RE: Fidelity Import RSU with Wash Sale Adjustments: WASH SALE 1099-B vs. WASH SALE SUPPLEMENTAL, TT IMPORT BUG?
For 1099 + Supplemental Information from Fidelity.
TurboTax seems to Import fields from both 1099-B body and the Supplemental Information.
For instance, the 1099-B body has $0 for wash sale box (1g) - with the Supplemental Information document showing a Wash Sale Disallowed field.
TurboTax LOGIC is ODD here. TT prompts to Enter "Exactly" what is on the 1099-B. That means $0 Basis and $0 Wash Sale Disallowed. It then prompts to Correct the Basis (to the Supplement Info). However, it does NOT prompt to Adjust the Wash Sale Disallowed field.
SO: Which TurboTax direction do I ignore?
I.E. : Do I leave the Wash Sale Disallowed value (that TT imported NOT from 1099-B but from Supplemental Info) ignoring its 1099-B Exact caution? or do I zero the Wash Sale field and allow the Fidelity Basis Adjusted to correct the wash sale?
Next Question: Why Match & Import the Wash Sale Disallow field from the Supplemental Info and then force the user to manually import the adjusted basis from it. What's the logic there?
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TurboTax Desktop 2024 - imports Fidelity supplemental info's Wash Sale Disallowed into fields for actual the 1099-B. Consumer is prompted to enter "exactly" what is on 1099-B (which is different than supplemental). There is then NO prompting to adjust the Wash Sale Disallowed.
Consider vs. the Basis. The engine imports the 1099-B basis (including the 0.00 or null for not reported). Then prompts the user to adjust (code) for the supplemental information basis. Yet with 2 different Wash Sales fields being in both 1099-B and Supplemental - it directly imports the supplemental.
The interview flow prompts should be changed - and the wash sales from the 1099-B imported into the 1099-B with a later prompt to update/adjust.
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someanswer
Level 2
Andy-P
Level 2