Form 1040, Sch D, Column (h), Line 1a + 1b does NOT equal to Line 7. The difference is Wash Sale shown on Column (g). It seems to me that this W/S is missing due to the situation where Col. (g) is composed of both positive and negative adjustments. e.g., +$10k Wash Sale <$25k> Accrued Mkt Discount Adj., resulting in <$15k> shown as net adj. on Col. (g). When you add across (d+e+g), the figures are correct on Col. (h). But the column summation on Line 7 is off by the Wash Sale amount. I called Lacerte Support, but the lady wasn't very willing to help. I then asked if she could refer this to their development dept., her attitude got even worse. If anyone encountered this issue, or if Lacerte Support sees this issue, please share how you resolved this. Thanks.
This is the sort of thing where emailing the file to support (Tools, Communications, Service Requests / Lacerte Email) is the way to go. Someone can actually find where things went wrong with your file.
I will say that I haven't had any issues with Lacerte footing in that situation, although mine might have been long-term, rather than short.
The firm I work at has seen this error a time or two. Luckily it has only been the ones with rather small wash sales. Confused the heck out of us when our 8949 numbers all matched our spreadsheet for the return, but then the sched D numbers did not.
Thanks for sharing. At least I now know this is an ongoing issue that Lacerte doesn't bother to fix. We will just have to see how we could manually override the total ourselves. Otherwise, 1040 total income will be understated.
You have clicked a link to a site outside of the Intuit Accountants Community. By clicking "Continue", you will leave the community and be taken to that site instead.