1099-R Minimum amount

Forum|Forum|5 years ago
April 4, 2021
1 reply
7 views

I received a 1099-R for 2 IRAs and I closed out/ transferred that somehow were left over from other IRA transfers.

One was for Gross Distribution of $0.82, which Turbo Tax allowed me to enter.

The other Gross Distribution is only $0.01, Turbo Tax keeps asking me to enter a Gross Distribution amount and I can't move past this screen to e-file my taxes.

I assume it's because $0.01 is too little of a amount.

Can I skip this 1099-R since I can't report it?

Thanks.

ColeenD3

Level 15

Yes, do not include the $.01. The IRS want you to round down. Anything below $.50 is zero, so no income is showing.

AligwynAuthor

Level 2

Thanks for the quick reply!

1099-R Minimum amount

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