I have a permanent loss of two wash sales due to a repurchase of the same security in my IRA account. Had I understood the tax ramifications of the IRA repurchase I would not have done it, but I learned too late, so now I need to deal with it to make sure cost basis is reported correctly on Turbotax.
It seems like this should be simple enough since the amount I need to add to the cost basis to ensure that I pay the correct amount of tax is simply the amount of the wash sale itself.
The issue is I am not sure where/how to add this amount in Turbotax.
If you have dealt with this situation in the past what did you do?
Thanks.
It seems like this should be simple enough since the amount I need to add to the cost basis to ensure that I pay the correct amount of tax is simply the amount of the wash sale itself.
The issue is I am not sure where/how to add this amount in Turbotax.
If you have dealt with this situation in the past what did you do?
Thanks.