topic I received a residual distribution of $0.31 from my IRA in Retirement tax questions

I received a residual distribution of $0.31 from my IRA

skokka1 — Mon, 15 Mar 2021 00:50:45 GMT

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

Re: I received a residual distribution of $0.31 from my IRA

MaryK4 — Mon, 15 Mar 2021 01:55:58 GMT

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.

Re: I received a residual distribution of $0.31 from my IRA

skokka1 — Mon, 15 Mar 2021 02:16:50 GMT

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