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Federal Form 1040, Line 15 is not including Wash Sales in the Net Long-Term Gain (loss) line

Federal Form 1040, Line 15 is not including Wash Sales in the Net Long-Term Gain (loss) total line.  The Wash sale is included on line 8B but Line 8B Plus Line 11 Plus Line 12 is $568 too low as it did not include the wash sale.

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I found out what I did after posting the message on the Lacerte Rescuer's group.  Since I was given the client's flash drive with so many transactions to enter in one day when I had so many returns to still enter to put on extension, I could not find the basis adjustment screen and saw the screen when I scrolled down that said gain (loss) adjustment. I thought they took the other screen away. I had to get the extension out and see which states he owned as he had a three states on his W-2.  So when I went back to review the tax return I saw I put the number in positive so it was not coming out right so I put it in negative and I got the federal to come out but NJ could not handle BOTH this kind of adjustment and the wash sale on the same line. I WISH one of the two technical support representatives would have seen I had entered the basis adjustment on the wrong line or there would have been a diagnostic warning but this did not happen.  The 2nd representative received my file and still did not see it. Someone on Lacerte rescuers asked me to call her and we figured it out quickly.  Very disappointed in Lacerte wasting my time calling them.  At least now the problem is gone and NJ agrees with the federal after the three K-1 adjustments are considered.

Also the federal K-1 did not add up after putting the basis adjustment in the wrong line to adjust and again, Lacerte's diagnostics should have realized this or at least the 2nd representative, Steve after getting my file should have noticed it since this was an technical support issue.

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George4Tacks
Level 15

My guess is that you have accidently entered some BONUS information. I would use Ctrl + W to look at the detail.  Here is a sample of what you would see

Capture.JPG

Code 101 is the wash sale - If you see any codes that are NOT in this image, go back to that detail item and find out what it is.


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I found out what I did after posting the message on the Lacerte Rescuer's group.  Since I was given the client's flash drive with so many transactions to enter in one day when I had so many returns to still enter to put on extension, I could not find the basis adjustment screen and saw the screen when I scrolled down that said gain (loss) adjustment. I thought they took the other screen away. I had to get the extension out and see which states he owned as he had a three states on his W-2.  So when I went back to review the tax return I saw I put the number in positive so it was not coming out right so I put it in negative and I got the federal to come out but NJ could not handle BOTH this kind of adjustment and the wash sale on the same line. I WISH one of the two technical support representatives would have seen I had entered the basis adjustment on the wrong line or there would have been a diagnostic warning but this did not happen.  The 2nd representative received my file and still did not see it. Someone on Lacerte rescuers asked me to call her and we figured it out quickly.  Very disappointed in Lacerte wasting my time calling them.  At least now the problem is gone and NJ agrees with the federal after the three K-1 adjustments are considered.

Also the federal K-1 did not add up after putting the basis adjustment in the wrong line to adjust and again, Lacerte's diagnostics should have realized this or at least the 2nd representative, Steve after getting my file should have noticed it since this was an technical support issue.

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sjrcpa
Level 15

What's Lacerte rescuers?


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abctax55
Level 15

@sjrcpa - I believe it's a Facebook group.

(Susan... check your email...)

Former Chump..oops..AllStar...I used to be a people person, then people ruined it


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IntuitGabiU
Community Manager
Community Manager

Thanks for reporting back @SusanLDiscountCPA

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