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Level 2

Question

I received a residual distribution of $0.31 from my IRA

Forum|Forum|5 years ago
March 15, 2021
2 replies
12 views

Error message just says "enter gross distribution in Box 1". I assume it's because the amount is less than $1?

TurboTax Premier Online

Level 15

Yes, because of the rounding rules, it will be zero. You can delete the 1099-R to eliminate the error.

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.

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Level 2

Thank you! Glad to know I have the option to remove it from my filing!