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Level 2
posted Oct 30, 2024 11:48:43 AM

Wash sales adjustment between federal and PA State in TurboTax

While wash sale losses are disallowed in Federal, I understood that they can be added back to the cost basis in the Pennsylvania Tax returns. In TurboTax, I pull my Form 1099B directly from my brokers which contain wash sales details. Does TurboTax automatically add back Wash sales disallowances to the cost basis in my PA tax return or do I have to do it manually?

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1 Replies
Employee Tax Expert
Oct 30, 2024 11:55:37 AM

Yes, TurboTax adjusts automatically for the PA wash sale rules. You do not have to make any basis adjustments for wash sales in the PA return.  This question was addressed in the support forum back in March and includes some additional info that may be helpful, here is the link to that answer:  

https://ttlc.intuit.com/community/business-taxes/discussion/since-pennsylvania-does-not-comply-with-the-wash-rule-how-do-i-adjust-the-cost-basis-of-the-asset/00/2050744