How do I fix an incorrect roundup? The gain was 633.95. The roundup should be 694 but Turbotax has 633.

Forum|Forum|1 year ago
February 19, 2025
2 replies
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This is for a 8949 form and Schedule D long term sale. The proceed was 1954.26 but was rounded up to 1953, and the gain was 633.95 but was rounded up to 633 instead of 634. How do I fix this when my entries were not incorrect?

Mike9241

just ignore this. Turbotax probably rounded both sales price and cost. thus it's possible that while the actual gain was xxx.95 it can show up as xxx.00

for example sales price of 1000.49 would round to 1000

cost of 366.51 would round to 367

thus while actual gain is 633.98 rounding produces 633.00

Dee-25Author

Thank you for your answer, but a round up of 633.98 to 633.00 is incorrect--it should be 634. Although it's only $1, this changes the numbers in 2 pages (Schedule D and Form 8949) of my tax form. So what happens when the IRS sees this?

You can see my answer to MindyB for the actual prep page and numbers.

MindyB

I have checked this and verified that TurboTax rounds $1,954.26 to $1,954. It seems you may have several transactions that sum up to $1,954.26 rather than one. In this case, since tax returns report rounded numbers, you can either allow this to flow through, or choose the option "The cost basis is incorrect or missing on my 1099‑B", and adjust the cost by $1 to create the expected gain.

Dee-25Author

Thank you for your answer, but that is not what I have (see attached/below). All my entries are correct. However, Turbotax rounded up my proceeds of 1954.26 to 1953, and my gain of 633.95 to 633 instead of 634.

How do I force the change? In update?