1099-B Rounding

Forum|Forum|5 years ago
January 18, 2021
2 replies
0 views

Good evening,

I'm trying to file taxes. When filing my taxes Turbo Tax seems to be rounding my 1099-B weirdly.

Actual:

Sold / Bought / Gain & Loss

318.66 / 359.33 / -40.67
186.33 / 213.67 / -27.34

145.33 / 174.67 / -29.34

156.99 / 173.00 / -16.01

307 / 182 / 125

427.32 / 185.67 / 241.65

Turbo Tax reports:

319 / 359 / -40

186 / 214 / -28

145 / 175 / -30

157 / 173 / 16

307 / 182 / 125

427 / 186 / 241

Isn't turbo tax supposed to add all these numbers then round? I'm worried that this might end up being flagged later on due to me still needing to add some sales. So far this number is off by 1, but when I finished earlier it was off by almost $15

Shouldn't it be 253, not 252?

Best answer by MinhT1

TurboTax is applying the IRS convention and is rounding off each "Sold" and "Bought" number individually. The Gain/loss is then the difference of the rounded numbers.

This is the correct method. The IRS will know that this is due to rounding.

MinhT1Answer

Level 15

TurboTax is applying the IRS convention and is rounding off each "Sold" and "Bought" number individually. The Gain/loss is then the difference of the rounded numbers.

This is the correct method. The IRS will know that this is due to rounding.

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"

sethaadams

Level 3

I just ran across this also. This is most certainly different than how TT 2019 handled it. In TT 2019, each individual transaction (trade) was carried to the correct number of cents and matched my 1099-Bs perfectly, rounding only the total to the nearest dollar.

TT 2020 handles this differently at the transaction level, rounding each individual transaction to the nearest dollar and then summing the rounded numbers to show the overall gain/loss. Help! For me, it's resulting in a higher total that could lead to additional taxes.

Not cool.

sethaadams

Level 3

Could whoever responds please contrast TT 2019 handling compared with TT 2020? Please do not simply repeat the prior answer. This is different.

Naniken

Level 2

This is not solved for me Feb 24th. In some cases it rounds correctly, in some cases not. I would not have noticed if I hadn't had to enter the Merrill Lynch sales manually -- because the download is not working. Not a happy user here. I will round manually. I think TTax owes me a refund!