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Level 2
posted Jan 27, 2022 4:41:40 PM

Turbotax is rounding up the advance Child Tax Credit that I enter. e.g. $2012.50 > $2013.00. However it warns me that if not "exact" there could be delays with IRS.

Will the rounding cause an issue with IRS processing?

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1 Best answer
Alumni
Jan 27, 2022 4:45:34 PM

No. That kind of rounding -- rounding 50 cents or more up to the next dollar, and 49 cents or less down to the previous dollar -- is expressly permitted by the IRS at the point a dollar amount is entered onto an IRS form; TurboTax does that on all returns to simplify calculations.

1 Replies
Alumni
Jan 27, 2022 4:45:34 PM

No. That kind of rounding -- rounding 50 cents or more up to the next dollar, and 49 cents or less down to the previous dollar -- is expressly permitted by the IRS at the point a dollar amount is entered onto an IRS form; TurboTax does that on all returns to simplify calculations.