I have imported automatically the information into Turbo T ax regarding my form 1099-B. However, when I compare my form 1099-B to what Turbo Taxed sourced from my broker-deal, the information is slightly off. I don't want to manually input all the detail from each one of the transactions as it is a long list. What should I do in this case?
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There has been a known issue this year with many brokerage statements (the online ones) not properly transferring to many tax software prep products. The major issue has been with rounding. If this is in fact the issue you are facing, you do not have to manually enter every single transaction, but if the net difference you are coming up with in TurboTax is significant enough to affect your "bottom line" (put you into a higher or even a lower tax bracket), you will want/need to make some adjustments. You can take the "Totals" lines from each separate transaction type on your statement (L/T gains/<losses>, S/T gains/<losses>, wash sales, etc.) and merely enter these totals versus manually entering each and every transaction. Just double check your work and for dates use any dates that will force the transactions into either long-term or short-term - depending on where they're at on your statement. Truly, this has been done for many years when we are faced with this challenge of brokerage firms continuing to multiply and make changes to their software for the electronic versions that just do not "speak" too friendly with many tax prep software systems out there.
Don't forget to re-enter any Interest and Dividend Income, and any Foreign Taxes Paid, if any, after you've deleted the imported version of the statement and manually perform the above actions. It really does not take much time at all and it is the best way to ensure that the IRS is getting from you what they already have from the brokerage firms (s/t and l/t info with related gains/<losses>).
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