Form 8949 and Rounding

Forum|Forum|3 years ago
February 18, 2023
1 reply
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In recent years, TurboTax had been rounding each individual stock transaction on Form 8949. This often resulted in significant discrepancies between the generated Schedule D and what the broker reports to the IRS on the 1099-B. Before I purchase the software for tax year 2022, does anyone know if this issue has been resolved? Thanks.

fanfare

Employee

you won't know if rounding is an issue for you until you try it.

TurboTax Online is free to try until you decide to file.

As an active investor, the correct solution is to use aggregation aka enter a summary.

TurboTax Online will ask you for a PDF copy of your consolidated 1099-B,so no mailing is necessary.

Otherwise, mail the wash sale transaction details (if any) to the IRS within three business days of IRS accepting your e-Filed tax return.

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Detail Reporting Exception: if you summarize Category A or Category D, Form 8949 is not needed for transactions without adjustments. No mailing is necessary. No attachment is necessary.