Entering wash sales in ProSeries

To enter a full wash sale:

1. Press F6 to open the Forms List.
2. Type "D" and press Enter to open Schedule D.
3. Scroll to the Capital Gains and Losses Condensed Entry Table.
4. Enter the sale information.
5. In the Trans Type column, select "W" for Wash Sale.

To enter a partial wash sale:

1. Complete Part I and Part II of the Capital Gain (Loss) Transaction Worksheet, as needed.
2. Enter the Description if needed on Part III, Line 1.
3. Check Box 3a for Sold.
4. Enter the Date Sold (date of disposition) on Line 4.
5. Enter the Gross Sales Price on Line 5a and a Sales Expenses and Commissions included on Form 1099-B on Line 5b.
6. Verify the amount on Line 5c, Net Sales Price.
7. Enter on Line 5d any Sales expenses and commissions not included on Form 1099-B.
8. Check Box 6a for Wash Sale.
9. Enter on 6a(3) the Number of Substantially identical replacement shares purchased during the Wash Sale window.
10. Complete Part IV - Acquisition Information, as needed.

To enter a full wash sale:

1. Press F6 to open the Forms List.
2. Type "D" and Press Enter to open Schedule D.
3. Scroll to the Capital Gains and Losses Smart Worksheet.
4. Answer question A1, A2, A3, A4, and A5, if needed.
5. On line C, enter the company name.
6. On line D, enter the number of shares sold.
7. On line E1 and line E2, enter the date acquired and date sold.
8. On line F1, select W for Wash Sale for the Transaction Type.
9. On line F2, enter Property ownership (Taxpayer, Spouse, or Joint).
10. On line H1, enter the Sales Price.
11. On line I2, enter the Cost or Basis.
12. Complete any of the Optional or If Applicable lines, as needed.

Form 8949 should have Code W in Column F, and Column G should have an adjustment for the amount of the loss. Column H will have 0.

To enter a partial wash sale:

1. Complete Part I and Part II of the Capital Gain (Loss) Transaction Worksheet as needed.
2. Enter the Description if needed on Part III, Line 1.
3. Check Box 3a for Sold.
4. Enter the Date Sold (date of disposition) on Line 4.
5. Enter the Gross Sales Price on Line 5a and a Sales Expenses and Commissions included on Form 1099-B on Line 5b.
6. Verify the amount on Line 5c, Net Sales Price.
7. Enter on Line 5d any Sales expenses and commissions not included on Form 1099-B.
8. Check Box 6a for Wash Sale.
9. Enter on 6a(3) the Number of Substantially identical replacement shares purchased during the Wash Sale window.
10. Complete Part IV - Acquisition Information as needed.

To enter a full wash sale:

1. Open Schedule D.
   • Press F6 and type the letter "D", and then and press Enter.
2. In the Capital Gains and Losses Smart Worksheet, select code W in the Type selection box to identify sale type as Wash.
3. Enter the number of shares within the No. of Shares amount field, if applicable.
4. In the Description field, enter a description of the property (or company name, if it's actual stock to be reported).
5. Make the appropriate selection in the Reported on Form 1099-B? box.
6. Enter the name of the brokerage house within the field entitled Brokerage House, if desired.
7. Enter the Date Sold.
8. Enter the appropriate date of acquisition within the Date Acquired box.
9. Enter total price of sold shares within the Sale Price box.
   • If there's no sales price, enter 0 for sales price to avoid it being listed as an error in Final Review.
10. Enter the appropriate cost or basis within the Cost or Basis field.
11. If present, enter the correct amount of federal withholdings in the field titled Federal Withholding.
12. If a portion of the sale is disallowed due to being a wash sale, enter the disallowed portion of the loss in the field labeled Wash Sale Ls Dslwd field.
    • This field will be reported in the Form 8949, column G, if entered.  If not entered, the entire loss of the sale will be assumed to be from the wash and will be disallowed.
13. Enter L for long term (more than one year), or S for short term (less than one year) in the Long-Term/Short-Term (LS) field.
14. Enter T for taxpayer, S for spouse, or J for joint ownership status within the Taxpayer/Spouse (TS) field.
    • If you're reporting code S within the "LS" field, scroll to Part I of the Schedule D to ensure that the information was entered correctly.
    • If you're reporting code L within the"LS" field, scroll to Part II of the Schedule D to ensure that the information was entered correctly.

To enter a partial wash sale:

1. Complete Part I, line 1 for the information reported about the investment. 
2. Enter the Type of Investment in Part I, line 2.
3. Enter the Stock or Mutual Fund information in Part II, Line 1. 
4. Enter the Number of shares sold on Part II, Line 2. 
5. Enter the Selling Price Per Share on Part II, Line 3. 
6. Enter the Company Name on Part II, Line 4.
7. Enter the Ownership (Taxpayer, Spouse, Joint) to the right of Part III, Line 1, along with a description for the disposition. 
8. Check the box for line 2a in Part III. 
9. Enter the Date of Disposition on Part III, Line 3. 
10. Enter the Sales Price and Sales Expenses on Part III, Lines 4a, 4b, 4c and 4d. 
11. Check the box to indicate Wash sale on Part III, Line5a.
    • Line 5a(1) and 5a(2) will calculate the wash sale window dates automatically. 
12. Enter the number of substantially identical replacement shares purchased during the window on Part II, Line 5a(3). 
13. Complete the rest of the Capital Gain (Loss) Transaction Worksheet as needed (including Part IV - Acquisition Information).