- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
State tax filing
The PA income is not correct due to wash sales as Turbotax does not adjust the basis, it simply ignores wash sale losses disallowed. What seems to be happening is something like: Buy X at 100, sell X at 50, buy X at 50 within 30 days (wash sale), later sell X at 100. The net gain/loss for this cycle of transactions is 0, however Turbotax for PA believes it is -50, because it does not adjust the basis correctly.
I have a return showing a 7 figure loss in PA, while the actual capital gains per the federal return and 1099s, etc is a 5-figure gain.
‎April 14, 2022
8:34 AM