TurboTax asks user to enter RMD amount as a follow up to 1099R entry. Then elsewhere on 1099r worksheet it generates, it drops the cents and then has an issue since that number (w/o cents) is less than the RMD amount !
The only way to satisfy the system us to leave off the cents which isn't totally accurate. On same worksheet, in RMD section there is a line B where this same number is used and called the distribution. I believe the correct number here would be either the whole distribution (including Roth conversion) OR the whole distribution less the conversion, NOT the same RMD # w/o cents.
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It is acceptable by the IRS to round numbers up when you prepare your tax return. It will not materially affect the calculation of your income tax if you round numbers. The RMD would not include rollover distributions.
Thanks, I get that rounding would be okay. I rounding down, dropping the 39 cents as I was prompted to add on a previous screen while using TT just so the system could then disregard the 39 cents and then freak out because the number with the cents is larger than the number without. It probably took an hour of total aggravation with TT person to determine the path forward is for me to falsely represent my RMD by omitting the cents. At least I know it's just another flaw in the TT software one has to work around.
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RC519
Level 2
RC519
Level 2