Wash Sale Loss Disallowed question ?

[keeblenguyen]

 On form 1099B that sent out from RH. To Know how much your capital gain or loss. look like we use the Proceeds (1d) - Cost Basic (1e) + Wash Sale loss disallowed (1g) = Capital gain or Loss. Then we will pay tax base on gain or loss right?

 For example:

 Proceeds (1d)       Cost basic (1d)          Wash Sale Disallowed (1e)     Net gain or loss

1124487.33            1175947.36               52664.21                                   1204.18

 So I will pay tax on $1204.18 ? or have to pay tax for $52664.21 + $1204.18 = $53868.39

*** For turbo tax: after I upload the 1099B From RH. If all my wash sales transaction with W code are correct on 1099B. Do I have to manually report each transaction to form 8949 ? or after upload 1099B Turbo Tax will take care the rest? Thank you so much guys

[FangxiaL]

Based on the numbers shown above, your net gain is $1,204.18. If you imported all the transactions, TurboTax should take care of everything. Just double-check to make sure your investment income from this account (taxable capital gain) is $1,204.18.