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Federal 2021 taxes. IRS Letter 6475 has amount in cents but Turbo tax is rounding up. How to proceed further.

Married Filing jointly. Received one letter in my wife's name indicating amount x. But we had received total 2x per bank credit.   While submitting 2x (with cents), turbo tax is rounding up to the nearest dollar.  Is this ok or will govt take long time to process if the amount entered does not match exactly with the amount credited by govt in the bank?
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5 Replies
rjs
Level 15
Level 15

Federal 2021 taxes. IRS Letter 6475 has amount in cents but Turbo tax is rounding up. How to proceed further.

When you enter the amounts for you and your wife in TurboTax, round one up and round the other down, so that the total is exactly correct. Only the total actually goes on your tax return.

 

Federal 2021 taxes. IRS Letter 6475 has amount in cents but Turbo tax is rounding up. How to proceed further.

Your response is for IRS Letter 6419, where Turbo tax has two amount fields, one for self and other for spouse if filing joint.  No issues with that, as I already rounded up there for one and down for the other.

 

My question is about IRS Letter 6475 (Third stimulus). The amount in the letter for self and spouse has dollars and cents (2597.84 + 2597.84) totalling 5195.68.  But Turbo tax has a SINGLE field to enter this amount, and when I enter cents, it rounds up to the dollar making it 5196.    Please advise if this will delay return processing from IRS, and if so, what are the plans from Turbo tax to fix this issue to accept cents.  (Note - I have not filed yet, just waiting for this issue/question to be resolved before I file).

Federal 2021 taxes. IRS Letter 6475 has amount in cents but Turbo tax is rounding up. How to proceed further.

Can you also change the category of this post, it is not "After Filing" but I am yet to file.  I don't know how system automatically chose "After filing"

rjs
Level 15
Level 15

Federal 2021 taxes. IRS Letter 6475 has amount in cents but Turbo tax is rounding up. How to proceed further.

Entering only whole dollars will not delay the processing of your tax return. TurboTax cannot accept cents because there is no place for cents on the actual tax return. The IRS only accepts whole-dollar amounts.


It doesn't really matter what category your post is in, but I moved it to "Get your taxes done using TurboTax."

 

Federal 2021 taxes. IRS Letter 6475 has amount in cents but Turbo tax is rounding up. How to proceed further.

Thank you!

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