The broker is supposed to report each and every wash sale loss that they know of. With tons of day trading going on the dollar amount the broker reports can be a big number, and you need to account for it in your income tax return. But simply entering the total of wash sale losses noted on the 1099-B is NOT the same thing as not getting any tax benefit; since wash sale losses are added to the "out of pocket" cost of the replacement shares, when you finally sell those shares and stop trading, the wash sale losses are included in the basis for those shares.
If your broker is really geared up for proper reporting I'd expect that they are accurately doing the accounting for you. You should be able to test that by looking at the details of the trades.
Tom Young
