Knowledgebase
TaxCut and Wash Sales Settings
Posted by Henry Gage on 11 March 2010 08:49 PM
Regarding: TaxCut and Wash Sales Settings

Question/Comment:
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If I use the recommended file format selection when I export a file to
be read into 2009 Tax Cut, I get completely wrong results in Tax Cut
after the import. The Tax Cut alternative file export selection seems to
be OK, though I haven't checked it yet.

Answer:
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Because TaxCut does not support the .txf tag for indication of wash sales we have two choices for exporting the data. We either adjust the cost with a negative number in the amount of the wash sale (the recommended solution) or we adjust the sales (this changes the sales totals).

The other alternative is to generate a file without wash sales but then you must make the adjustments within TaxCut. Alternatively TurboTax supports the wash sales tag and can import the adjustments without editing.
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