Question

Schedule 1, Line 17 incorrectly adding rounded monthly insurance premiums (instead of adding monthly premiums first and then rounding)

Forum|Forum|2 years ago
February 25, 2024
1 reply
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Schedule 1, Line 17 is linked to my 1095-A. Per my 1095-A, I paid monthly premiums of $412.29. Multiply by 12 months, the amount should be $4,947.48 (rounded down to $4,947).

However, my Schedule 1, Line 17 says $4,944. Apparently, Turbotax is rounding down the monthly premium of $412.29 to $412.00, then multiplying by 12, resulting in $4,944. It's "only" a $3 difference and probably inconsequential in terms of tax owed, but it would be nice if the program reported the correct amount on Schedule 1, Line 17.

Notably, the correct amount ($4,947) is reported on Line 11(a) on Form 8962. It would be nice if the program could do the same for Schedule 1, Line 17.

AmyC

Employee

The IRS requires that all lines be rounded to the nearest dollar so the program must round the amounts. If you want to add a dollar on 3 of the lines for the totals to match up, that is fine.

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S

SS77771Author

Thank you for the response. Very interesting that, for the entry at Schedule 1, Line 17, the IRS requires rounding of each monthly premium and then adding the 12 rounded amounts, rather than first adding all the monthly premiums and then rounding the total of them; but that the IRS does not require the same for Line 11(a) on Form 8962. Seems to me that Schedule 1, Line 17 and Form 8962, Line 11(a) should match. In fact, Form 1095-A, Line 33A ("Annual Totals") does NOT round each monthly premium and then add up the total; instead, Form 1095-A, Line 33A reports the total of the actual, unrounded monthly premiums. Seems a glitch in TurboTax that it first rounds each monthly premium and then adds up the total.

Thanks again.