Question on 1099-B - total gain/loss & box 1g

[Mitzy20]

Question on how box 1g impacts total gain/loss on 1099-B.

total short and long covered and non-covered - Box 1d (proceeds):
202,038.30

total short and long covered and non-covered - Box 1e (cost basis):
202,112.67

total short and long covered and non-covered - Box 1g (wash sale disallowed)
778.75.

subtracting the 1st two boxes there is a loss of -74.37. This is what my 1099-B shows.
But TT has added box 1g to the loss and come up with a gain of 704.38, which I am required to pay taxes on.
Can you please explain if this is correct? Do I have a loss or a gain on this 1099-B?

Thanks
   

[ThomasM125 · Accepted solution]

The TurboTax numbers are correct. You have a loss on the transaction, but you can't deduct the loss to the extent it is a wash sale. So, you deduct the wash sale portion of the loss from the total loss and that gives you a gain equal to the difference.