Reporting a Wash sale with a 1099-B

[Sorakairi89]

I have to report for my tax software my short term transactions.

I have short term transactions for a couple of securities, which I had reported as a SUMMARY TOTAL for box 1D on my 1099-B. I am then getting asked in the software if I had any wash sales, which I can see on my 1099-B as a TOTAL for all short term securities of 45.75 W on box 1F.

My question is, if I reported my short term transactions as a summary, when the system asks for wash sales, can I report that as a TOTAL summary of 45.75 W from all the securities from box 1F or does it need to be deducted and/or broken down per security?

[rjs]

You report the wash sale adjustment as a total, along with the totals for proceeds and basis.

[Mike9241]

all wash sale transactions must be separately reported. in addition, any sales where the cost basis was not reported to the IRS (types b,c,e,f,x)must also be separately reported.  your options  a) to import, if possible, so each transaction that is required to be separately reported is or b) enter summary totals and then submit details (the 1099-B) to the IRS using form 8453. read its filing instructions 

[RobynW1]

You will report the wash sales as a total amount.  Since you are having to make the wash sale adjustment, Turbo Tax will prompt you to mail the detail statement to the IRS with Form 8453. Just send a copy of the 1099-B and that will give them the breakdown they need.

[Sorakairi89]

If I didn't do a summary and instead listed it individually through the software, does that mean that I would not have to physically mail in a 8453?

[mirassou]

Although the proper procedure is to report each transaction separately, since the amount is so small I would just report the total in this case.

[rjs]

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@Sorakairi89 wrote:

If I didn't do a summary and instead listed it individually through the software, does that mean that I would not have to physically mail in a 8453?

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@Sorakairi89  That's right. If you list each sale individually on your tax return, you do not have to mail anything. All the necessary detail is on the tax return.

[RobynW1]

No 8453 needs to be mailed if you reported sales individually.

[c-esq]

The IRS instructions for Form 8453 say specifically to ONLY submit forms with it that are listed and have a checkbox on the form. Form 1099-B is NOT one of the ones listed. So do I use 8453 anyway to submit the wash sale?

[Mike9241]

your stock transactions should have been reported on form 8949 

when you enter them enter as summary totals by type and use code M 

on the 8453 check the 8949 box

then on the 1099-B highlight the totals by type which should match what you entered. 

then you can submit by mail form 8453 along with the 1099-B

[rjs]

@c-esq 

On Form 8453, check the box for Form 8949. Note that it says "or a statement with the same information." The 1099-B is the "statement with the same information."