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Huge Cons DIV


Terry D EA

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Cient uploaded their information to my Drake portals. There is a consolidated 1099DIV form that is 6 pages worth of transactions. Normally, I would use the summary page instead of working for the next 6 months entering transactions but there are numerous wash sales. Can I still use the summary page or do the wash sales need to be reported separately. This is from Ameritrade and I am going to ask the client to see if they can get a .csv file for me to upload. Suggestions please.

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I have done the following on one about 10 years ago, another about 4 years ago and a couple this year. So far I have not heard anything.

This year I had a client who had two reports. On one report they had only short term gains. I entered it on the top of Sch D.

On the other report, they had short term gains with wash sales and long term gains. I entered the long term gains on Sch D. I used form 8949 to enter the totals of proceeds, basis and adjustment of short term gains. 

I try to separate reports as much as I can. So if I ever have 5 reports, I would enter the simplest one on Sch D directly and the others would go on 8949 individually. 

ADDED AFTER Terry:

I use the totals and they list all the wash sale losses that are not allowed. I just glance at the full report and used the totals. I wonder if someone has had an audit because he/she was using the totals vs more detailed entries.

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12 hours ago, jasdlm said:

I have done summary entries with wash sales for years and never had a problem.  If I'm doing it incorrectly, the IRS hasn't bothered to fuss about it.

The IRS has the form already, why on earth would they want it sent to them again? I do what jasdlm does...

I remember years ago when people used to mail the IRS a copy of their trades and at a CE conference the rep commented the IRS threw those in a locker and literally never looked at them. He said if you got audited they'd ask you for it again because it was lost.

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3 hours ago, Gail in Virginia said:

I think he actually meant the consolidated 1099, which includes the 1099DIV and the 1099B.  I am assuming that like me his fingers sometimes just keep typing what they are used to. 

Gail, I did mention in the OP it was Consolidated 1099DIV. Drake support rep said to attach a pdf. I called to discuss the file upload template and was told the pdf was an option. Yes, I plan on using code M and MW as Abby suggested. The client is trying to get a .csv file for me to upload. But.... if it really isn't necessary, then I'll quite asking for it.

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I've had some large 1099s with wash sales where I used only totals, and IRS never asked for more information.  I'd say you're probably safe to use only the totals, especially if these wash sales occurred in the time frame for covered securities because that information has already been reported directly to IRS. 

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