topic Does the Federal Wash Sale Adjustment flow into the PA tax Return? in Get your taxes done using TurboTax

Does the Federal Wash Sale Adjustment flow into the PA tax Return?

Wolfwoman — Wed, 31 Mar 2021 22:12:56 GMT

Re: Does the Federal Wash Sale Adjustment flow into the PA tax Return?

PattiF — Wed, 31 Mar 2021 22:24:13 GMT

No, it does not flow into the Pennsylvania Tax Return.

From the PA site:

Re: Does the Federal Wash Sale Adjustment flow into the PA tax Return?

Wolfwoman — Thu, 08 Apr 2021 07:42:58 GMT

When I enter Janney Brokerage into TT, it lists wash sales.

I have PA TT. Do I have to make any adjustments for PA for the wash sales since PA does not recognize Wash sale losses? Is the adjustment always positive? Can you give an example. Federal wash sale loss and what the adjustment would be for PA? Is this adjustment to the basis of the new stock? Do these numbers as adjusted show up next year when you import these wash sale loss adjustments?

Re: Does the Federal Wash Sale Adjustment flow into the PA tax Return?

JohnB5677 — Tue, 13 Apr 2021 17:13:03 GMT

There is no profit or loss on a Wash Sale. So if it doesn't appear on PA it will not make a difference.

A wash sale occurs when an investor sells or trades a security at a loss, and within 30 days before or after, buys another one that is substantially similar.
It also happens if the individual sells the security at a loss, and their spouse or a company they control buys a substantially similar security within 30 days.
The wash-sale rule prevents taxpayers from deducting a capital loss on the sale against the capital gain.
Wash Sale Rule