1099-Q boxes 1, 2, and 3 don't add up when rounded

Forum|Forum|4 years ago
January 29, 2022
1 reply
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Hi,

On my daughter's 1099-Q, TurboTax gives me an error that boxes 1, 2, and 3 need to add up. Unfortunately... the reason they aren't adding up is because TT is rounding them to the nearest dollar. For example, say box one is 389.36, box 2 is 271.77, and box 3 is 117.59. They obviously add up-- 271.77+117.59 = 389.36.

Except that TT is rounding them to 389, 272, and 118... so now they don't add up.

Which one should I round down-- the earnings (box 2) or basis (box 3)? I figured rounding down box 3 would be less impactful and let me get by the screen...

Best answer by Hal_Al

Correct, round down basis. It's less impactful.

Hal_AlAnswer

Employee

Correct, round down basis. It's less impactful.

Vollpreuss

Employee

Another annoyance and workaround from TurboTax this year. I also ran into the rounding issue on the 1099-Q entry this year. While the "fudge" works, it is really not the appropriate long-term solution in my opinion. TurboTax should really train their analysts and programmers how to work with rounding. In my experience, one does not use the rounded numbers when calculating totals. Otherwise, differences creep in like the rounding error here TurboTax management should keep in mind it is annoyances like this that can make customers go elsewhere.