Values entered to turbo tax as reported on the form 1099-B from the broker, but the error keeps popping up when doing the final review. I've tried both ways: entering summary of sales, and importing all the sales
The tax software and the downloaded numbers are not rounding in the same method and this is throwing off the worksheet. This is a known issue and a fix is in the works.
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I just wish that support technician realized that it’s “a known issue and a fix is in the works”. Yesterday I spend an fruitless hour with a support person on the phone.
I do not used turbo tax to download my 1099-B info, I enter it directly from the 1099-B
After hearing of the "rounding error" I went back in and re- entered rounded data in the return.
Got the same errors during the fed review.
So not sure if it is in fact a rounding error.
I do know three returns cannot be filed until this is corrected.
Or can they? The math on the worksheet matches the data on the 1099-B, can I ignore the error?
Or if the software won't let me continue is there a work around?
The program is creating an additional worksheet and technical is aware of the issue.
Rounding is required by the iRS, just a matter of rounding upon entry or rounding after adding all the numbers.
This rounding method, for my tax situation, resulted in a capital gain larger than the number on the 1099-B using the exact numbers (so I pay more taxes since it inflated by capital gain) and a capital loss smaller than the number on the 1099-B using the exact number (repeat the pay more taxes comment).
Why doesn't TT compute the gain/loss using the exact numbers and then round the gain/loss? It seems like this would be more accurate.
thanks.
I'm having a similar issue and spent an hour on the phone with a TT tax expert today who was at a loss and is supposed to get back to me after reviewing my file. We tried removing the cents, and we double checked that all of my entries match what's on the 1099Bs.