A TurboTax live expert told me today this Rounding issue is a known problem with TurboTax this year. He said there are "notes" to get it fixed. He did not provide a specific timeline for TT to fix it but did mention late March as a possibility. The agent also said they are having many more issues regarding 1099B imports/wash sales/etc compared with last year. My suggestion is we keep letting TurboTax know how big of a problem this is so it moves to the top of the priority list for them. Frankly, I wish we could just file our 2020 returns using 2019 TurboTax software. It was far superior!
Something else new to TurboTax this year is they might only display Wash Sales or Non-Covered Securities on your Form 8949 (you need to preview your return to see this). It was not done like this in the past at TurboTax but here is a blog where they discuss why you are allowed to omit certain transactions as long as your Broker reports your cost basis to the IRS.
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There are two exceptions to having to include transactions on Form 8949 that pertain to individuals and most small businesses:
- Taxpayers can attach a separate statement with the transaction details in a format that meets the requirements of Form 8949.
- Taxpayers can omit transactions from Form 8949 if:
- They received a Form 1099-B that shows that the cost basis was reported to the IRS, and
- the form does not show a non-deductible wash sale loss or adjustments to the basis, gain or loss, or to the type of gain or loss (short term or long term).
If one of the exceptions applies, then the transactions can be summarized into short-term and long-term and reported directly on Schedule D without using Form 8949."
https://turbotax.intuit.com/tax-tips/investments-and-taxes/guide-to-schedule-d-capital-gains-and-los...
