You are experiencing some sort of programming error which, hopefully, will be fixed in the next update.
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!
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
Updates are typically released on Thursdays, at least for the desktop products. So, figure 1/28/2021.
Thank you very much, CHAMP tagteam !
I appreciate the quick reply.
Tep Sastri
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.
@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?
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.
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.
@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.
The summary option can be used but if you input cents, rather than rounding up or down, the program will still throw an error.
I'm not sure how that can be since you are entering a subtotal, not a transaction.
Anyway, instructions for Schedule D suggest rounding.
@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.
Because it is a bug in the software. If the user rounds, the issue will not arise, though.
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.
Excellent detective work! Hope they fix this with an update.
After reading your post. I rounded to whole dollars which took care of the problem.
@Linda5455 wrote:
After reading your post. I rounded to whole dollars which took care of the problem.
Yes, you can round when you enter the transactions if you have one or a few sales, but the users who have dozens, hundreds, or more transactions should really wait for the fix.
Dear Linda5455,
You didn't use the online TurboTax, did you?
How would you do the roundoff in the online version?
Another option, type in 4 lines manually. Each line is the total for that type of transaction. The IRS has the same brokerage statement and totals.
Enter the totals for each:
@tepsastri
Still waiting for the update?
I just rounded the values up as they were flagged as suggested. Worked like a charm.
Hello lkwhitted
How do I round "the values" as you suggested, using the online tax return version?
Sincerely,
Tep
As you go thru the problems found the amount in question will be highlighted and the amount will be in a entry box. if the decimal (cents) amount is .50 or greater backspace and remove the cent entry note the dollar amount and add one dollar to it. $2384.54 original amount $238<-<-<-<- back 4 times enter an additional dollar to the amount $2385 at this point hit enter to enter the amount the program will record $2385.00 in the form.
In like manner if the decimal (cents) amount is .49 or lower original amount of $3564.46 will round down. Backspace and remove the cent entry note the dollar amount and subtract 1 one dollar from it.
$356<-<-<-<- reducing the amount by one dollar $3563 hit enter and the program will record $3563.00 in the form.
Preform this operation for each disputed entry effectively rounding the cent value to the near its dollar amount.
re-run the check to verify the corrections.
I apologize if the above seems to overly simplistic
👍getting the taxes out of the way
I truly appreciate your kind explanation in great details !
It's now very clear.
One question remains: why did TurboTax not do their job right?
Sincerely,
Tep Sastri
I don't even see anything highlighted to edit. scrolling is tricky and not clear.
Turbotax, you have a timeline to have this resolved?
Urgent - when is this bug going to be fixed. You get into a circular route trying to use the Turbo Tax worksheet for capital gains and losses. It will not let you file electronically because it keeps saying there is an error. Sometimes it just changes the type of sale - short or long and sometimes it insists on adding more lots for a single transaction. The rounding error is NOT the issue for me.
Hello Messtax2021
I am one of the Turbo Tax users who also waited, and waited, for the appropriate fix . After having waited too long, I finally decided to file it on paper. Maybe that's what the company wants us to do; they don't want to rewrite the tax codes, since they don't make enough money from this "cheap" version.
Good luck.