Question

Rounding! After filing I noticed. many transactions less than a dollar, rounded to 0. totaled 0 rounded and should have been $1.40

Forum|Forum|4 years ago
February 26, 2022
1 reply
0 views

This is crazy! I entered most of my interest and did not round.

I thought I would try out the import feature for brokerage 1099 B, Div, INT.

I didn't notice until after I filed I had a page of "0"s

All the worksheets were correct. grrrr.

Should I worry if the total amount should have been 1.40 as reported on the 1099B?

Is this something I should come back and amend? I would rather do that than have it haunt me.

B

Bsch4477

Employee

The IRS rounds amounts and tax programs routinely round inputs. You should have no problem and do not need to amend.

fanfare

Employee

what form are you talking about Schedule B or Form 8949?

It doesn't matter.

IRS is not going to come after you for the tax on $1.40 which is zero after rounding.

N

Nan2CAuthor

Good Question, It is form 8949. Turbo Tax produced 2 of that form.

The reason I was asking: previously this week I read somewhere on Turbo Tax that it is important to do the pennies for sales and dispositions, unlike for dividends and interest. (I got the impression that it would discrepancies would be flagged by the system)

Also, I was under the impression that if you round anywhere you have to be consistent and round all the way through the return. Everything else is to the penny.

I know! Crazy to fret over $1.40.

Thanks for your reply!