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New Member
posted Jan 22, 2022 8:56:45 AM

We are instructed to enter “exact amount” of advance Child Tax Credit, but turbo tax rounds the number. Is it OK to provide a rounded number for advance Child Tax Credit?

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1 Best answer
Level 15
Jan 22, 2022 9:32:01 AM

Ok ... married couples who have 50 Cents at the end of their number  just need to be smarter than the program ... so either add the 2 payments together and enter it all under one person  and put a zero under the other  OR  round one up and one down.

601 + 0 = 601

300.50 + 300.50 = 601   301 + 300 = 601   

 

Remember the IRS only gets the total on the form 8812 ... how the correct total gets there is immaterial  :

 

 

 

2 Replies
Level 15
Jan 22, 2022 9:32:01 AM

Ok ... married couples who have 50 Cents at the end of their number  just need to be smarter than the program ... so either add the 2 payments together and enter it all under one person  and put a zero under the other  OR  round one up and one down.

601 + 0 = 601

300.50 + 300.50 = 601   301 + 300 = 601   

 

Remember the IRS only gets the total on the form 8812 ... how the correct total gets there is immaterial  :

 

 

 

Level 15
Jan 23, 2022 8:50:27 AM

Critter-3 is correct.  It’s fine to use a rounded number.

According to Rounding off dollars under Computations in the IRS’ Your Federal Income Tax For Individuals

You can round off cents to whole dollars on your return and schedules. If you do round to whole dollars, you must round all amounts. To round, drop amounts under 50 cents and increase amounts from 50 to 99 cents to the next dollar. For example, $1.39 becomes $1 and $2.50 becomes $3.

If you have to add two or more amounts to figure the amount to enter on a line, include cents when adding the amounts and round off only the total.