topic 1099 Totals Rounded Off Incorrectly? in Get your taxes done using TurboTax

1099 Totals Rounded Off Incorrectly?

gustavio — Sat, 29 Jan 2022 20:19:53 GMT

Hello,

I have six 1099 forms that have a cumulative distribution of XX,458.04. However, when I look at the actual total reported by Turbo Tax my total has been rounded off to XX,459.00. Any reason why this total gets rounded up instead of down? Thank you.

Re: 1099 Totals Rounded Off Incorrectly?

Rainman12 — Sat, 29 Jan 2022 20:24:13 GMT

Per IRS protocols, each individual amount entered is rounded up at.50, down at .49. Thus, when there are multiple entries, the Sum may differ from what it would have been if actual cents were used instead of rounded individual entries.

Re: 1099 Totals Rounded Off Incorrectly?

gustavio — Sat, 29 Jan 2022 20:34:54 GMT

OK, so it looks like they reported the actual total in the summary (XX,458.04) but then Turbo-Tax rounded off each total individually and reported that total on the 1040 (XX,459.00). Thank you.