First, TurboTax is rounding each item from my 1099-B which is leaving me over $50 extra in capital gains. Second, the rounding seems inconsistent. For example:
180.36 is rounded to 180
-488.31 is rounded to 489
-157.44 is rounded to 157
-10.73 is rounded to -10
-7.78 is rounded to -8
-232.80 is rounded to -232
261.20 is rounded to 262
It does not seem to conform to any logic. Please fix this.
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If you don't like the rounding, or even if it is no problem for you, you should use the "Enter a Summary" option.
At tax time, you have the option to summarize your activity by Sales Category.
As an active investor, be aware that your category Box A or Box D 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 or Line 8a.
Category A and D are the covered transactions.
If you summarize (recommended),
you only need to supply details of 1099-B covered transactions with adjustments that are not listed on your e-Filed Form 8949. and all non-covered transactions not listed there.
in other words, for active investors, generally this is a list of the Wash Sales.
Note: turboTax may suppress some covered transactions without adjustments. For those, no mailing is required !
--
If you have two pages (for example) of Wash Sales,
use Adobe Reader to print those two pages. That's all you have to mail to the IRS, given that those wash sales are not on your e-Filed form 8949 already.
(you might enter them manually if they are few in number.)
If you were wise enough to avoid wash sales, you won't have to list or mail anything.
It is not a matter of not liking the rounding. The rounding that TurboTax is doing is mathematically wrong. I imported the 1099 using TurboTax and confirmed it has all the correct data. As it stands TurboTax is not providing me with a solution that generates a maximum refund as the guarantee states.
I better understand the issue now. TT is rounding the proceeds and the cost basis, then subtracting instead of rounding the result. I have read in other posts that TT is not going to fix the problem I not getting my maximum refund and will no longer be using TT in the future after being a loyal customer for over 20 years.
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