It befuddles me that TurboTax could make the decision to round at the individual transaction level for their returns this year. For example, many transactions that should obviously net out to zero on Form 8949 end up resulting in a 1 or -1 because all the inputs are rounded.  It just makes for a sloppy return.  Did TurboTax not do any quality control testing of their software this year? Or ask for customer feedback?  It is like someone at TurboTax goofed and read the rounding part of Form 8949 as a requirement.  All it does is create headaches for TurboTax customers and in some cases forces the customer to come up with a workaround. I hope they get it fixed soon. ... View more

@taxquestioner85   We have a big thread discussing this very issue.  The general consensus on the thread is that even if the IRS allows rounding (not requires), Turbotax should not be rounding at the individual transaction level because it makes life more difficult for their customers and creates the need for workarounds that are unnecessary. You are correct, it was not like this in the past and TurboTax ran much smoother. TurboTax is a software company and it is silly for them to do all this rounding at the individual transaction level when it requires no extra effort for software to make this calculation.    Thread below....   https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/turbotax-early-rounding-issues-creating-large-variances-between-turbotax-produced-return-and/01/1948037#M63017 ... View more

Did you have any Wash Sales or trades in securities where cost basis is not reported to the IRS by your broker (non-covered)? I think those are the only trades TurboTax is putting on 8949s this year.  If you had neither of those then in theory your 8949 could be blank.  It was not done like this in the past for TurboTax but on their blog they provide reasoning for why some trades can be omitted from the 8949 this year. My 8949 only has wash sales and non-covered securities which in theory makes sense because those are the only trades the IRS does not have visibility to for cost basis.   The live agent directed me to this...     " There are two exceptions to having to include transactions on Form 8949 that pertain to individuals and most small businesses: Taxpayers can attach a separate statement with the transaction details in a format that meets the requirements of Form 8949. Taxpayers can omit transactions from Form 8949 if: They received a Form 1099-B that shows that the cost basis was reported to the IRS, and the form does not show a non-deductible wash sale loss or adjustments to the basis, gain or loss, or to the type of gain or loss (short term or long term). If one of the exceptions applies, then the transactions can be summarized into short-term and long-term and reported directly on Schedule D without using Form 8949." ... View more

DawnC  Thanks for the reply DawnC.  It is nice to hear from someone at TurboTax on this thread.  ... View more

@DawnC I think the problem most of us are having on this thread is that TurboTax did not round in prior years at the individual transaction level even though the IRS allowed (not required) it.  This rounding at the transaction level creates all these new problems and introduces glitches into the software.... so shouldn't TurboTax just make it not round at the individual transaction level since the IRS also allows that?  It seems odd that TurboTax appears to be taking an antiquated position by adopting rounding on Form 8949. A position that  is more suited toward the pen and paper era than that of the software era. ... View more

Agreed. Should be fixed ASAP.  Nowhere in the IRS guidance does it say you are REQUIRED to Round on Form 8949. Certainly, software should not be forcing us to round as it requires no extra effort for a line of code to calculate numbers.  The rounding is creating problems that would not exist if they just did it like the last ten years and used precise numbers. ... View more

A TurboTax live expert told me today this Rounding issue is a known problem with TurboTax this year. He said there are "notes" to get it fixed. He did not provide a specific timeline for TT to fix it but did mention late March as a possibility.  The agent also said they are having many more issues regarding 1099B imports/wash sales/etc compared with last year. My suggestion is we keep letting TurboTax know how big of a problem this is so it moves to the top of the priority list for them. Frankly, I wish we could just file our 2020 returns using 2019 TurboTax software. It was far superior!   Something else new to TurboTax this year is they might only display Wash Sales or Non-Covered Securities on your Form 8949 (you need to preview your return to see this).  It was not done like this in the past at TurboTax but here is a blog where they discuss why you are allowed to omit certain transactions as long as your Broker reports your cost basis to the IRS.    " There are two exceptions to having to include transactions on Form 8949 that pertain to individuals and most small businesses: Taxpayers can attach a separate statement with the transaction details in a format that meets the requirements of Form 8949. Taxpayers can omit transactions from Form 8949 if: They received a Form 1099-B that shows that the cost basis was reported to the IRS, and the form does not show a non-deductible wash sale loss or adjustments to the basis, gain or loss, or to the type of gain or loss (short term or long term). If one of the exceptions applies, then the transactions can be summarized into short-term and long-term and reported directly on Schedule D without using Form 8949."   https://turbotax.intuit.com/tax-tips/investments-and-taxes/guide-to-schedule-d-capital-gains-and-losses/L1bKWgPea   ... View more

It is a total disaster and the issue is worse than I thought.  I just previewed my actual return in the TurboTax software and they are Rounding ALL of the dollar amounts on Form 8949 in its final copy. Every single column that has dollar amounts on Form 8949 is being rounded! That is definitely not allowed by the IRS. I still believe this is such a huge issue bubbling up that the complaints are about to go parabolic.  I imagine many on this thread loved TurboTax in the past so we are not looking to complain.... but this is absolutely an issue that has to be fixed. ... View more

How can TurboTax legally claim this guarantee if they are rounding at a point in the return when the IRS does not require it? They should at least have to give a non rounding option at the individual transaction level to make such a guarantee. Sure, some might come out ahead because of the unnecessary rounding but half will not.    Maximum Refund Guarantee or Your Money Back If you get a larger refund or smaller tax due from another tax preparation method, we'll refund the applicable TurboTax federal and/or state purchase price paid. TurboTax Online Free Edition customers are entitled to payment of $30.   ... View more