1099 Totals Rounded Off Incorrectly?

[gustavio]

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.

[Rainman12 · Accepted solution]

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.

[gustavio]

OK, so it looks like they reported the actual total in the summary (XX,458.04) but then Turbo-Tax rounded off each total individually and reported that total on the 1040 (XX,459.00). Thank you.