topic TurboTax rounding values by more than a couple of dollars in Get your taxes done using TurboTax

TurboTax rounding values by more than a couple of dollars

bou10404 — Tue, 09 Mar 2021 02:21:51 GMT

My 1099-B from my broker has the following numbers.

Proceeds from Sales = $10,349.43
Cost Basis from Sales = $14,091.08
Total Gain or Loss = -$3741.65

However, after I import into TurboTax, I see the following under the Investment Sales Summary:

Proceeds from Sales - $10,347.00
Cost Basis from Sales - $14,093.00
Total Gain or Loss - $-3476.00

As you can see, it appears that the numbers are being rounded by more than a couple of dollars. Any reason why this is happening? Should I just delete and add the figures manually? Would I then need to also add all the transactions from my 1099-B manually as well?

Re: TurboTax rounding values by more than a couple of dollars

rjs — Tue, 09 Mar 2021 02:49:50 GMT

You said that the summary in TurboTax shows "Total Gain or Loss - $-3476.00." Is that a typo? It looks like it should be $3746, which is only $4 more that what the 1099-B shows. If TurboTax is showing a net loss of $3746 instead of $3742, it's probably because each individual sale is rounded to whole dollars on the tax return before they are added up. If that's what it is, don't worry about it. The IRS is not going to bother about a $4 difference. And actually, the IRS rounds the amounts the same way that TurboTax does.

Re: TurboTax rounding values by more than a couple of dollars

bou10404 — Tue, 09 Mar 2021 02:53:18 GMT

Yup, that was a typo, should be $3746. That makes sense, thank you!