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

[fanfare]

Of course TurboTax is broken here.

My only point was, if you want to file by April 15th or now, there are alternative ways to file.

If you are waiting for a fix from TurboTax, that may never come.

[rockdoctor]

What i dont understand is how this thread hasnt been responded to by a senior level manager saying THANK YOU!, we have our developers on it and conducting a high-priority retrospective on the issues raised. Just the same canned WRONG response from "tax employee experts". Horrible.

[Anonymous]

I cannot believe my eyes... I think TurboTax fixed the rounding issue (March 26th update) !!!  Check it out, maybe I just lost my mind, but it seems to have been resolved...

[chuck6625]

No, it didn't fix it.  It fixed in the Step by Step screen.

If you look at the Schedule D form,  the numbers are still same as before the fix.

[MaxTax00]

@Anonymous 

Are all your numbers no longer being rounded on Form 8949? They are still being rounded for me.

Make sure you actually look at the preview version of your tax return. Everything is still being rounded there.

[chuck6625]

Still being rounded on form 8949.  That's why Scheduled D is still off.  That's what all matters to the IRS.

Just to make sure. I deleted the export and re-imported.  The rounding issue still exists after the fix.

The filing deadline is extended to May17. I think I still go ahead with the filing anyway.

It took me ~4 hrs to adjust the rounding to have the final numbers to match. with the broker reports.

[Anonymous]

For mine, they still "look" rounded on the "Sale Results for Form 8949" but the "Summary Table" has what my 1099B actually shows (rounding error is gone). This is on the Forms view, and it reflects accurately on the Step-by-Step too...   Seems right to me.

[chuck6625]

I am not using the summary on the schedule D. That's why the numbers are still off on Schedule D.

Step by Step, the numbers are correct.

[Anonymous]

The calculator and I had a little fun, and you are correct, the Sch D still shows the incorrect rounded number!  ...Even though the 1099B worksheets show the correct numbers, the 8949 as well as the Sch D show the rounding error.  

[chuck6625]

The summary is correct too.

Just to confirm, check the numbers on Schedule D.  They are still off with 8949 forms because of the rounding.

[chuck6625]

TT forgot to remove the rounding in 8949,  That's why the numbers are still off in SchD.

I know they have some other things to change (i.e. 10200 no tax for unemployment).

Give them another chance to fix if you can wait.

[Anonymous]

I agree... I am kinda impressed that it is getting fixed.  I will continue to wait, and thank you for sharing you thoughts and analysis.  Good day.

[bredman]

@Anonymous Kinda impressed? I am only impressed by how contradictory, slow, and still inadequate Intuit's response has been to this issue with Turbotax, and that impression is not a good one.

[tanya-13]

After using TT for over a decade, I will be using another program next year unless this issue with rounding is fixed before I file my taxes.  I always had confidence in TT but not now.  This rounding is clearly wrong.  Here is the language from Publication 17 (italics added)

Rounding off dollars.

You can round off cents to whole dollars on your return and schedules. If you do round to whole dollars, you must round all amounts. To round, drop amounts under 50 cents and increase amounts from 50 to 99 cents to the next dollar. For example, $1.39 becomes $1 and $2.50 becomes $3.

If you have to add two or more amounts to figure the amount to enter on a line, include cents when adding the amounts and round off only the total.

If you are entering amounts that include cents, make sure to include the decimal point. There is no cents column on Form 1040 or 1040-SR.

[chuck6625]

Unlike previous years, this year TT does not generate 8949 forms for short term transactions which have no adjustments in SchD line 1a.  This is new.