This is exactly my case. 100's of sub 50 cent short-term transactions from ETFs all rounded to 0 on the 8949, and thus not shown on Schedule D.
This is an acceptable rounding error? I am sure the IRS would disagree. I could have had 10,000 imported sub 50 cent transactions (TT limit per brokerage firm) amounting to $4999.00 and I would not have to pay tax on it. Does that sound reasonable? Imagine if I had multiple brokerage firms. TT is saying this is tax free. I don't think that would fly in an audit.
What is the fix for this (before I spend hours entering transactions)?
"You may aggregate all short-term transactions reported on Form(s) 1099-B showing basis was
reported to the IRS and for which no adjustments or codes are required. Enter the totals directly on
Schedule D, line 1a; you aren’t required to report these transactions on Form 8949 (see instructions)."
It sounds like if I enter summary data on Schedule D, Line 1a, then I do not need to worry about the 8949, but I am not sure if TT will like it. I also do not believe this is doable because the transactions had no reported basis?
