Hello,
I have six 1099 forms that have a cumulative distribution of XX,458.04. However, when I look at the actual total reported by Turbo Tax my total has been rounded off to XX,459.00. Any reason why this total gets rounded up instead of down? Thank you.
Per IRS protocols, each individual amount entered is rounded up at.50, down at .49. Thus, when there are multiple entries, the Sum may differ from what it would have been if actual cents were used instead of rounded individual entries.
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