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The IRS requires that numbers are rounded to the nearest dollar.
.51 cents or more, round up. IRS generally just chops off the change off the end, they don't round.
Turbo tax will do the rounding for you.
How to find my rounding number from 2019
In my experience, the only thing not rounded is the W-2 entries. All other are rounded as follows:
51 cents or more get rounded up to the next dollar amount.
50 cents or less gets rounded down to the next dollar amount.
No, 49 cents or less is rounded down.
The problem with 1095-A is/was, amounts were 31.50 per month and 12 roundings resulted in an error of $6.00.
IRS rejected the return because of a $6.00 difference in the yearly total.
The workaround is to reduce half of the entries by a penny.
Interesting ... I have rounded the entries on the 1095-A (and other forms) for years and NONE of my clients have ever gotten a letter of any kind.
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