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How to report wash sale loss disallowed

 
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2 Replies
IreneS
Intuit Alumni

How to report wash sale loss disallowed

To indicate a wash sale disallowed, please follow these steps:

  1. Click Federal Taxes > Wages & Income > I'll choose what I work on
  2. In the Investment Income section, click the Start/Update box next to Stocks, Mutual Funds, Bonds, Other
  3. If you have already entered some investment sales, you will see a screen Here's the investment sales info we have so far.  Click on the Add More Sales link. 
  4. Click the appropriate box on the screen Did you get a 1099-B or a brokerage statement for these sales?
  5. On the screen, Choose your bank or brokerage, or click on the box I'll type it myself.
  6. Enter the name of the bank or brokerage and click Continue.
  7. On the screen, Tell us about your 1099-B, mark the button I'll enter one sale at a time.
  8. Enter the information on the sale and then click the box I’ll enter additional info on my own.
  9. Enter the disallowed wash sale loss in box 1g and select Done to record the information.



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How to report wash sale loss disallowed

as an active investor, be aware that your category Box A sales without adjustments do not require Form 8949, so there is no reason to import those transactions.

instead use the "enter a summary" option to put your numbers on Schedule D Line 1a.

If you have wash sales, it gets more complicated since those have to be itemized on Form 8949 and the summary totals adjusted accordingly.

enter the wash sales on Form 8949, then use the subtotals on the bottom of that form to know how much to subtract. Be sure to NOT check the adjustments box in the summary window.

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