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kurushvi
Level 2

1099 B Import rounding issue

I imported my TD Ameritrade 1099-B. The import was successful and all my 108 trx came over. But my summary totals were off. My short term loss is off by about $15 between the TT imported 1099 B and the actual 1099B.

 

This seems to be due to TT rounding the totals at the transaction level, which in effect messed up the totals.

 

Is this a bug in the software this year, as I do not seem to have this issue in previous years?

4 Replies
DianeW777
Employee Tax Expert

1099 B Import rounding issue

It seems unusual but it's really not. As indicated in the post here. You always have the option of entering summary entries by long and short term.

 

 

bredman
Level 3

1099 B Import rounding issue

As of 3/2/2021 in TurboTax Premier I see the correct amounts to the cents in the lowest level detailed entries imported from my brokerage firm compared with those in the corresponding written Form 8949. However, I have seen several rounding errors (rounding down when it should be rounded up and vice versa) in the next level up in TurboTax. This has caused nearly a $5 discrepancy in the summary values reported in TurboTax versus the summary values reported on the written 1099-B for my account.

 

Intuit needs to fix this issue in TurboTax immediately. Responses directing one on how to clear out all the entries and enter the information manually are not at all helpful when one has hundreds of transactions to report. I paid about $90 for TurboTax Premier so that the software would handle the data import and calculations correctly, especially since TurboTax advertises its "100% Accurate Calculations Guarantee."

Scotca
Level 3

1099 B Import rounding issue

I'm having the same issue.  The rounding should not be occurring at the transaction level, but the total.  I am forcing the correct value by entering "other adjustment" of either +$1 or -$1 for any incorrectly rounded transactions.  Anyone know if this will be a flag to the IRS?  It makes my TT and 1099-B match

WendyN2
Level 7

1099 B Import rounding issue

@bredman - Foreign transactions are different which is why you received the IRS letter. 

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