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yamoussa
New Member

Turbo tax is rounding my schedule C expenses then telling me to check them because they are all even numbers. Is there a problem with the expenses being even dollars?

 
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5 Replies

Turbo tax is rounding my schedule C expenses then telling me to check them because they are all even numbers. Is there a problem with the expenses being even dollars?

I believe it's just a flag to double check the numbers.  If you checked and they're accurate just coincidentally all even numbers, then I believe you can ignore.  I am neither an employee of Turbotax nor a tax professional, so you may want others to chime in.

AnnetteB6
Employee Tax Expert

Turbo tax is rounding my schedule C expenses then telling me to check them because they are all even numbers. Is there a problem with the expenses being even dollars?

The information shared by user JHSII is exactly correct.  If your numbers are accurate and can be justified with documentation if asked, then there is absolutely no problem with them being even, rounded numbers.  The warning is there because it may appear that the numbers are only estimates and not actual amounts.  

 

TurboTax will only round your numbers to the extent of reporting only dollars, but no cents.  

 

@yamoussa 

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yamoussa
New Member

Turbo tax is rounding my schedule C expenses then telling me to check them because they are all even numbers. Is there a problem with the expenses being even dollars?

You both mis the point or perhaps I didn't explain clearly. The numbers I entered were not even numbers. entered dollars and cents (ex $245.47).  Turbo tax rounded it to $246 not me. So no, the totals do not accurately reflect what's on the receipts. All my expenses are rounded numbers, rounded automatically by turbo 

 

AnnetteB6
Employee Tax Expert

Turbo tax is rounding my schedule C expenses then telling me to check them because they are all even numbers. Is there a problem with the expenses being even dollars?

The IRS allows rounding on every field of the tax return.  

 

This is something that is known by anyone who may be auditing your return and it is understood that receipts may not match the amounts reported on the return to the penny.  

 

@yamoussa 

 

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Turbo tax is rounding my schedule C expenses then telling me to check them because they are all even numbers. Is there a problem with the expenses being even dollars?

Rounded numbers and even numbers are two different things. Anything that is 50 cents or above is rounded UP to the nearest whole dollar and anything that's 49 cents or below should be rounded DOWN to the nearest whole dollar. If the end result is an even number then so be it. In your example that ends in 47 cents, if turbotax is rounding that up it seems to be incorrect. It should have been rounded down.

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