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hersel73
Returning Member

Wash sale is the amount noted in Colum G considered a taxable income I did download my schwab acct and all the wash amounts were added as income in the schedule D is that correct

 
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2 Replies
KathrynG3
Expert Alumni

Wash sale is the amount noted in Colum G considered a taxable income I did download my schwab acct and all the wash amounts were added as income in the schedule D is that correct

It depends. To verify the totals that were posted, compare the tax forms with the statement from your broker. If there is any difference, it will need to be edited.

 

To download your 2020 federal and state tax returns, follow these steps:

  • From the left menu, select Tax Home
  • Scroll down to Your tax returns & documents and Show.
  • Navigate to the option to download the PDF of your return.
    • The forms are named in the top left and lower right hand corners of each page.
    • Scroll to Schedule D and Forms 8949 to compare to what you received from the broker.

For more information, see: What is a wash sale?

 

If needed, to edit wash sales in TurboTax Online, follow these steps:

  • Click Federal from the left menu.
  • Scroll down to Stocks, Mutual Funds, Bonds, Other and Review.
  • Click the Review button by the stocks that need correction. 
  • Click the pencil icon next to the stock transaction at Review your sales.
  • Continue through the next screens until you again are at Review your sales and reach Now we'll walk you through entering your sale details. Scroll down and check the box for I have more info to enter that I don't see here.

Wash sale is the amount noted in Colum G considered a taxable income I did download my schwab acct and all the wash amounts were added as income in the schedule D is that correct

the amounts in the wash sale column on a Schwab 1099-B reduce/eliminate the loss realized on a sale so in effect they increase taxable income.  the wash sale amount is added by Schwab to the securities that created the wash sale.  when you sell those shares your gain/loss will reflect sales price less purchase cost less the wash sale amount.  note if it's a loss and you again purchase substantially identical securities 30 days before or after the sale, you will have another wash sale.  

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