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How to report a wash sale in ProConnect Tax

by ProConnect Tax Online Updated 3 months ago

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.

Jump to your desired tax module:

Individual (Form 1040)

  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. Select the Schedule D tab at the top.
  7. Scroll down to the field Wash sale amount disallowed (-1 to disallow all)
  8. Enter the amount of the loss to be disallowed, or a -1 to disallow all.

Partnership (Form 1065)

  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. Select the Schedule D tab at the top.
  7. Scroll down to the field Wash sale amount disallowed (-1 to disallow all)
  8. Enter the amount of the loss to be disallowed, or a -1 to disallow all.

Corporate (Form 1120)

  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. Select the Schedule D tab at the top.
  7. Scroll down to the field Wash sale amount disallowed (-1 to disallow all)
  8. Enter the amount of the loss to be disallowed, or a -1 to disallow all.

S Corporate (Form 1120S)

  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. Select the Schedule D tab at the top.
  7. Scroll down to the field Wash sale amount disallowed (-1 to disallow all)
  8. Enter the amount of the loss to be disallowed, or a -1 to disallow all.

Fiduciary (Form 1041)

  1. Go to the Input Return tab.
  2. Click on Income, then Dispositions, and select Schedule D/4797/etc.
  3. On the Genereal Information tab, enter the applicable information regarding the sale (Description, Date acquired, Date sold, Sales price, Cost or basis) in the quick entry grid.
  4. Select the Sch. D tab at the top of the screen.
  5. Click Details at the far right of grid to expand input area.
  6. Scroll down to the field Wash sale (-1 to disallow all)
  7. Enter the amount of the loss to be disallowed, or a -1 to disallow all.

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.

ProConnect Tax

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