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?

abert8722 · ‎March 15, 2020

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!

JohnB5677 · ‎March 15, 2020

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

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

JohnB5677 · ‎March 15, 2020

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

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

Expert does your taxes

Do it yourself

Resources

Support

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?