topic Re: 1099-R Minimum amount in Get your taxes done using TurboTax

1099-R Minimum amount

Aligwyn — Sun, 04 Apr 2021 22:26:54 GMT

I received a 1099-R for 2 IRAs and I closed out/ transferred that somehow were left over from other IRA transfers.

One was for Gross Distribution of $0.82, which Turbo Tax allowed me to enter.

The other Gross Distribution is only $0.01, Turbo Tax keeps asking me to enter a Gross Distribution amount and I can't move past this screen to e-file my taxes.

I assume it's because $0.01 is too little of a amount.

Can I skip this 1099-R since I can't report it?

Thanks.

Re: 1099-R Minimum amount

ColeenD3 — Sun, 04 Apr 2021 22:36:22 GMT

Yes, do not include the $.01. The IRS want you to round down. Anything below $.50 is zero, so no income is showing.

Re: 1099-R Minimum amount

Aligwyn — Sun, 04 Apr 2021 23:00:15 GMT

Thanks for the quick reply!