UPDATE & REAL SOLUTION with EXAMPLE BELOW
I finally decided to just enter the proceeds, cost basis, and wash rule data manually through the SUMMARY. Not every single transaction because that would be impossible.
This solution takes about 5-minutes.
Since you can only enter up to 9 digits, it was recommended in another thread to split the proceeds and cost basis evenly. If you do 18,000,000 in proceeds, for example, you'd split that into 9,000,000 and 9,000,000. I split the cost basis evenly as well.
You'll have 2 (or possibly 3 or maybe even more) proceeds and cost basis sections for "short-term" gains. This is most likely true if you're an avid day trader.
Your gain/loss section will be the SAME for each short-term gains section (as you split this evenly) to meet the requirement of displaying a maximum of 9 digits within the Turbotax Platform.
I also broke down my wash rule data evenly.
To enter wash rule data, within entering your "total proceeds" and "total cost or other basis," select the box underneath that says, "I need to adjust my total cost basis." From there, select "W" for (nondeductible loss from a wash sale).
I'm not a tax advisor, remember, but I hope this helps provide direction as again, you'll probably LOSE your mind when you go to enter your data only to see it's not possible to enter more than 9 digits....and you'll be off to researching and solving another problem, yet again.
Once everything is all entered in, ensure your net loss or net gain MATCHES what is on the Webull tax form you're pulling your data from.
All the data you need is found on page 2 of your Webull tax form under the "tax summary section".
Again, you'll need to potentially divide the "transactions for covered tax lots" information evenly to get the digit count to less than 9.
This means the "total proceeds," "total cost basis," and "total wash sale loss disallowed" should be divided by the same number (either 2, 3) or whatever number you need to divide the whole number by to get your entry to be LESS than 9 digits.
Here's an example (although it may not be a perfect example), you'll get the idea.
PROCEEDS TOTAL =
27,000,000.00
Proceeds =
9,000,000.00
Proceeds =
9,000,000.00
Proceeds =
9,000,000.00
COST BASIS TOTAL =
24,000,000.00
Cost Basis =
8,000,000.00
Cost Basis =
8,000,000.00
Cost Basis =
8,000,000.00
ADJUSTMENT FROM WASH SALE TOTAL =
600,000.00
Adjustment from Wash Sale =
200,000.00
Adjustment from Wash Sale =
200,000.00
Adjustment from Wash Sale =
200,000.00
That will take care of your short-term box-A transactions.
Repeat the same process for the short-term box b transaction aka "short-term transactions for noncovered tax lots," the same rule would apply, if necessary.
For me, I only had 6 digits for short-term box b, so I was able to enter the "total proceeds," "total cost basis," and "total wash sale loss disallowed" without having to evenly break down the numbers, since I was under the 9 digit maximum.
Again, NO division is necessary unless you're OVER the 9 allowed digits.
Once all of your data is entered, your total should MATCH the "total short-term" row / "net gain or loss" column. If it does not, something is entered incorrectly.
This will save everyone here a TON of time.
Again, I'm not a tax expert but the math all added up correctly. I hope this HELPS everyone here.
