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Inconsistent rounding in 1099-B

When I load my stock transactions, it rounds some of the numbers but not others (and then it always computes the gain/loss based on rounded numbers). It's inconsistent that some of them are not being rounded and others are though.

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1 Best answer

Accepted Solutions

Inconsistent rounding in 1099-B

@amahesh 

 

I am trying to get the issue fixed on this linked thread. Still no response but I have summarized my basic point below. 

 

https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/re-turb[product key r...

 

To be as clear as possible so a TurboTax expert can forward to their technical team, 

 

In my 2019 TurboTax Produced Tax Return, Column H on Form 8949 was NOT ROUNDED. In my 2020 TurboTax Produced Tax Return (this year), Column H is Rounded.

 

The IRS guidance did not change between the two years so please fix it. Rounding every individual transaction on FORM 8949 produces large variances with what the broker sends the IRS on 1099-B for people with hundreds of transactions. Software should not be rounding this number.

 

Please contact me. I would love to discuss. I am a big TurboTax fan but this error makes the software unusable this tax season for people with a large number of transactions.

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6 Replies
AmyC
Expert Alumni

Inconsistent rounding in 1099-B

Technical is working on it. 

 

Stock is reported on Sch D. The IRS accepts only answers that are rounded. There is a discrepancy in rounding each entry versus adding all entries and then rounding. Importing information and TurboTax are working together to meet IRS requirements.

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Inconsistent rounding in 1099-B

I understand numbers can be rounded but the IRS says that either you round all the numbers or none of them. My problem is that I see TurboTax is rounding some of my numbers but not others... When I try to reproduce it sometimes it rounds different sets of numbers now... It's pretty weird.

 

For instance, here is a screenshot of a part of my form... As you can see, some numbers are round (ending in .00) and some not (and the original numbers were not ending in .00).

 

Rounding.png

 

Inconsistent rounding in 1099-B

If I start over, now it's a bit more consistent... It's rounding everything that has an adjustment but it also rounds before computing the totals which shows weird results. For instance, one of my line says:

 

Proceeds: $135.73

Cost: $125.45

Gain/Loss: $11.00

 

When $135.73 - $125.45 is $10.28 which would really round to $10. Also, as said, all the lines with adjustments have every number rounded (which is still inconsistent). It should either round everything or nothing.

Inconsistent rounding in 1099-B

Because of per transaction rounding, the total gain for all transactions is less by few dollars than reported in 1099-B.  Is Turbo tax going to provide any fix to keep it consistent with imported 1099-B and round of the total instead of per transaction.. 

Inconsistent rounding in 1099-B

@amahesh 

 

I am trying to get the issue fixed on this linked thread. Still no response but I have summarized my basic point below. 

 

https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/re-turb[product key r...

 

To be as clear as possible so a TurboTax expert can forward to their technical team, 

 

In my 2019 TurboTax Produced Tax Return, Column H on Form 8949 was NOT ROUNDED. In my 2020 TurboTax Produced Tax Return (this year), Column H is Rounded.

 

The IRS guidance did not change between the two years so please fix it. Rounding every individual transaction on FORM 8949 produces large variances with what the broker sends the IRS on 1099-B for people with hundreds of transactions. Software should not be rounding this number.

 

Please contact me. I would love to discuss. I am a big TurboTax fan but this error makes the software unusable this tax season for people with a large number of transactions.

Inconsistent rounding in 1099-B

I have read all the posts concerning this issue and a response supposedly after contacting an Intuit professional. 

The IRS posts this statement on rounding in the instructions. A direct quote!

 

"If you have to add two or more amounts to figure the amount to enter on a line, include cents when adding the amounts and round off ONLY the total."

 

Rounding is allowed and has always been allowed and Turbo Tax has always followed the IRS procedure. I think Turbo Tax is an awesome product.  Someone please straighten this out.

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