Pa Capital Gains & Federal Wash sales?

[ed128]

Is there a error processing PA Capital Gains? Are Federal Wash Sales processed correctly? Downloaded from Charles Schwab- over 1000 transactions.  Download Deluxe version- updates processed as of Friday 3/27/26.

Federal Wash sales show as $0 or $1. Total = $4. no errors on Verify. Am I Ok to send? Will It work? Am I going to get a Turbo Tax Refund? 100% correct?

[DianeW777]

Pennsylvania (PA) does not recognize wash sales or allow any carryover losses. There should be no need for any adjustments on our PA return because this has been the same tax law for many years.

On your PA return they do not allow a loss from one class of income to offset any income from another class of income. For this reason the whole loss is recognized each year, and if the net result is an overall loss it has no affect on other classes of income. 

Income Classes on PA-40:

1. Wages
2. Interest
3. Dividends and Capital Gain Distributions
4. Business or Farm
5. Net Gain or Loss from Sale, Exchange or Disposition of Property
6. Rents, Royalties, etc
7. And others...

Only federal is affected and requires adjustments for wash sales now and in the future.

[fanfare]

Wash sale adjustments are provided by your broker on your consolidated 1099-B automatically as required by IRS. There is nothing to do on your state tax return.

There is nothing to do on your federal return, unless two different brokers are involved with your transactions on the same security.

@ed128 

[fanfare]

"no errors on Verify. "

for so many transactions, you are pretty lucky.

Note:  when using Import, it's your responsibility to compare Schedule D subtotals to your broker subtotals.

.

@ed128