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Level 1
posted Jan 30, 2023 12:52:07 PM

Entering 1099-Q Data

I am entering data from my 1099-Q. This includes Gross Distribution, Earnings and Basis. As I enter these amounts, the program automatically rounds that number up or down. When finished, I am told that the Earnings + the Basis must equal the Gross Distribution. Of course, it does, on the actual 1099-Q. But within the program it doesn't because each of the components are rounded as you enter them. Example: 1099-Q Earnings of $3.50 and Basis of $5.69 = Gross Distribution of $9.19. But when you enter the data, it changes it to Earnings of $4 and Basis $6 for a Gross Distribution of $10. How can this be fixed?

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1 Replies
Level 15
Jan 30, 2023 1:04:20 PM

You have to force it to match, at the 1099-Q screen.  Adjust the basis, since that number doesn't affect  the calculations. 

In your example, change basis to $5.49 or less.