1099-B Confusion and Adjustment Codes

Forum|Forum|6 years ago
March 8, 2020
8 replies
92 views

When filling out the 1099-B info on TurboTax, I chose to enter in a summary since I have a lot of transactions. However, I'm having trouble as to how I should fill out the rest of the information. My 1099-B looks as follows:

[1d] Proceeds $29000.00
[1e] Cost or other Basis $30000.00
[N/A] Total Gain/(Loss) ($500)
[1g] Wash Sale Loss Disallowed $7.00

After filling out the easy stuff in TurboTax, I checked the box where I need to enter "amounts from box 1f, box 1g, or other adjustments". It brought down the following boxes:

Total adjustments to gain or (loss) ___________
List all adjustment codes ___________

Do I just add the [N/A Total Gain/(Loss)] and the [1g] box together [so $-500 + $7] to get the Total adjustments to gain or (loss)? For the adjustment codes, I think I use an 'M' since it is a summary and a 'W' since I'm also including a Wash Sale. Would someone be able to please clear this up for me? Thanks in advance!

Best answer by DianeC958

No, when you enter summary information TurboTax figures the amount of Gain/Loss. The only adjustment you enter is the $7 for the Wash Sale and the Code is W.

DianeC958Answer

Level 12

No, when you enter summary information TurboTax figures the amount of Gain/Loss. The only adjustment you enter is the $7 for the Wash Sale and the Code is W.

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EricCompressor

Level 2

That's great that you know that code is a W!! On my Edward Jones statement, there are no codes that I can find. So do they use W for wash, G for gross proceeds, C for cost basis? Where do you find the hidden codes?