1099-K rounding error

Forum|Forum|3 years ago
February 20, 2023
1 reply
3 views

I have two 1099-K's for this year. One ending in 40 cents and one ending in 80 cents. The 80 cent one rounds up, and then gives an error when doing the check. I had to go in and round up the dollar amount to an even dollar to get TurboTax to take the value. Hopefully the IRS doesn't audit me for $0.20 because TurboTax can't do this correctly.

MinhT1

Level 15

All amounts are rounded to the nearest dollar on a tax return.

You will not be audited on a rounding error.

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GoneSailin74Author

Level 4

I entered the correct value, then TT rounded up, and told me the value could not be greater than the value I entered on the form, so it threw an error.

I then had to figure out the error was a rounding error, and go in and change my entry. If TT is going to round, it shouldn't throw an error when it does so.

This product is getting worse every year.