After importing, the cost basis and/or wash sale amounts differ from your brokerage statement
After importing your stock transactions, you may be concerned when you notice that:
- Cost basis totals in TurboTax differ from your broker's gain/loss report; and/or
- Negative wash sale amounts on your broker's statement appear as positive amounts in TurboTax.
Not to worry. These discrepancies will not affect the accuracy of your tax return.
Cost Basis Totals
Because TurboTax rounds each stock sale to the nearest dollar on your Form 8949 and Schedule D, what you see in TurboTax may by slightly "off" from your broker's realized gain/loss statement, which only rounds the total stock sale figures. The more stock transactions you have, the larger the apparent discrepancy.
If you compare your Schedule D's short-term totals (lines 1–3) and long-term totals (lines 8–10) with the corresponding totals on your realized gain/loss statement, the amounts should be very close. Slight differences are expected and nothing to be alarmed about.
Wash Sale Amounts
By design, adjusted wash sale amounts will appear as positive numbers on the Import Summary screen and Investment Sales Worksheet, even though those amounts are negative on the brokerage statement. Again, this does not affect the accuracy of TurboTax's calculations.