In the past I have always done my taxes by hand and include cents in all calculations. No rounding or truncating to whole dollars unless I am forced to; e.g., some State tax forms.
The IRS Form 1040 doesn't force me to round or truncate values, but it is an option for which they have rules to follow.
I don't round or truncate values, thus maintaining a more accurate tax return for future reference. TurboTax generates a Form 1040 that does not retain the cents; thus lowering the accuracy of the return for future reference.
Why doesn't TurboTax allow me to retain the accuracy of the cents ? It would be easy to do, by creating a software switch (option) allowing the user to turn rounding/truncating On or Off. You maintain the accuracy of the numbers entered (include cents) and then only display results on the filled-in tax forms generated using the method selected with The On/Off switch.
If you are buying and selling funds, you wouldn't want you values rounded or truncated. You would want to maintain at least 3-4 decimal places of accuracy for recalculating your cost-basis when using averaging.
Similarly, I want to be able to generate, print and keep, accurate tax records.
TurboTax is not allowing me to do so.
This is not good !
