Financial Software Questions? Ask IT Support for Answers ASAP
I do have both long term and short term gains and losses. If I'm understanding you correct, following your short-cut will result in 4 1099-B transaction being reported: L-T total gains, L-T total losses, S-T total gains & S-T total losses. On both long term & short term basis I have disallowed losses. How do I account for those / enter them to the tax return. Do I just deduct the disallowed amounts from the total losses?
yes, just report the sale totals and total basis as the bought and sold totals. Describe each of the four as See statement - LTCG, STCG, etc. Use various as the dates of sale and purchase. Override the date choice for the software to select the long or short term treatment as appropriate.
the disallowed losses get special treatment if they are wash sales.
If that's the case, and there are a number of them, I would produce another supporting schedule, in Excel to print out and attach to the return, starting with the LCTG as reported by your brokerage. Then correct it for the wash sale transactions that aren't counted, and the revised totals are the ones I would use in the TurboTax transactions. Do that for each grouping.
Thanks again from Just Answer.