1099-INT Do you need to enter the cents?

[smear]

Hello,

I got a notification that my 1099-INT information may be incorrect due to a data import issue. I checked my 1099-INT and compared it to my 1040 specifically line 2b as the instructions said. The total amount on my 1099-INT is 88.34. I remember trying to enter this manually because the cents weren't being captured. On my 1040 it says 88. But on my 1099-INT it says 88.34. Does Turbo tax not care about the cents? Need to know if I should amend to report the cents, but I do remember trying to do that when filing my taxes and it wouldn't let me add the cents. 

[baldietax]

The cents won't be material, the issue they are reporting is a whole account missing entirely (e.g. your $88 wasn't reported at all).  It's apparently some issue for certain 1099s that had multiple accounts reported like CDs, likely on multiple pages on the 1099-INT.

[smear]

Hi, 

Thanks for the reply. Not sure what you mean by multiple accounts, I don't have multiple accounts. I only have one 1099-INT. My $88 is reported on the tax form as it is on my 1099 minus the 34 cents. 

[baldietax · Accepted solution]

Some people will say have a savings account at Capital One and opened 2 CDs also.  Those 3 accounts are reported separately on the 1099-INT, usually with a total.  In that case the import may have only imported the first 2 accounts and not the 3rd.

If you only had one account then you're not affected by this issue.  I don't know the criteria they're sending this email out for whether it was specific banks affected but they can't tell who would have had multiple accounts or not.

I was going to add also if you look at Schedule B that should show the full amount with the cents.  When the total from Schedule B is transferred to 1040 Line 2b it gets rounded to whole dollars, there is no space for cents on 1040.  So a final amount of $88 on your 1040 would be correct in this case.

[Mike9241]

I put it this way Turbotax follows the IRS rules. cents are not required. for each form 50 cents or more is rounded up to th next dollar 49 cents or les is dropped. 

however, if you import cents will be included.