Down below we will go over how to report a wash sale for all return types.
The wash portion of an entered transaction is the amount of loss being excluded. The amount entered will be treated as a gain.
Individual (Form 1040)
To report a wash sale in the Individual module:
- Go to the Input Return tab.
- Click on Income to expand.
- Click on the second Schdule D/4797/etc input screen.
- Enter the applicable information regarding the sale (Description, Date acquired, Date sold, Sales price, Cost or basis) in the quick entry grid.
- Click Details at the far right of grid to expand input area.
- Scroll down to the Schedule D section and expand that.
- Scroll down to the field Wash sale (-1 to disallow entire loss)
- Enter an amount.
Partnership (Form 1065)
To report a wash sale in the Partnership module:
- Go to the Input Return tab.
- Click on Schedule K section to expand.
- Click on the second Dispositions input screen.
- Enter the applicable information regarding the sale (Description, Date acquired, Date sold, Sales price, Cost or basis) in the quick entry grid.
- Click Details at the far right of grid to expand input area.
- Scroll down to the Schedule D section and expand that if not already expanded
- Scroll down to the field Wash sale (-1 to disallow entire loss)
- Enter an amount.
Corporate (Form 1120)
To report a wash sale in the Corporate module:
- Go to the Input Return tab.
- Click on Income section to expand.
- Click on the second Dispositions input screen.
- Enter the applicable information regarding the sale (Description, Date acquired, Date sold, Sales price, Cost or basis) in the quick entry grid.
- Click Details at the far right of grid to expand input area.
- Scroll down to the Schedule D section and expand that if not already expanded
- Scroll down to the field Wash sale (-1 to disallow entire loss)
- Enter an amount.
S Corporate (Form 1120S)
To report a wash sale in the S Corporate module:
- Go to the Input Return tab.
- Click on Schedule K section to expand.
- Click on the second Dispositions input screen.
- Enter the applicable information regarding the sale (Description, Date acquired, Date sold, Sales price, Cost or basis) in the quick entry grid.
- Click Details at the far right of grid to expand input area.
- Scroll down to the Schedule D section and expand that if not already expanded
- Scroll down to the field Wash sale (-1 to disallow entire loss)
- Enter an amount.
Fiduciary (Form 1041)
To report a wash sale in the Fiduciary module:
- Go to the Input Return tab.
- Click on Income to expand.
- Click on the second Schdule D/4797/etc input screen.
- Enter the applicable information regarding the sale (Description, Date acquired, Date sold, Sales price, Cost or basis) in the quick entry grid.
- Click Details at the far right of grid to expand input area.
- Scroll down to the Schedule D section and expand that if not already expanded
- Scroll down to the field Wash sale (-1 to disallow entire loss)
- Enter an amount.
The amounts should flow to Form 8949 with the nondeductible loss as a positive amount in column g, and a disposition code "W" in column f.
