☰
✕
Sign In

Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
Returning Member
posted Feb 16, 2022 6:11:23 PM

Inconsistent rounding on Schedule B compared to other forms and Schedules

Hi,

I'm filing my taxes using TT and it seems the rounding is not always consistent across forms and schedules.

For example I imported a 1099-DIV with those info

  • 1a Total Ordinary Dividends $ 435.25
  • 1b Qualified Dividends $ 197.82
  • 2a Total Capital Gain Distributions $ 29.78
  • 5 Section 199A Dividends $ 3.16
  • 7 Foreign Tax Paid $ 14.27

And I imported a 1099-INT with the following detail

  • 1 Interest Income $ 56.54

The problem is that on Schedule B, the dividends appears as not rounded ($ 435.25) as well as the interest income  ($ 56.54)

Whereas the other amounts like qualified dividend ($198), Capital gains ($30) appear as rounded on 1040 and 199A Dividends appears also as rounded ($3) on form 8995, as well as Foreign Tax Paid, rounded ($14) on Schedule 3.

 

It also generates a discrepancy because my dividends on Schedule B are $ 435.25 whereas it is rounded on 1040 - 3b to $435

Same for the total interests that are $ 1,862.54 on Schedule B (I have in addition of the $ 56.54, $1,806 of interests from foreign account which I obtained using the treasury rates and rounded) whereas on 1040 - 2b it is reported as $1863


From what I read on TT, it's either all numbers are rounded or none, so I would like to see how can I have those numbers rounded on Schedule B?

 

Thanks
Seb.

0 3 1291
3 Replies
Level 15
Feb 16, 2022 7:17:18 PM

Don't worry about it. TurboTax has been doing it this way for years. You can't change it. The IRS doesn't care about small rounding errors or discrepancies of less than a dollar.


With total interest and dividends of less than $1,500, Schedule B isn't actually going to be included in your tax return anyway. It's just for your reference.

 

Returning Member
Feb 17, 2022 2:06:19 AM

Thanks rjs.

Ultimately, the total amount is greater than $1,500 so it will be included with my return. From your response, you would not recommend that I round myself when I'm entering the 1099-INT and 1099-DIV for those boxes?

 

Maybe I can do the other way around and not round my foreign interest accounts to have no number on Schedule B that are rounded? (as an example I had 1,515.91€ of interest which with the TRS rate gives $1,718.72 and for now I entered $1,719. Maybe I should enter $1,718.72 and the same for other interests/dividends?)

Understood that it has been like this for years and they don't seem to care but I would rather not file something with a known discrepancy.

 

Thanks!
Seb

Level 15
Feb 17, 2022 2:18:16 PM

@sebcarotte wrote:

From your response, you would not recommend that I round myself when I'm entering the 1099-INT and 1099-DIV for those boxes?

You can do that. Round each individual amount that you enter, and enter everything only in whole dollars. That's what most tax professionals do. It's a good alternative.