using Premier, which is the version that is designed for reporting investment sales. Reporting a wash sale would be the same in TurboTax Self-Employed or Home & Business.

If you entered each sale separately, you report the disallowed wash sale loss along with the individual sale that it applies to. After you enter the details of the sale (purchase and sale dates, selling price, and cost), click Continue and you get the screen shown below. The red arrow in the screen shot shows where you enter the disallowed wash sale loss for that sale.

[fanfare]

you don't put that $770 anywhere (other than the adjustment column on Form 8949); your  broker keeps track of that for you. (the buy order that triggered the wash sale is adjusted by $770).

[vdamics]

Yes sorry I am using TurboTax Premier version. Sounds like you’re saying I need to put the wash sale disallowed by doing each transaction. Never done this before hope I don’t mess it up. Hoping maybe I can upload my TD 1099 B and it will do this automatically for me. Thanks for your input and help! 

[vdamics]

Ok thank you I’m using TurboTax premier and hoping I can just upload my TD ameritrade 1099 directly and it will handle for me but if not I’ll see what the steps say about stop wash disallowed once I get there. Was just hoping I didn’t have to do sale by sale since I’ve never done before. Thanks for input and help. 

[JohnB5677]

You are correct.  If you upload your 1099-B you will see that the wash sale is accounted for in BOX 1g.  In addition the realized gain and lose will be calculated on each trade based on the PROCEEDS and COST.

So you will not have to enter or adjust any information.  It will all be calculated for you.

[treygomez]

Im having this same issue , i automatically uploaded from my robinhood account but it still asks me for a number , ive tried putting in numbers but it always sends me back and tells me that it cant be 0.

[rjs]

@treygomez  It might be showing zero because you have a disallowed wash sale amount of less than 50 cents, which gets rounded to zero. In that case you have to not report it as a wash sale. You can't correct the problem in Smart Check where it tells you to check the entry. Even though it was imported, you have to go to the section of the interview where the sales are entered, under Investment Income > Stocks, Mutual Funds, Bonds, Other. Edit each sale and delete the wash sale loss amount, leaving the box empty. That should get rid of the error.

[pamluskdpt-hotma]

I have many sales but  only want to use the total of sales and cost basis to enter into QB.  I tried uploading my info but I don't think it uploaded correctly.  I have 69 pages...  and many sales.  Can I input the total of proceeds and cost basis and then add the disallowed washes separately? 

However, each disallowed wash sale asks for the cost basis and proceeds which is already included in the totals.  Do I back this out of the proceeds and cost basis in my totals?  Do I omit this information in the Disallowed Wash Sale so it doesn't account for it twice?  Any help is greatly appreciated.  Thank you!

[rjs]

@pamluskdpt-hotma  Answered in your separate post of the same question. Please don't post multiple questions about the same issue. It's too confusing and hard to follow, and hard to see the whole picture, if information is scattered in multiple threads. If you need more help or have a follow-up question, add a reply in the other thread to keep all the discussion in one place.