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State tax filing
Correct; turbotax does not seem to adjust basis correctly. I have several hundred wash sale transactions and TurboTax for PA believes this results in a net loss of over 1.5 million dollars. However, the true net gain/loss is a) positive and b) two orders of magnitude smaller. It is not realistic or possible to go through transactions one by one, so I view this as a limitation in the turbotax software when (incorrectly) translating from Federal to PA State reporting.
What I may do is add a single bogus transaction showing a 1+ million dollar gain to net-out the wash sale losses which aren't accurate.
‎April 14, 2022
8:40 AM