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classics6
Returning Member

TurboTax Schedule D Bug for Box B, C, E, F summaries

Hello,

 

This bug was first reported over a year ago. (https://ttlc.intuit.com/community/retirement/discussion/do-turbotax-rounded-1099-b-input-entries-nee...) and erroneously marked as solved.

 

I have entered thousands of crypto transactions as Box C and F, given there are no 1099-B's generated from exchanges. The existing bug is that each individual transaction is rounded, rather than rounding the sum of all transactions. As a result, the "Form 8949 and Schedule D Totals" table is at risk of being wildly incorrect (in my case Box C is 21% more than it should be) compared to the "Brokerage Statement (Form 1099-B or substitute) Summary Table" immediately above it.

 

Even worse, the TurboTax UI shows the (correct) 1099-B summary amounts from he "Brokerage Statement (Form 1099-B or substitute) Summary Table". So the normal user would be completely unaware that these amounts were not properly transferred to Schedule D.

 

In the linked thread, it was marked resolved erroneously because of a claim that each transaction was supposed to be rounded.  That claim was rebuked by quoting the IRS, but never looked into again.

 

I'm here to re-report the bug still exists on Box B, C, D and E, but seems to have been fixed for Box A and F. The fact that it was fixed for Box A and F is more proof that this is a bug.

 

Moreover, because this bug resulted in TurboTax claiming I owe more taxes than I should, violating the "Guarantee / Maximum Tax Savings Guarantee - or Your Money Back" at best (if rounding goes against the individual), and "100% Accurate Calculations Guarantee" at worst (if rounding goes against the IRS). Re: https://turbotax.intuit.com/corp/guarantees/.

 

I formally ask for a refund for myself and all other accounts that have been impacted by this bug over the last two tax years.

 

Thank you for resolving this and issuing the refunds in a timely manner!

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1 Reply
classics6
Returning Member

TurboTax Schedule D Bug for Box B, C, E, F summaries

Correction (can't figure out how to edit): The title is correct


I'm here to re-report the bug still exists on Box B, C, D and E, but seems to have been fixed for Box A and F. The fact that it was fixed for Box A and F is more proof that this is a bug.

The bug exists on Box B, C, E, F (i.e. when gains not properly reported to IRS), but has been fixed for Box A and D (when gains are properly reported to IRS on 1099-B).

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