Are 1099-R's that are less than $1.00 required to be entered on our taxes?
I'm trying to file my tax return and the gross distribution is < $1.00. The error tells me to enter a gross distribution.... but I have.... $0.27. What am I doing wrong?
021044
2 Replies
rjs
Level 15
Jun 15, 2021 3:15:19 PM
If the distribution is less than 50 cents you do not have to enter the 1099-R. It would get rounded to zero.
DoninGA
Level 15
Jun 15, 2021 3:15:30 PM
You do not need to report that withdrawal on your tax return since the amount is less than $0.50. Go ahead and delete the Form 1099-R.