At the end of the day, TurboTax's baffling change for the worse probably won't affect me. (My totals deviate by less than $10 for each category, e.g. proceeds, cost basis, etc.) But why/how did TurboTax go out of their with to break something that wasn't broken before?
Moreover, TurboTax has the audacity to instruct their customer support to just tell people to manually input their transactions instead of doing anything to fix this bug. 2020 was the year when a lot of people started actively trading stocks because of COVID. TurboTax couldn't have picked a worse time.
Based on multiple threads, TurboTax has been informed of this issue for months. Months. Intuit is a publicly-traded company with more 10,000+ employees and revenue in the billions. They couldn't fix this, or care to fix this?
TurboTax's customer support is also providing inaccurate, misleading information in these threads--with potential tax fraud liabilities and tax penalties for TurboTax customers.
IRS allows for rounding of totals, but not for the underlying numbers. Here's the quote from the IRS website: "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."
Not to mention, Intuit spends millions of our money lobbying Congress every year to keep tax filing complicated. IRS already has most of our tax information and can file taxes for a lot of us or make it a lot easier to do so. Instead, Intuit takes our money to perpetuate a problem that they profit from at our expense.
It's clear that TurboTax isn't going to fix the issue. Based on all the other threads about this same problem, it's clear that customer support (whose hands are tied) can't provide any useful answer that "you paid $90 to save time, but we're going to make you spend hours anyway to fix an issue we caused."
Please @ me if you have any recommendations about boycotting TurboTax and moving to a different tax preparation software. I wouldn't be surprised if there's a class action lawsuit in the next few months. Please @ me when that happens so I can join. It's a shame my law firm doesn't do class action lawsuits, but I'll definitely mention this with the attorneys and ask around.
By the way, if this comment gets deleted, I'll post the same thing on Facebook, on any subreddits that deal with taxes and personal finance, and any Reddit posts that already complain about this issue. I'll also blog about this. TurboTaxFraud.com and CovidTurboTax.com domains are both available for $12/year.
At this point, my options are: 1) just bend over and take it from TurboTax or 2) export my data to TaxAct or something. I'm going to take a few hours to think about this.
