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How do I edit wash sales adjustment. I want to remove all wash sales reported by my broker and report my taxes without them. I did electronically import 1330 trades.How?

How do I delete and edit wash sales adjustment in turbo tax. I want to remove all wash sales reported by my broker and report my taxes without them. I did electronically import my 1330 trades for 2018 .How do remove and fix the wash sales? Please answer the question and do not ask me why i want not to do it. Thank you,

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How do I edit wash sales adjustment. I want to remove all wash sales reported by my broker and report my taxes without them. I did electronically import 1330 trades.How?

If your import is messed up you can delete the import and choose the summary option.

IRS requires each transaction to be listed on Form 8949, or on your own forms (e.g. consolidated 1099-B) which have the same information and in the same manner as Form 8949.

Either way, if you choose to summarize, you have to mail the transaction details to the IRS within three business days of IRS accepting your tax return.

Exception: if you summarize Category A or Category D, Form 8949 is not needed for transactions without adjustments. No mailing is necessary. TurboTax won't ask you about wash sales if you don't check the box.

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6 Replies

How do I edit wash sales adjustment. I want to remove all wash sales reported by my broker and report my taxes without them. I did electronically import 1330 trades.How?

If your broker offers Gainskeeper, Gainskeeper can report all your transactions without wash sale adjustments.
We're not allowed to tell you how to misreport.

How do I edit wash sales adjustment. I want to remove all wash sales reported by my broker and report my taxes without them. I did electronically import 1330 trades.How?

I need to know how to fix the broker mistakes and edit the turbo tax info and fix the imports. I can only see the first 800 trades and not all of the trades on the 1099 worksheet. , my question was about managing/editing the actual turbo tax and not an accounting questions.  Sorry i am not gonna go and enter each trade separately. Your software turbo tax sucks for traders. Traders need to start a more professional software with better customer service. Thank you but no thank you.

How do I edit wash sales adjustment. I want to remove all wash sales reported by my broker and report my taxes without them. I did electronically import 1330 trades.How?

I just confirmed with TD ameritrade that Brokers do not remove wash sales from 1099b when the security is sold disposed and never trades in the last two month of the year . It is up to the prudent investor/trader to remove these wash sales so the loss can be used to offset the gain from another trades. I have their email. I will be attaching it here.

How do I edit wash sales adjustment. I want to remove all wash sales reported by my broker and report my taxes without them. I did electronically import 1330 trades.How?

If your import is messed up you can delete the import and choose the summary option.

IRS requires each transaction to be listed on Form 8949, or on your own forms (e.g. consolidated 1099-B) which have the same information and in the same manner as Form 8949.

Either way, if you choose to summarize, you have to mail the transaction details to the IRS within three business days of IRS accepting your tax return.

Exception: if you summarize Category A or Category D, Form 8949 is not needed for transactions without adjustments. No mailing is necessary. TurboTax won't ask you about wash sales if you don't check the box.

How do I edit wash sales adjustment. I want to remove all wash sales reported by my broker and report my taxes without them. I did electronically import 1330 trades.How?

There are legitimate reasons to edit wash sales:

 

The most common is that this individual, or someone reading this post, could have taken an MTM election which exempts them from the wash sale rule. 

 

If this person is trading 1600 times a year, they're well over at least one threshold to qualify for trader tax status. 

How do I edit wash sales adjustment. I want to remove all wash sales reported by my broker and report my taxes without them. I did electronically import 1330 trades.How?

There are legitimate reasons to edit wash sales:

 

not really with the M-T-M election the effect of any wash sales is eliminated when the year-end positions are marked to market.  also trades for a trader using M-T-M are reported on form 4797 not schedule D. so wash sale info would never appear. 

 

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