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Turbotax is rounding up the advance Child Tax Credit, but is asking for the exact amount to avoid delays?

Turbotax says "Avoid significant delays with the IRS by entering the exact amount from each letter", but when I enter the amount 1,037.50 it rounds it up to 1,038.

I thought it was maybe just rounding it up  in the recap, but when I go back in the form it has also changed to $1,038.

Will that cause any issues?
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3 Replies
AmyC
Expert Alumni

Turbotax is rounding up the advance Child Tax Credit, but is asking for the exact amount to avoid delays?

No, the IRS requires all entries be rounded numbers. If there are two of you, adjust one to $1,037 and the other to $1,038 to equal the correct amount. If it is just you, the IRS will also round up and it will match.

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Turbotax is rounding up the advance Child Tax Credit, but is asking for the exact amount to avoid delays?

Ok ... you must be married and you each got a letter with 50 Cents on it so since the form 8812 line 14f  ONLY gets the combined total of what was on the separate letters   so let's be smarter then the auto rounding system shall we ???      You can either add the 2 amounts together and enter it all  under ONE parent and put a zero on the other   OR  if the amount is say  300.50 on both letters then enter 300 on one parent and 301 on the other.   300.50 + 300.50 = 601  and  300 + 301 = 601  

 

LOOK at the form line instructions : 

 

8812 line 14F.jpg 

Turbotax is rounding up the advance Child Tax Credit, but is asking for the exact amount to avoid delays?

It is definitely an issue if one needs to manually adjust one spouse's number in order to defeat the software's inappropriate rounding prior to the final calculation. It's amazing that the one line this year which warns "Caution! Can delay your return!" has such a bug.

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