Rounding! After filing I noticed. many transactions less than a dollar, rounded to 0. totaled 0 rounded and should have been $1.40

[Nan2C]

This is crazy!  I entered most of my interest and did not round.

I thought I would try out the import feature for brokerage 1099 B, Div, INT.

I didn't notice until after I filed I had a page of "0"s 

All the worksheets were correct.  grrrr.

Should I worry if the total amount should have been 1.40 as reported on the 1099B? 

Is this something I should come back and amend? I would rather do that than have it haunt me.

[Bsch4477]

The IRS rounds amounts and tax programs routinely round inputs. You should have no problem and do not need to amend. 

[fanfare]

what form are you talking about Schedule B or Form 8949?

It doesn't matter.

IRS is not going to come after you for the tax on $1.40 which is zero after rounding.

[Nan2C]

Good Question, It is form 8949.  Turbo Tax produced 2 of that form.

The reason I was asking: previously this week I read somewhere on Turbo Tax that it is important to do the pennies for sales and dispositions, unlike for dividends and interest. (I got the impression that it would discrepancies would be flagged by the system)

Also, I was under the impression that if you round anywhere you have to be consistent and round all the way through the return.  Everything else is to the penny.

I know! Crazy to fret over $1.40.  

Thanks for your reply!

[Nan2C]

So is this (found elsewhere on TT) Incorrect?

Rounding off dollars.

You can round off cents to whole dollars on your return and schedules. If you do round to whole dollars, you must round all amounts. To round, drop amounts under 50 cents and increase amounts from 50 to 99 cents to the next dollar. For example, $1.39 becomes $1 and $2.50 becomes $3.

If you have to add two or more amounts to figure the amount to enter on a line, include cents when adding the amounts and round off only the total.

[Bsch4477]

Perfect!

[Nan2C]

If that is correct then my filing is incorrect.

I entered everything to the penny, then imported what looked like to the penny.  (all the worksheets were correct)

Then 8949 which was filed was rounded. 0,0,0,0,0,0, etc.....for a total of 0

Not perfect in my mind!  Although the form says it may differ to follow IRS rules.  

Why would a brokerage report all those (under 50c transactions) with a total and with a basis.... to have it be 0 thanks to what seems like lazy or uncaring .. at the very least no attention to detail.

The total being rounded maybe... (although the program should ask) but not rounding all the many small transactions.  

Lots of other people have been having trouble with this.  

I do not believe that IRS code wants all the tiny transactions for the same company to be rounded before being added.