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Question

I enter the correct amount that was stated in box 1 of my 1098-t form, but once I press done it will round up 30 cents from $104.70 to $105??

Forum|Forum|1 year ago
April 9, 2024
2 replies
0 views

Every time I add 140.70 as the amount in box one on my 1098-t form (which is payments received) I’ll press continue to the next section and it says 105 in box one instead of 140.70, is that normal?

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Q. Every time I add 104.70 as the amount in box one on my 1098-t form (which is payments received) I’ll press continue to the next section and it says 105 in box one instead of 104.70, is that normal?

A. Yes

So I should just leave it as $105 even tho on the 1098-t form it says 104.70

Yes.

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Yes, IRS requires that all numbers be rounded up if the cent total is more than $.50. If less than .50, it is rounded down.

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