TTforBusiness2017 seems to do incorrect math on the totals of my 1099B entries (with Box A checked).  The totals at the bottom of the entries list are correct (and rounded) to 768,305 (Sale Proceeds) and 750,508 (Cost or Other Basis) but the Summary for This Account page shows a Net Gain/Loss of 17,800 instead of 17,797 for Total Box A.  Why the discrepancy?

The program doesn't do it automatically throughout.  It hangs up in forms section of 1099 for Capital Gains.  It's OK for W-2 entry.  Needs to be addressed. Last year it hung on form 2210 by cumulative rounding and was off by 1 dollar on fourth quarter entry. 

In years past, I would  always make my proceeds on 8949 match the proceeds on my 1099-B.

If that meant fiddling with a couple of transactions, plus or minus a dollar or 50 cents, so be it.

BUT NOW --

As an active investor, be aware that your category Box A sales without adjustments do not require Form 8949, so there is no reason to import or key in those transactions.
Instead use the "enter a summary" option to put your numbers on Schedule D Line 1a.
--
If you have wash sales, it gets more complicated since those adjusted transactions have to be itemized on Form 8949 and the summary totals adjusted accordingly.

Enter the wash sales on Form 8949, then use the subtotal results on the bottom of that form to know how much to subtract. Be sure to NOT check the adjustments box in the summary window.
--
Alternatively, if entry of Wash Sales is too tedious,
summarize and check the box for adjustments and enter the disallowed amount.
This summary will go on Schedule D Line 1b.
You will be making the mail-in election.

Turbo Tax erroneously rounded several of my amounts uploaded from the 1099B.  An example, one amount was $774.02 and the Turbo Tax rounded to $775, this does not coincide with your explanation of rounding.

@DIYchick2021 You can delete the uploaded 1099-B and re-enter it manually.  Click this link for info on How to Delete Imported Transactions.

 

This link gives info on How to Enter 1099-B.

 

If you have a large number of transactions, click here for instructions on How to Enter a Summary in Lieu of Individual Transactions. 

 

 

 

 

Due to the transaction level rounding my 1099-B totals when imported are off by $15

 

This never happened in previous years. TT customer service was not much help. Is this s bug they will fix or have to figure out a workaround?

Rounding is a normal process when preparing your tax return. The IRS provides instruction about rounding so there's no need for concern.

 

However, if you mean the proceeds are low by $15 you can make a manual entry to include the adjustment by entering this as a selling price with no cost basis.

 

If you find you would like to try to alter your import you can use this link: How do I update or delete something I imported into TurboTax?

I can understand rounding at the final summary level. But I have never seen rounding at each transaction level. I have been importing 1099 -B for the last 7 years, but never had this issue except for this year.

It's not unusual for individuals to enter each transaction and round each one.  The IRS provides guidance on rounding. There's no need for concern about your return due to rounding.

 

Rounding Off to Whole Dollars

You can round off cents to whole dollars on your return and schedules. If you do round to whole dollars, you must round all amounts. To round, drop amounts under 50 cents and increase amounts from 50 to 99 cents to the next dollar. For example, $1.39 becomes $1 and $2.50 becomes $3.

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.

If you are entering amounts that include cents, make sure to include the decimal point. 

I'm actually having this issue as well, but my net gain/loss is off by $400 - big number here. I have over 1,0000 transactions so this can totally happen with round up on transaction level, but they shouldn't round by transaction level really, when it brings the total to be off by this much. Not sure how to provide feedback/report a problem besides "Tell us what you think" from the software.

@sophieluu1606 You might benefit by entering a summary of transactions in the various categories.

 

Click this link for details on How to Enter a Summary in Lieu of Individual Transactions. 

@sophieluu1606 

This is new behavior in this years program.

TurboTax Employee Expert response is that rounding is well understood by the IRS, so ignore that man behind the curtain.

That's ridiculous.

 

IRS does not allow you to round when adding amounts to produce a total. See Instructions For Schedule D.

That doesn't solve the problem as I have Wash Sale transactions. I need to report total of sales that have no adjustment separately from those with Wash Sale adjustment  - which mean I still need to going through every transaction for the total number as 1099-B is only providing total by all Short-term with box A checked, grouping no adjustment and adjustment together. Also, if I group transaction together and just put in total, I need to attach my 1099-B to my return, which TurboTax does not even support for federal e-file.

 

On the other hand, TurboTax rounding is not even working properly to begin with. For example, I have a long term sale transaction as following: Proceed 21.51, Cost Basis 17.70, Gain 3.81.  TurboTax rounded it as: Proceed 22, Cost 17, Gain 5. This is only 1 transaction that I was able to identify, who knows how many more.

 

This appears to be this year issue since people have commented earlier about last couple not having this issue. I really hope TurboTax get this resolved as one of the only reason I go with TurboTax this year is the ability to import capital gain/loss transactions.