Interactive brokers 1099 import to Turbo tax problem

[musicman]

Is anyone having issues with the Wash Sales not being imported after importing the IB TXF file into Turbo Tax. Everything else was imported however the Adjustments column which in my case was all wash sales did not import at all.

 

[musicman]

I opened the TXF files and found that IB did not include any of the wash sale amounts !!

 

[rwk]

IB won't calculate your wash sale adjustments for you. I can't imagine any broker will. You will have to do it yourself or send it to an accountant.

 

[musicman]

IB won't calculate your wash sale adjustments for you. I can't imagine any broker will. You will have to do it yourself or send it to an accountant.

Yes IB does calculate the Wash Sales and it is included in the 1099. The 1099 form I received from then was correct with all the Wash sales – the TXF file they gave me to import to Turbo tax did not include them .

 

[musicman]

Problem is fixed - this was a Turbo tax issue not IB issue.

 

[Trader13]

Problem is fixed - this was a Turbo tax issue not IB issue.

Was the fix accomplished by some configuration you performed, or did you download an update from TurboTax?

 

[musicman]

It was a coding problem so I had to go into Turbo Tax Step by Step mode and input “W” in the code field for each wash sale. It took less than a minute for 150 Wash Sales. What happened was the code either did not import correctly or Turbo tax did not pick it up when I imported the date from the IB TXF file. I am sure that anyone using Turbo Tax with IB when importing data will have the same issue.
IB is not a Turbo Tax partner so Turbo Tax probably would not make an update for this even if there was an issue on their end.

 

[Trader13]

Thanks for posting this tip!

 

[vikana]

musicman,
thank you for figuring this out. I definitely have a .txf import problem where the wash-sales are double-counted. I'll check the W flag, which I know is in the import file.

 

[musicman]

Update to this year’s IB and Turbo tax wash sale import fiasco. Last year I was able to go to the step by step mode and easily input a W for the wash sales that turbo tax will not pick up with the IB import. Well this year I was not able to get to that area, Intuit did not have a clue. So the work around was simple and a little more time consuming. Just run the review and Turbo tax will show all the wash sale trades as errors, all you then need to do is input the “W” in the drop down menu. After you do one of these I found that when I went back to the step by step , by some miracle another screen popped up where I could also see where I need to input the wash sales.