PA schedule D

Forum|Forum|5 years ago
March 23, 2021
1 reply
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Turbo-tax imported my 1099-B from TD Ameritrade. Which I showed a $11,000 plus gain on my Federal return, but my PA return shows a $9000 plus loss. I think it has something to do with the wash sale.

SundayInSalem

Level 8

Pennsylvania does not follow federal wash sales rules. It considers every transaction "separate and independent of any subsequent transaction."

See Wash Sales in Net Gains (Losses) from the Sale, Exchange, or Disposition of Property

woodwardtodd71Author

Level 2

Turbo-Tax transferred all the info from my Fed tax to my PA tax, so I assume this is what I go off of? Any thoughts

SundayInSalem

Level 8

My experience is that TurboTax correctly removes any wash sales when it transfers information from federal to Pennsylvania.

You can add up your total capital gains without the wash sales listed on Form 1099-B and check. PA does treats all capital gains the same. There is no long or short term transactions.