When will rounding of individual transactions on form 8949 be corrected?

[huskerdooo]

Thanks.

I entered 0 as a cost basis because I would need to individually calculate each week's cost basis using the ETF provided table and some required math. It was just not worth it for the $ involved.

My post here describes the situation better, with a picture of the 8949:

https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/tt-bug-multiple-trans...

The proceeds are rounded to 0, so I have line after line of 0 proceed, 0 cost basis in the 8949. The rounding error adds up and doesn't come close to matching what is reported by my broker's 1099-B.

[FangxiaL]

You may consider deleting the rows with zeroes only and entering the subtotal manually. 

[huskerdooo]

8949 is required, so I should enter the subtotal on the 8949 (for these non-basis reported short term gains)? e.g. a single line? If so, what would I use for a date?

A single entry should not match the multiple reported proceeds but the total could. I assume that would be acceptable and not flag the return for an audit, and would allow TT to file electronically?

[KrisD15]

Yes, you may enter as a summary.

Below is a link for the steps to enter in TurboTax. 

TurboTax Link

@huskerdooo

[huskerdooo]

Thanks.

Is the summary in Schedule D Part 2, or the 8949?

In the latter case, I think the 8949 is required because the transactions have no basis. I guess that is my concern. In previous years I have entered summary data, but my basis was always known.

[RobertB4444]

@huskerdoo  After you enter the summary totals you will be prompted to upload your 1099-B in pdf form.  That will tell the IRS your basis information.

[huskerdooo]

@RobertB4444 

The Deluxe CD version did not prompt me or indicate there was an option for uploading a PDF. I ended up sending the form via USPS. It would have been nice not to have mailed it though.

[Kimbyya]

Thank you for reaching out to the President.  How can I follow up with a comment in the President's response to you?  I have a question about his comment "The rounding differences are well within the IRS built-in tolerances for rounding discrepancies."   What is the tolerance?  My rounding difference is $4.  This may be okay, but I would like to know for future purposes what is the largest difference allowed before you have a problem.

[huskerdooo]

Good luck, my rounding difference was >$100 through a ton of sub 50 cent proceeds.

They should keep the individual transactions and round the totals. 

I ended up putting in summary data and sent the IRS my 1099. It would have been nice to avoid mailing the extra form and 1099.