NM1
Level 4

Get your taxes done using TurboTax

@AmyC, I'm sorry, but your statement is incorrect. The IRS does not require rounding; they just want you to be consistent about it, and never use rounding during calculations. See https://www.irs.gov/instructions/i1040gi#en_US_2023_publink24811vd0e4579  [bolded emphasis mine]

"Rounding Off to Whole Dollars

  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.

  If you are entering amounts that include cents, make sure to include the decimal point. There is no cents column on the form."

 

Rounding *during* calculations is actually a *bug*, and the general rounding behavior in TT should be addressed so that it is optional, as the IRS allows.

 

Thank you.