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Form 1041 Sch D wash sale error message

taxpro2000
Level 2

When I enter a transaction into Sch D smart worksheet on Form 1041 which includes a wash sale, ProSeries has a red box error message that says "Wash Sale Loss Disallowed is only for wash sales. Do not enter." I've used PS for many years, know how to enter a wash sale & know that this transaction is a wash sale...no known reason for an error message other than a programming error. Anyone else with this problem? Any known resolution to get rid of the error message? The wash sale adjustment does not transfer to 8949...to show the correct amount, I would have to override Form 8949. The only solution I can find is to enter a corrected basis on the smart worksheet & overwrite Code B on Form 8949 with Code W.

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4 Replies 4
steve5
Level 3

Same issue here, does anyone know how to correct this?

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mm1
Level 4

Same for me and it is now 2 weeks later and still not fixed by Proseries. Now my only choice is to override the gain/loss and hand calculate each wash sale (and there are a ton of them). I cannot wait any longer on Proseries to fix the issue as the returns are due by 4-15-21. Why haven't they fixed this?????

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steve5
Level 3

Come on ProSeries we are waiting!!!!!

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mm1
Level 4

Here is how to go forward: You have to scan the 1099 sales statements and attach them to the tax return. Go past the part where you enter each individual sale and instead enter the amounts in the box where you check you have scanned and attached. Although it would appear to have only one total box to enter the amounts, there are many through using your down arrow to open more boxes. There you can enter a Code W (and other codes) and it works. There is only one code per "entry box" so if you have more than one code you have to separate sales and cost per code, page down and enter the sales price, cost, the category of short term or long and the next code. If you have any wash sales at all you have to enter it this way even if it is only one sale.

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