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abert8722
March 15, 2020
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Adjustment Column for Investment Sales in TT slightly diverges from the total amount for wash sales reported on 1099-B brokerage statement. How to fix?

  • March 15, 2020
  • 1 reply
  • 0 views
It looks like TurboTax rounds down / up the wash sale amount for each transaction separately and then sums up the total of those rounded values. The brokerage 1099-B totals the exact numbers, causing a few dollar variance. Is this acceptable for the IRS? If not, how would I adjust this is TT to match the 1099-B numbers exactly?

Many thanks!
Best answer by JohnB5677

That small variance would not be an issue for the IRS.  However, if you are concerned you can make adjustments to the individual stocks.  Do not adjust the proceeds or stock basis of the original posting.  Here is how to adjust the stock basis.

  1. Go to Investment Income
  2. Select Stocks Mutual Funds etc
  3. Select your broker
  4. Confirm the name
  5. Select the stock
  6. At the bottom of the screen select I'll enter additional info on my own
  7. There is a place to correct the cost basis

1 reply

JohnB5677
JohnB5677Answer
March 15, 2020

That small variance would not be an issue for the IRS.  However, if you are concerned you can make adjustments to the individual stocks.  Do not adjust the proceeds or stock basis of the original posting.  Here is how to adjust the stock basis.

  1. Go to Investment Income
  2. Select Stocks Mutual Funds etc
  3. Select your broker
  4. Confirm the name
  5. Select the stock
  6. At the bottom of the screen select I'll enter additional info on my own
  7. There is a place to correct the cost basis
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