Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
Aligwyn
New Member

1099-R Minimum amount

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.

2 Replies
ColeenD3
Expert Alumni

1099-R Minimum amount

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

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
Aligwyn
New Member

1099-R Minimum amount

Thanks for the quick reply!

Privacy Settings
v