Is anybody familiar with how to file a wash sales in 10998-B?

[cinlis2]

On a schedule D and or schedule 8949 Form, is anybody familiar on how to file a wash sales

[baldietax]

try this

https://ttlc.intuit.com/turbotax-support/en-us/help-article/import-export-data-files/enter-wash-sale...

generally you would file them on Form 8949 by inputting the details as "one by one" in turbotax, same for AMD or other sales which have adjustments.  Form 8949 will feed into the Schedule D totals.  The remaining balance of your 1099B that has no adjustments can be input as totals on a separate 1099-B in TT as a "sales summary" which will go directly onto Schedule D only, not Form 8949.

you can also just input everything as a sales summary, but you will then be prompted to mail the 1099-B to the IRS, personally I prefer to avoid that.

you can also possibly import your 1099-B from your brokerage which will handle the detailed sales info.

if you have more specific question/issue where you are stuck then pls elaborate more details and maybe folks here can help further.

[rjs]

Are you using TurboTax? This TurboTax support community is run by Intuit, the company that makes TurboTax, to help its customers use TurboTax to prepare their tax returns.

If you are using TurboTax you should not be filling out Form 8949 or Schedule D yourself. Enter your investment sales using the TurboTax interview, and TurboTax will make the appropriate entries on the forms for you. When you enter a wash sale, check the box that says "I have other boxes on my 1099-B to enter." It will then give you a place to enter the wash sale loss from the 1099-B.

[fanfare]

If TurboTax recognizes your brokerage as a supported institution, you should be able to Import  their online consolidated 1099-B and be ready to go.

In practice, troublesome difficulties often  arise.

@cinlis2 

[Mike9241]

just follow the reporting on the 1099-B. when there is a wash sale the loss is disallowed. the broker adds the disallowed loss to the basis of the securities that created the wash sale. is there any other help you need in reporting them/ 

brokers usually do not correctly report a wash sale when you sell at a loss in a taxable account and then within the wash sale period buy substantially identical securities in another account (taxable or tax-exempt). there is no wash sale if you sell at a loss in a tax-exempt account and buy substantially identical securities in a taxable account. also, traders that make the 475(f) election don't have wash sale because of the mark-to-market rule, but they also don't get capital gain treatment for activity in their trading account.