There is a slight glitch in Turbo Tax for line 11 of the Recovery Rebate Form. The IRS says to round to "at least 2 places". That does not mean round to EXACTLY 2 decimal places, but that is what the software does. For ALL users to get the maximum credit they are entitled, the software should round to 4 decimal places. Admittedly, it is not very large difference, but $10 is $10 (or in my case, $15). I would think this would be a pretty simple fix for Turbo Tax to make.
Meanwhile, there does not seem to be a way to overwrite this amount manually. Any suggestions?
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Sorry I never studied the worksheet before for that section. Especially if you have a high income.
IRS worksheet for line 30 in 1040 instructions page 59
https://www.irs.gov/pub/irs-pdf/i1040gi.pdf
Line 11 isn't a dollar amount. It's a percentage you apply TO a dollar amount. And given that the dollar amount you apply that percentage to is a minimum of four digits ( ie $1400) - then you would have to expand that percentage to 4 decimal places to get the exact dollar amount credit.
Try it yourself. Multiply $1400 by .03, then by .032, then by .0327 and see what you get. Like I said, it's only going to be a small difference, but when the software touts that it gets you your MAXIMUM return, then it should do just that.
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