Edited to be as clear as possible.
"In my 2019 TurboTax Produced Tax Return, Column H on Form 8949 was NOT ROUNDED. In my 2020 TurboTax Produced Tax Return (this year), Column H is Rounded.
The IRS guidance did not change between the two years so please fix it. Rounding every individual transaction on FORM 8949 produces large variances with what the broker sends the IRS on 1099-B for people with hundreds of transactions. Software should not be rounding this number."
*Edited to add the issue is worse than I thought....TurboTax appears to be rounding All dollar amounts on Form 8949 in the final version of returns. Every column that features dollar amounts is being rounded on Form 8949 and that is definitely not REQUIRED by the IRS. We are not using pen and paper so please be precise.
TurboTax software for this year has a serious issue that is upsetting customers. TurboTax is forcing rounding at the individual transaction level for items like stock sales. This creates an enormous problem for people with hundreds of transactions. The early rounding results in a large variance between the Broker to IRS 1099-B statements and what a TurboTax produced return details. Some suggest "the IRS allows it." First off, the IRS definitely does not REQUIRE it. Just because the IRS allows it does not mean it should be forced upon TurboTax customers. I am sure the IRS intention for allowing rounding (again, not requiring) is to help people who use pen and paper and don't pay for expensive software. We that pay for expensive TurboTax software expect precise data. When the early rounding creates a variance, it is possible that other issues with the data are being hidden. It is why anyone who has ever done reconciliation on financial data knows that you tie out to the penny (and then at that point you can round). It is the only way to know 100% that you have accounted for all the data. Come on TurboTax, you should know better. As a decade long customer, I genuinely believed your product got better every year....but this year, it has taken a giant step back. Please Fix It.
