TurboTax Early Rounding Issues creating LARGE variances between TurboTax Produced Return and Brokerage 1099-B Data

[PlotinusRedux]

In my case, TT's rounding ends up showing a gain of around $200 less than my 1099-B.  Even if the IRS is fine with that, it's just luck it was $200 less rather than $200 more.

Completely unacceptable, and makes the software I paid for (desktop edition) useless, as I will not submit a gain to the IRS different from my 1099-B.

[Flower4488]

I was told by friends all about Turbotax and it was free. Well I some how was charged $80.00 and I am not happy about this.  I am not the type to post bad reviews but I really want to right now. I want to give you the chance to fix this first though. I also do not think I got as much back as I was supposed to. Please forgive me if I was rude. I am just extremely upset about all this. Thank you so much for your time and consideration. 

[lucky_cat]

I was charged $119 then realized this rounding issue and now I can't file my taxes. If they don't fix it soon, maybe I'll request a refund.

[DBC1014]

I was finally able to fix my return due to an instructional post from someone on this blog. However, I have submitted a refund/discount request to TT because I was given a discount code from a TT agent and couldn’t use it because I paid for my program by credit card. $258. I spent close to 2 hours on phone with agent and we could not resolve the glitch and ultimately I was able to fix it with help from a non- TT person. Just saying- ask for refund!

[TommyB2]

Originally, Turbotax told me I could not efile because of a Turbotax forms issue (which they would not let me correct).  It was a basic error where Turbotax rounded a number to zero, when the line should have been left blank without the zero).  Therefore I filed Fed and State Returns by mail.  Then Turbotax updated their software, corrected their mistake, and I was allowed to efile, which I did.  The State of Massachusetts received the paper file first so they rejected my efiled return.  Very expensive software to allow errors such as this to occur.  I am waiting for the State of Massachusetts to decided if I have done something wrong.

[MaxTax00]

It befuddles me that TurboTax could make the decision to round at the individual transaction level for their returns this year. For example, many transactions that should obviously net out to zero on Form 8949 end up resulting in a 1 or -1 because all the inputs are rounded.  It just makes for a sloppy return.  Did TurboTax not do any quality control testing of their software this year? Or ask for customer feedback?  It is like someone at TurboTax goofed and read the rounding part of Form 8949 as a requirement.  All it does is create headaches for TurboTax customers and in some cases forces the customer to come up with a workaround. I hope they get it fixed soon.

[mjrengaw]

It is a serious mess and needs to get fixed ASAP. At this point I'm done with my federal return but don't want to go on to my state return and can't efile until this gets resolved. As normal, I owe so it's no big deal for me to wait but others clearly would prefer not to wait. 

Would really like an update on this issue from someone at TT!

[dm47208tt]

Agree with many here and hope TT prioritizes and listens to the Voice of the Customer. Consistency -- both in year-over-year methods *and* form-data reconciliation, is valuable and desirable. Here, apparently deliberate decisions have introduced inconsistency and with it, significant customer consternation and uncertainty. That the IRS technically allows it is no solace for many. 

Fixes being considered is great, but greater visibility is needed. Every day we delay filing is another day identity thieves have to turn our lives upside down. As a reminder to both TT and its customers, the Maximum Refund Guarantee states:

"...if you get a bigger tax refund (or owe less taxes) through another tax preparation method, we'll refund the purchase price you paid for TurboTax."

As it stands now, a statistically significant percentage of TT Premier and higher customers fits into that category with the introduction of this line item rounding. That should factor into the developers' priority list.

[nbedh]

I have used TT for over years and have reconciled 1099-B imports to the penny.   Not this year.  Gross Proceeds are reported $90 less and Gains are reported $220 more.  I'm not happy about this as there does not seem to be an easy way to fix this manually other than typing over 3000 transactions one at a time. 

Please fix ASAP.

[jeffecohen]

I've got about 300 transactions spread over 4 accounts. The net difference is about $7 in my favor, so I'm not affected much, but I haven't filed yet and don't know if it's gonna be a problem. I hope not bc I have a refund coming and don't want to wait. In addition, the way transactions appear in the forms list is crazy with every transaction listed separately as opposed to only the Schedule Ds and 8949s in prior years. I can't figure out a reason for these changes. They appear to be solutions in search of problems. TT - please revert.

[GrtScott]

Thanks for the information. Followed your instructions and cleared 48 errors. Even though it took a bit of time, I was able to complete my return and submit. Still a great disappointment in TurboTax.

[DBC1014]

I am so glad it helped you!!

[Anonymous]

Wow, this is driving me crazy.  Guess it's good to know it's not just me.  Example of the error:

Cost basis:  499.47.   TT rounds this down to 499

Proceeds:  605.52.   TT rounds this up to 606

Gain is 107 to TT

But! The gain is really only 106.05 in the 1099-B, which rounds down to 106

This is a difference of $1 just in this one transaction.  Multiply by dozens/hundreds of transactions, and the error really starts accumulating.

I really hope they fix this!

[mjrengaw]

...and the way they are doing it is simply wrong. When you have to do a calculation you are supposed to do the calculation first, with the whole numbers, and then round the result. And TT never did it this way in any previous year.

Seems to me like we should all be able to get our money back for TT this year based in their Maximum Refund Guarantee -

Maximum Refund Guarantee or Your Money Back

If you get a larger refund or smaller tax due from another tax preparation method, we'll refund the applicable TurboTax federal and/or state purchase price paid.

The “other tax preparation method” will be to do the math correctly on form 8949....

[stevethemacguy]

I appreciate other users pointing this out before I start using TT. Rounding before the total is an error. Either TT fixes it in the next two weeks or I file my return by hand as I've done for 20 years; it's as simple as that. Sure, it will take me 20 hours, but I'd rather do it by hand than be audited.