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JDrebin77
Returning Member

Recovery Rebate Credit - Line 11 Rounds off to 2 decimals and reduces my total credit

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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2 Replies

Recovery Rebate Credit - Line 11 Rounds off to 2 decimals and reduces my total credit

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

 

 

 

JDrebin77
Returning Member

Recovery Rebate Credit - Line 11 Rounds off to 2 decimals and reduces my total credit

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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