brokers routinely report false wash sales on 1099bs i am manually entering trades with all the 1099b information and then need to adjust the basis to subtract out the wash sale amount. i have tried the various check boxes none of them are doing this properly. when i select "cost basis on my statement incorrect" and enter the corrected basis then go into form 8949 to see what it did its doubled the wash sale adjustment and therefor found an incorrect gain loss. when i select an adjust needs to be made for reasons not above then enter the adjustment to be made (which is the disallowed wash sale amount) same thing im adding a positive number. besides i dont think this is the correct choice for situation.
it seems 99% of so called professionals dont understand the rules on washes and ive spent weeks pulling hair out trying reading garbage by everyone responding to others having this issue
i dont want you to tell me what you think you know about wash sales or how to import or other software
i need to know how to get turbo tax to allow me to undo reported was sales from my basis while still giving IRS the information in the 1099 and putting the right code in the box simple basic
i will tell you why now since so many dont understand not the whole wash sale rule you can find that yourself but what most dont seem to understand is wash sales die expire. if you dont trade that stock again for 31 days even if you sell dec 31 but dont trade it until feb 1 of next year those wash sales on your 1099 are wrong. almost all brokers report them anyway even wash sales that were triggered in say april and your last sale was in oct they put the **bleep** wash sale on your 1099
YOU CAN NOT USE THAT GARBAGE 1099 a lot of time you will massively overpay taxes. for instance my 1099 shows a 15 million wash sales disallowed its absurd i am careful in dec and january i have zero legitimate wash sales if you are a active trader read mark greens books blogs pods etc hes the expert
