Wash sale

[jc136]

I received my 1099B from my broker and it disallowed all of my negative transactions on the basis of them being wash sales. I closed all of my stock trades with this broker before the end of the year. I question is on the summary the proceeds value is $6400 less than the cost basis but is reporting a gain of $6100 on my taxes.  The disallowed wash sales totals $12500. I thought the cost basis was transferred to the stocks purchased that caused the wash sale.  At the end if I am showing a loss  how can I be taxed  on a gain?

[fanfare]

"I thought the cost basis was transferred to the stocks purchased that caused the wash sale."

It is the amount of the disallowed loss that is transferred.

[ /////// ]

[fanfare]

Forget about the tax summary.

Examine your Schedule D and Forms 8949 to see what is being reported.

Always print a copy of your completed tax return for your records, and review it carefully before e-Filing.
You will need it if you are audited by the IRS, or to amend if a TurboTax update changes your return or for any other reason,

AND, to find your AGI next year.