I downloaded my consolidated 1099 from TD Ameritrade with TT Deluxe Windows. Smart Check found errors with each stock sale. Here is what I believe is happening. The 1099-B Worksheet correctly shows each stock sale with dollars and cents. Form 8949 lists each sale rounded to the whole dollar. TurboTax does not like that and creates a Form for each of these sales called a Capital Gains Adjustment Worksheet. The mismatch can be from either Sales Price or Cost Basis. I do have a couple sales that end in .00 and those are not flagged. I can also fix this by adjusting each stock sale by rounding it to the nearest dollar and entering it manually. But I think TT should be doing that, not me. It has never happened like this before.
It's a new problem introduced this year.
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.
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.
Thanks. I went back through each entry and the adjustment box is not checked. I'm not really entering anything, just downloading the document. I'm guessing that TT just needs to fix this.
Thank you, Mollinmark, for your clear elaboration. You're right, it is not the customer's fault and TurboTax should correct the mismatch for us. And they must do it soon, since there is a deadline for tax form submission to the IRS. They already charged me for the preparation cost, even while the error had not been corrected.
I went back and removed the cents from the Federal tab, however, now it is saying there should not be anything listed in the "adjustment" field. I don't have anything listed and the box is not checked. This is extremely frustrating.
I empathize with you on the frustration ! But aren't we supposed to wait for the TurboTax experts to fix the rounding error problem for us? I am stuck in the wrapping up stage of the tax return filing too. So far there has been no communication from the TurboTax management as to when they expect the software error(s) to be fixed so that we the customer can finish up our tax filing.
Yes, I really posted this hoping that TT would see it. I have no idea if they even know about it. There have been 3 releases since I noticed it. TT doesn't have Release Notes anymore so nobody knows what changes have been made. So every time there's a release, I delete my TDA info and re-download it to see if it was fixed. But I do know how to manually fix it if I have to so not too worried.
You deserve a medal of honesty and truthfulness from TurboTax.
Thank you for being so clear-cut in the above reply.
>> Right. TurboTax doesn't seem to care.
Now, importantly, can you please teach me and other victims how to fix the online TT version? The filing tax option will be my last resort.
Thank you 🙂
Unfortunately, I am not familiar with the online version. I use the desktop. There are 2 ways that it can be fixed.
1 - In Step by Step - Stocks, Mutual Funds, Bonds - Go into each stock sale and for Box 1d and 1e, round those numbers up or down so they end in .00
2 - In Forms - Form 1099-B Worksheet - Round each of the numbers that is in Red up or down so it ends in .00
I'm not sure if the online version would be the same or not.
Got an update today and it seems to have stopped flagging these as errors. It does still have a Capital g/l adj entry for each stock sold under the Form 1099-B Wks in the Forms section, but not too worried about that. I don't believe these were here in previous years though.
I am having similar problem and the most current program has been uploaded. My 1099-B has some wash sales with the loss less than 50 cents so the program rounds down to 0 and the program doesn't like it. Has anyone else seen this issue?
I wanted to group them, but they are sold on different dates so they want them entered individually.