I enter the correct amount that was stated in box 1 of my 1098-t form, but once I press done it will round up 30 cents from $104.70 to $105??
Every time I add 140.70 as the amount in box one on my 1098-t form (which is payments received) I’ll press continue to the next section and it says 105 in box one instead of 140.70, is that normal?
041477
4 Replies
Hal_Al
Level 15
Apr 9, 2024 3:50:22 PM
Q. Every time I add 104.70 as the amount in box one on my 1098-t form (which is payments received) I’ll press continue to the next section and it says 105 in box one instead of 104.70, is that normal?
A. Yes
tara661
Returning Member
Apr 9, 2024 3:51:47 PM
So I should just leave it as $105 even tho on the 1098-t form it says 104.70
DaveF1006
Expert Alumni
Apr 9, 2024 3:51:55 PM
Yes, IRS requires that all numbers be rounded up if the cent total is more than $.50. If less than .50, it is rounded down.