Adjustment Column for Investment Sales in TT slightly diverges from the total amount for wash sales reported on 1099-B brokerage statement. How to fix?

It looks like TurboTax rounds down / up the wash sale amount for each transaction separately and then sums up the total of those rounded values. The brokerage 1099-B totals the exact numbers, causing a few dollar variance. Is this acceptable for the IRS? If not, how would I adjust this is TT to match the 1099-B numbers exactly?

Many thanks!

1160

1 Best answer

Expert Alumni

Mar 15, 2020 2:45:14 PM

That small variance would not be an issue for the IRS. However, if you are concerned you can make adjustments to the individual stocks. Do not adjust the proceeds or stock basis of the original posting. Here is how to adjust the stock basis.

Go to Investment Income
Select Stocks Mutual Funds etc
Select your broker
Confirm the name
Select the stock
At the bottom of the screen select I'll enter additional info on my own
There is a place to correct the cost basis

Expert Alumni

Mar 15, 2020 2:45:14 PM

Go to Investment Income
Select Stocks Mutual Funds etc
Select your broker
Confirm the name
Select the stock
At the bottom of the screen select I'll enter additional info on my own
There is a place to correct the cost basis

Why sign in to the Community?

Adjustment Column for Investment Sales in TT slightly diverges from the total amount for wash sales reported on 1099-B brokerage statement. How to fix?