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?

[tagteam]

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@Linda5455 wrote:

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

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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.

[tepsastri]

Dear Linda5455,

You didn't use the online TurboTax, did you?

How would you do the roundoff in the online version?

[AmyC]

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:

• short term covered
• short term non-covered
• long term covered
• long term non-covered

@tepsastri

[lkwhitted]

Still waiting for the update?

I just rounded the values up as they were flagged as suggested.  Worked like a charm.

[tepsastri]

Hello lkwhitted

How do I round "the values" as you suggested, using the online tax return version?

Sincerely,

Tep

[lkwhitted]

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

[tepsastri]

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

[cegele86]

I don't even see anything highlighted to edit. scrolling is tricky and not clear.

Turbotax, you have a timeline to have this resolved?

[messtax2021]

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.

[tepsastri]

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.

[taxquestionklc2022]

Please give me an answer.  I have deleted the entries and re-entered the values.  In the past 7 years, Turbo Tax has done well.  But, I am struggling with this problem for the 2022 Turbo Tax software.  Please help.

[JamesG1]

In TurboTax Premier Online, I am reporting capital gain and loss entries.

Is this the Capital Gain (Loss) Worksheet to which you are referring?

I see the same income entries reported on Schedule D Capital Gain and Losses.

What are you seeing?

@taxquestionklc2022