Hello, I had some stock sales in a brokerage account that were “wash sales” in 2023. The brokerage statement shows over 100 sales, of which 5 were “wash sales”. Can I do the following?
1. List each wash sale on Form 8949 with code “W” and the $ adjustment, and then the total of these wash sales on 8949 would go on Schedule D line 1b (short term, with adjustments) as one line.
2. Then, combine all the other “non-wash sales” (no adjustments) into one line on Schedule D line 1a (short term, no adjustments)?
3. If I can do this, do I need to attach a copy of the brokerage statement to the tax return?
4. If I need to attach the brokerage statement, which pages should I include - only the pages that show the "wash sale" stocks, or the entire list of stock sales (i.e, Box A checked - short term sales), or the entire brokerage statement?
I have another brokage account that had short term sales with no adjustments. Can I combine the total of these sales into Schedule D line 1a as well?
When I input the sales to TurboTax as indicated above, TurboTax appeared to generate what I show above, but it didn't not say to attach the brokerage statement. I want to make sure that I entered the sales correctly.
Thank you.
As an active investor, be aware that your category Box A or Box D sales without adjustments do not require Form 8949, so there is no reason to import or key in those transactions.
Instead use the "enter a summary" option to put your numbers on Schedule D Line 1a or Line 8a.
No mailing is necessary.
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If you have wash sales, it gets more complicated since those adjusted transactions have to be itemized on Form 8949 and the summary totals adjusted accordingly.
Enter the wash sales on Form 8949, then use the subtotal results on the bottom of that form (Line 2) to know how much to subtract which gives you the Schedule D line 1a totals. Be sure to NOT check the adjustments box in the summary window.
No mailing is necessary.
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My goal is to have the correct gain/losses and the correct total Box A proceeds
that leaves the subtotal for cost to be adjusted as needed
when you enter a wash sale, enter the disallowed loss.
As I recall, TurboTax insists on placing the "W" itself.
Thank you for your input. I understand I would enter each wash sale on Form 8949 with the disallowed loss adjustment on "column g", add up all the wash sales (to put on Schedule D line 1b), and subtract the wash sale total from the total of all the stock sales to get the "non-wash sales total" to put on Schedule D line 1a.
Another part of my question is : I have another brokerage account with sales that do not have adjustments. Can I combine the total sale of this account (no adjustments) with the sales for the brokerage account above that has wash sales (the amount would have the wash sales subtracted out already) and put all the sales as one line on Schedule line 1a?