Skip to main content
March 28, 2025
Solved

Question on 1099-B - total gain/loss & box 1g

  • March 28, 2025
  • 1 reply
  • 0 views

Question on how box 1g impacts total gain/loss on 1099-B.


total short and long covered and non-covered - Box 1d (proceeds):
202,038.30

 

total short and long covered and non-covered - Box 1e (cost basis):
202,112.67

 

total short and long covered and non-covered - Box 1g (wash sale disallowed)
778.75.

 

subtracting the 1st two boxes there is a loss of -74.37. This is what my 1099-B shows.
But TT has added box 1g to the loss and come up with a gain of 704.38, which I am required to pay taxes on.
Can you please explain if this is correct? Do I have a loss or a gain on this 1099-B?

Thanks
   

    Best answer by ThomasM125

    The TurboTax numbers are correct. You have a loss on the transaction, but you can't deduct the loss to the extent it is a wash sale. So, you deduct the wash sale portion of the loss from the total loss and that gives you a gain equal to the difference.

    1 reply

    March 29, 2025

    The TurboTax numbers are correct. You have a loss on the transaction, but you can't deduct the loss to the extent it is a wash sale. So, you deduct the wash sale portion of the loss from the total loss and that gives you a gain equal to the difference.

    **Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"