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Question

TurboTax Early Rounding Issues creating LARGE variances between TurboTax Produced Return and Brokerage 1099-B Data

Forum|Forum|5 years ago
February 18, 2021
40 replies
0 views

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.

TurboTax Premier Online

Show previous replies

NigelTex

I got this problem when I downloaded TD Ameritrade and had to update 43 transaction so the worksheet matched the Form 8949, once I did that it worked. I then got a second batch of many more transactions from another broker and TT generated many transactions with $0 but had some tax withheld information so I had to match those but did so using the drop downs in the smart check and all 80 were quickly fixed. I dont recall ever having this problem before. It does appear that TT support is non-existent on any issue I have looked at in these discussion threads. Will look at other options going forward.

Justa Layperson

I agree with MaxTax!

Same issue, but different problem. In my case, I entered a securities transaction that included a $0.44 amount in Column 1g (Wash Sale Loss Disallowed), per the 1099-B, which checked the corresponding box.

Turbo Tax rounded that to $0 in the 8949 and then gave me an error telling me that an amount was required!

Mag4

I spoke to a support person about this issue, but she was no help. I gave up and chose “file by mail” because I need my refund. I feel like TurboTax needs to refund part of what I paid for their service because I was not able to e-file, which is part of what I was paying for.

manojgumber

Same issue is affecting me as well. Requesting TurboTax to resolve it at the earliest

MaxTax00Author

Regarding anyone from TurboTax saying you CAN round with the inputs that go into Form 8949......Well, the IRS also says I CAN use a pencil to fill out my return and mail it in. This early rounding is certainly not a requirement and makes TurboTax software customer unfriendly. In the past, TurboTax has always been precise to the penny on Form 8949 and it made the software far superior as you could quickly tie out your 1099-B/Form 8949 data. This year it is very annoying looking at my Form 8949 and see places where the result should obviously be "0" but because of this rounding I get all of these "1s" on my return.

capshroud

I'm wondering what motivated such a change, performance, memory? Regardless, this is a big negative for me and should be fixed.

Ivan L

This bug is a deal breaker for me. My 1099-B is like 15 pages long so imagine the discrepancy on Schedule D summary vs my actual 1099-B numbers.

Rouding individual transactions on 8949 does NOT make any sense from user or IRS perspective. I have been a customer for past 5 years and ready to give money to someone else if TT does not address this issue ASAP.

JoshB1

Add me to the list of people utterly confused by this direction - why remove precision from your software?

MaxTax00Author

Well, at least we are the top trending discussion in the entire TurboTax Community. Maybe something will eventually get fixed...or if TT does not see it as broken then at least "improved" to how it was the last decade using TurboTax.

rs74188

I am a Schwab customer. I started entering my stock buy and sale transactions and TT asked "covered" or not "covered" on all transactions. What is TT asking for , is rounding up the figures?

Geoffl10

Dear TurboTax,

April 15th is rapidly approaching. Just a friendly reminder. If a fix is coming, it should come soon.

Geoff

rushilpatel

Is this resolved ??

I have tried using both online and desktop versions and I am getting stuck on each.

Although desktop version did import all my 1099-b transactions but it get stuck on : Investment Income -> Stock, Mutual Fund , Bond other. (needs review)

TT please help

DJG

Employee

Maybe we should all just email Intuit's CEO and call this problem directly to his attention: [email address removed]

DJG

Employee

Maybe we should all just email Intuit's CEO and call this problem directly to his attention: sasan_goodarzi at intuit.com

grimb300

I'm running into the same issue as the other members on this thread. It appears that the rounding isn't just on the calculations on each individual transaction, but on each input (proceeds, basis, adjustments, etc.). This has resulted in a $10 error on approximately 100 transactions. While this may seem insignificant, it isn't to me. Please fix this.

I've been a loyal TT customer for about 20 years and this is the first time I've questioned that loyalty.

dm47208tt

@DJG Thank you for your initiative. I hope it comes of something.

TurboTax -- Having no official guidance and direction is ridiculous. We all sign our taxes attesting to their accuracy and this undocumented, nonsensical change undermines that. And the workarounds being discussed... yikes! The sole purpose of this software is to make our lives easier; massive failure this year.