Form 1099-B Worksheet Cost or Adjusted Basis does not match the value on the Capital Gain(Loss) Worksheet. Any ideas what is wrong with my entries when I see this?

[Anonymous_ · Accepted solution]

You are experiencing some sort of programming error which, hopefully, will be fixed in the next update.

[tepsastri]

Could you please tell me when will the next update be made? My tax return filing is hung up in a forever-repeating loop because of the "does not" match thing! 

[Anonymous]

I just made a similar post.  Mine is because TT rounds to whole dollars on 8949 and uses dollars and cents on 1099-B worksheet. It is flagging this as an error. I can fix it by rounding the Sales and Cost Basis amounts to *.00

https://ttlc.intuit.com/community/taxes/discussion/s[product key removed]s-after-downloading-1099-b-...

[Anonymous_]

Updates are typically released on Thursdays, at least for the desktop products. So, figure 1/28/2021.

[tepsastri]

Thank you very much, CHAMP tagteam !

I appreciate the quick reply.

Tep Sastri

[tepsastri]

Hi   Mollinmark

I don't know how to fix the TurboTax software like you did !  As a customer (not a programmer) how do I tell it to round off the decimal values to zero?

Thank you very much for replying. I shouldn't bother you too often. I apologize. 

[Anonymous_]

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@tepsastri wrote:

I don't know how to fix the TurboTax software like you did !  As a customer (not a programmer) how do I tell it to round off the decimal values to zero?

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@tepsastri 

I would suggest that you simply wait for the fix rather than using a workaround. 

The workaround is to round up (or down) your cost or other basis and the proceeds when you enter each transaction (so $500.33 is entered as $500 while $500.77 is entered as $501). Regardless, you should really wait until the developers release the update with the fix for this issue.

[fanfare]

As an active investor, be aware that your category Box A sales without adjustments do not require Form 8949, so there is no reason to import or key in those transactions.
Instead use the "enter a summary" option to put your numbers on Schedule D Line 1a.

Same for Box D which goes on Schedule D Line 8a.
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If you have wash sales, it gets more complicated since those adjusted transactions have to be itemized on Form 8949 and the summary totals adjusted accordingly.

Enter the wash sales on Form 8949, then use the subtotal results on the bottom of that form to know how much to subtract. Be sure to NOT check the adjustments box in the summary window.

[Anonymous_]

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@fanfare wrote:

As an active investor, be aware that your category Box A sales without adjustments do not require Form 8949, so there is no reason to import or key in those transactions.
Instead use the "enter a summary" option to put your numbers on Schedule D Line 1a.

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The summary option can be used but if you input cents, rather than rounding up or down, the program will still throw an error.

[fanfare]

I'm not sure how that can be since you are entering a subtotal, not a transaction.

Anyway, instructions for Schedule D suggest rounding.

[Anonymous_]

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@fanfare wrote:

I'm not sure how that can be since you are entering a subtotal, not a transaction.

Anyway, instructions for Schedule D suggest rounding.

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Because it is a bug in the software. If the user rounds, the issue will not arise, though.

[tepsastri]

Thank you for suggesting that I wait till TurboTax fixes the roundoff function. Well, I hope they 'll do it soon enough before the IRS deadline.

I appreciate your concern.

[BKODA]

Excellent detective work!  Hope they fix this with an update.

[Linda5455]

After reading your post. I rounded to whole dollars which took care of the problem.