Do TurboTax “Rounded” 1099-B input entries need to be manually “corrected” to be consistent with 1099-B reported to IRS?

[chuck6625]

We could try hitting a link Contact Us on this page.

Follow the link to enter the information. I entered Form 8949 bug and described why it's a bug.

You will get an 800 number and a support ID# to call.

The wait was about 20 minutes, I had to leave. Will try again.

Filers probably started receiving 1099-B so they don't know the issue yet.

If we have enough people to call in, TT may realize it's huge issue.

If they don't fix it, this will be my last time using TT.

[chuck6625]

I don't understand why TT fixed something it wasn't broke.

[Anonymous]

Odd that it was working fine for years and now it isn't.  

[Scotca]

I reported the bug today

[rockdoctor]

listen guys we need a product manager to look at this. that is at least 3 levels above the chat consultants. 

[Scotca]

I opened my 2019 tax return, and the cents are there and then totaled correctly and rounded at the end. This is not the case with the 2020 turbotax.  Yes, the IRS says you can round each transaction, but why would we, when the data is imported with the cents, then the cents are dropped for each transaction on form 8949.  This just shows that the data is inconsistent.  If i go and drop the cents on all my transactions - which will take a lot of time, I still won't match my 1099-B.  I am tired of seeing responses that turbo tax is correct.  Turbo tax is forcing us to do something that is optional, and creating a discrepancy between IRS reporting and TT reporting.  2019 was correct .  Fix the problem.

[fanfare]

Instructions for Form 8949 are missing the important sentence in Instructions for Schedule D that states:

round at the end of all the summation.

TurboTax seems to be using this as an excuse.

[LawrenceDong]

This must be a bug. TurboTax please fix this bug. Do not round at transaction level, but only round it at total level!

[MaxTax00]

https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/turb[product key remo...

We have a big thread complaining about this same issue so there are many voices requesting a change to how TurboTax is unnecessarily rounding this year (did not do it for any prior year!).  For Software to round when not required is just bizarre and customer unfriendly. We have even discussed how TurboTax cannot technically guarantee the Max Refund if they are forcing rounding upon us at the individual transaction level when the IRS does not require it.  I think the complaints will go exponential as we move closer to April 15. There is zero reason for software to be producing variances with 1099-B/Form 8949 data. 

[ajay7711]

This is a Serious bug and need to be corrected ASAP. TT is losing customers because of this Rounding issue. Can somebody at TT wake up please!!!

[T_F_]

Just got off of the phone with the Turbo Tax support.  Their solution was to make corrections to the sales transactions.  I have over a  1,000 transactions.  Could not get them to understand that the details downloaded correctly, but the program is rounding the proceeds and basis on each transaction.   This rounding scheme is different from prior year's programs and is creating a difference between the 1099 B and the 8949 and Schedule D totals.  TT Support directed me to this "stream".  I read some of the comments to the tech and suggested he ask his supervisor to read this stream and not just direct people to it.  This problem needs to be fixed.

[Scotca]

I reported it to them as well, and pointed out that all previous years were done correctly.  Re-entering the transaction will not solve the issue.  If we round the transaction prior to subtraction we will be off from the 1099-B.  Turbo Tax folks - you need to fix this issue now.

[chuck6625]

The rounding also applies to Wash Sale entry which could cause:

1.  The total Wash Sale on Sch-D  to be off comparing with 1099-B.

2.  A loss of -1 instead of 0 for each transaction in gain/loss column.

We could make the corrections, but for people who have 1000s transactions that is a tedious task.

I feel your pain.

[ericsvendson]

I am using 2020 turbotax deluxe and inputting seven 1099-B's.  I input values for proceeds and cost exactly as were provided to me.  They are automatically rounded up or down on form 8949 correctly.  BUT when all the transactions are totaled up, what should have been rounded up was rounded down and what should have been rounded down was rounded up.  Three different tech support persons could not help. 

[fanfare]

If you don't like the rounding, or even if it is no problem for you, you should use the "Enter a Summary" option.
If you summarize (recommended),

you only need to supply PDF 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 (new behavior). 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.

Meanwhile some have reported that TurboTax will take your 1099-B PDF as an attachment avoiding the need to mail it.
TurboTax has not documented or publicized such a capability.

Complain to your broker, ask them why the won't give you two reports
transactions with adjustments and,
transaction without adjustments.