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rounding in 1099-Q entry causes an error
TurboTax 2020 deluxe rounds each entry in the 1099-Q entry. As a result, Box 1 (Gross Distribution) does not necessarily equal the sum of boxes 2 (Earnings) and 3 (Basis). Due to this mismatch, TurboTax reports an error and does not let me keep the data.
For example:
Gross Earnings of $11,770.74 rounds to $11,771
Earnings of $801.49 rounds to $801
Basis of $10,969.25 rounds to $10,969
Now 801 + 10,969 = 11,770, not 11,771 so TurboTax reports and error and does not let me proceed.
‎February 7, 2021
12:43 PM