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How to report a wash sale in ProConnect Tax

SOLVEDby IntuitProConnect Tax12Updated July 13, 2022

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.

To report a wash sale in the Individual module:

  1. Go to the Input Return tab.
  2. Click on Income to expand.
  3. Click on the second Schdule D/4797/etc input screen.
  4. Enter the applicable information regarding the sale (Description, Date acquired, Date sold, Sales price, Cost or basis) in the quick entry grid.
  5. Click Details at the far right of grid to expand input area.
  6. Scroll down to the Schedule D section and expand that.
  7. Scroll down to the field Wash sale (-1 to disallow entire loss)
  8. Enter an amount.

To report a wash sale in the Partnership module:

  1. Go to the Input Return tab.
  2. Click on Schedule K section to expand.
  3. Click on the second Dispositions input screen.
  4. Enter the applicable information regarding the sale (Description, Date acquired, Date sold, Sales price, Cost or basis) in the quick entry grid.
  5. Click Details at the far right of grid to expand input area.
  6. Scroll down to the Schedule D section and expand that if not already expanded
  7. Scroll down to the field Wash sale (-1 to disallow entire loss)
  8. Enter an amount.

To report a wash sale in the Corporate module:

  1. Go to the Input Return tab.
  2. Click on Income section to expand.
  3. Click on the second Dispositions input screen.
  4. Enter the applicable information regarding the sale (Description, Date acquired, Date sold, Sales price, Cost or basis) in the quick entry grid.
  5. Click Details at the far right of grid to expand input area.
  6. Scroll down to the Schedule D section and expand that if not already expanded
  7. Scroll down to the field Wash sale (-1 to disallow entire loss)
  8. Enter an amount.

To report a wash sale in the S Corporate module:

  1. Go to the Input Return tab.
  2. Click on Schedule K section to expand.
  3. Click on the second Dispositions input screen.
  4. Enter the applicable information regarding the sale (Description, Date acquired, Date sold, Sales price, Cost or basis) in the quick entry grid.
  5. Click Details at the far right of grid to expand input area.
  6. Scroll down to the Schedule D section and expand that if not already expanded
  7. Scroll down to the field Wash sale (-1 to disallow entire loss)
  8. Enter an amount.

To report a wash sale in the Fiduciary module:

  1. Go to the Input Return tab.
  2. Click on Income to expand.
  3. Click on the second Schdule D/4797/etc input screen.
  4. Enter the applicable information regarding the sale (Description, Date acquired, Date sold, Sales price, Cost or basis) in the quick entry grid.
  5. Click Details at the far right of grid to expand input area.
  6. Scroll down to the Schedule D section and expand that if not already expanded
  7. Scroll down to the field Wash sale (-1 to disallow entire loss)
  8. 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.

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