About MaxTax00

MaxTax00

Same here. My forms perfectly matched for a decade between Broker 1099B and TurboTax produced return. This year they are off. TurboTax needs to fix this immediately. If you have 1,000 transactions then you can get a variance in the hundreds of dollars and the IRS will not be cool with that.

MaxTax00

The problem I have with TurboTax experts pointing out that the IRS says you "CAN" round is...why would TurboTax software need to round? We are not doing with this pen and paper. The IRS does not require it at the individual transaction level. We pay for expensive TurboTax Software because we want speed and precision. Turbotax thanks us by producing returns that have large variances with what the Brokerage sends the IRS on a 1099-B. Rounding each transaction if you have 1,000 transactions is going to give you a more than comfortable variance and raise questions about the quality of imported data because it does not tie out. It was not like this last year.

MaxTax00

Edited to be as clear as possible. "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." *Edited to add the issue is worse than I thought....TurboTax appears to be rounding All dollar amounts on Form 8949 in the final version of returns. Every column that features dollar amounts is being rounded on Form 8949 and that is definitely not REQUIRED by the IRS. We are not using pen and paper so please be precise. TurboTax software for this year has a serious issue that is upsetting customers. TurboTax is forcing rounding at the individual transaction level for items like stock sales. This creates an enormous problem for people with hundreds of transactions. The early rounding results in a large variance between the Broker to IRS 1099-B statements and what a TurboTax produced return details. Some suggest "the IRS allows it." First off, the IRS definitely does not REQUIRE it. Just because the IRS allows it does not mean it should be forced upon TurboTax customers. I am sure the IRS intention for allowing rounding (again, not requiring) is to help people who use pen and paper and don't pay for expensive software. We that pay for expensive TurboTax software expect precise data. When the early rounding creates a variance, it is possible that other issues with the data are being hidden. It is why anyone who has ever done reconciliation on financial data knows that you tie out to the penny (and then at that point you can round). It is the only way to know 100% that you have accounted for all the data. Come on TurboTax, you should know better. As a decade long customer, I genuinely believed your product got better every year....but this year, it has taken a giant step back. Please Fix It.

MaxTax00

Yes, TurboTax experts.....can any of you give us a satisfactory answer why TurboTax forces us to round at the individual transaction level when the IRS does not? The IRS probably allows it to help people who use a pen and paper on their kitchen table and not expensive software! I expect precision from software to make our jobs easier, not more difficult. Please fix or at least tell us why it was not like this last year. This issue is not solved.

MaxTax00

Once again, the IRS does not say you have to Round at the individual transaction level like these TurboTax experts claim. It specifically says you "Can." Now, TurboTax should do us all a favor and fix their software so that it is most user friendly for their customers who are trying to identify any variances in their data and give us the option to not round at the transaction level. Rounding 1,000 transactions leads to large variances with what gets reported to the IRS on 1099-B statements by Brokers/Banks. It was absolutely not like this last year, so what changed? No one from TurboTax has yet to give an acceptable explanation.

MaxTax00

Yes, TurboTax has totally botched this. It was not like this last year and now everyone who imports a 1099-B with a large number of transactions is going to get a noticeable variance between what the IRS sees on a TurboTax return and what the Broker sends the IRS. TurboTax is absurdly rounding at the individual transaction level. I am not even sure the IRS allows rounding when further computations are needed... but they certainly don't require rounding this early so don't force it upon us TurboTax. If I was to think of a way for TurboTax to most annoy customers, rounding this early would be near the top of the list. We are not using Pen and Paper so rounding this early is ONLY an annoyance. Any Accountant knows that variances create a huge headache. You can't just assume a variance is from rounding because there might be a more serious issue with the data underneath it. We have been complaining about it here and are determined to see TurboTax fix it. https://ttlc.intuit.com/community/retirement/discussion/re-rest-assured-this-rounding-difference-will-not-unnecessa/01/1926945#M126911

MaxTax00

You are completely correct Pat.

MaxTax00

I should have called it a "bug" from my viewpoint as it has completely messed up the reconciliation process. I am sure someone at TurboTax thinks they are doing customers a favor by rounding at the individual transaction level but it makes zero sense to me since we are talking about software performing the calculations and the IRS does not require this rounding. My hope is that as most brokerages have now made the 1099-B available as of today, and more customers get around to doing their taxes ..... thousands of people will become frustrated and TurboTax will provide a reasonable solution. There are going to be lots of confused faces from people when Turbotax gives them a completely different number than what they see on their 1099-B. Please TurboTax, save us and yourselves a huge headache, and just make this easy fix. Best we can do is keep this thread active and raise awareness.

MaxTax00

Just because the IRS allows it does not mean TurboTax should make it a requirement. It makes our job much more difficult because we have to hunt for why we are getting a variance. Is it because of unnecessary rounding at the individual transaction level or is there something else? Imagine someone with 1,000 transactions that all get rounded and the variance this creates with the 1099-B the Brokerage provides the IRS. At the very least, no rounding at the individual transaction level should be an option. TurboTax is software. I get ZERO benefit and only a large headache from them deciding to round so early. We are not out here using pencil and paper so rounding at the individual transaction level is not a "feature" but rather a "bug."

MaxTax00

Yes, the forced Rounding at the individual transaction level by TurboTax is absurd. The IRS certainly does not require it. Why does Turbo Tax force it upon us when it only makes everything much more difficult to reconcile? We are using software, not pen and paper! Precision makes our jobs much easier. Rounding makes it much more complex and less accurate.

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