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meganrawlingss
New Member

I have entered my wages and turbo tax has rounded up the amount. It's only 25 cents, but it makes me nervous

 
13 Replies
ThomasM
New Member

I have entered my wages and turbo tax has rounded up the amount. It's only 25 cents, but it makes me nervous

Rounding is perfectly fine.  In fact, TurboTax has to do it because IRS doesn't deal in cents, only whole dollars.  Not a problem.

Colts013
Returning Member

I have entered my wages and turbo tax has rounded up the amount. It's only 25 cents, but it makes me nervous

On my 2020 w2 if my wages is 24993.87 will turbotax round that up

VolvoGirl
Level 15

I have entered my wages and turbo tax has rounded up the amount. It's only 25 cents, but it makes me nervous

Yes.  The IRS wants rounded amounts and no cents. Does that make a problem for you?

Colts013
Returning Member

I have entered my wages and turbo tax has rounded up the amount. It's only 25 cents, but it makes me nervous

No I was making sure when I put that 24993.87 will turbotax round up to 24994 that what it says on my view my AGI 

Colts013
Returning Member

I have entered my wages and turbo tax has rounded up the amount. It's only 25 cents, but it makes me nervous

U said turbotax will round my wages 24993.87 to 24994 right?

DianeW777
Expert Alumni

I have entered my wages and turbo tax has rounded up the amount. It's only 25 cents, but it makes me nervous

Yes, the wages will be rounded automatically or you can round them yourself.  You do not have to enter the cents in any field, it's your preference.

Colts013
Returning Member

I have entered my wages and turbo tax has rounded up the amount. It's only 25 cents, but it makes me nervous

R u sure??

Mike9241
Level 15

I have entered my wages and turbo tax has rounded up the amount. It's only 25 cents, but it makes me nervous

IRS rules for rounding. 50 cents or more rounded up to the next nearest $. 49 cents or less just drop the cents.

Colts013
Returning Member

I have entered my wages and turbo tax has rounded up the amount. It's only 25 cents, but it makes me nervous

I was making sure I dont want turbotax send me something bout my federal and/or state ben rejected 

BillM223
Expert Alumni

I have entered my wages and turbo tax has rounded up the amount. It's only 25 cents, but it makes me nervous

We are absolutely sure that rounding is OK with the IRS. Please continue with your return.

 

@Colts013

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Colts013
Returning Member

I have entered my wages and turbo tax has rounded up the amount. It's only 25 cents, but it makes me nervous

Just checking r u sure?

VolvoGirl
Level 15

I have entered my wages and turbo tax has rounded up the amount. It's only 25 cents, but it makes me nervous

The IRS wants all amounts rounded.  See IRS 1040 Instructions Page 22 3rd column Rounding off to whole dollars

https://www.irs.gov/pub/irs-pdf/i1040gi.pdf

 

You can round off cents to whole dollars on your return and schedules. If you do round to whole dollars, you must round all amounts. To round, drop amounts un- der 50 cents and increase amounts from 50 to 99 cents to the next dollar. For ex- ample, $1.39 becomes $1 and $2.50 be- comes $3.

 

If you have to add two or more amounts to figure the amount to enter on a line, include cents when adding the amounts and round off only the total.

marmil
Level 3

I have entered my wages and turbo tax has rounded up the amount. It's only 25 cents, but it makes me nervous

the IRS rule is  you CAN round off.............NOT  you MUST round off

 

But turbotax refuses to give the taxpayer the exact rule -- I do NOT want to round off..............i have seen where in my case it winds up costing me money more often than not..AND I cannot proof anything with my accounting records which are ACCURATE - NOT ROUNDED

 

this should be an OPTION- not a forced implementation - it causes more problems than it solves for many of us--amd using Home and Business edition -- we should be able to use the real numbers not this rounding baloney

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