2016 TT Discrepancies with Pre-filed 1040

Forum|Forum|6 years ago
September 28, 2019
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Can I customize figures on 2016 f1040 in TT? Accurate entries cause $4 off bottom line of already-filed form. Prepping only to file amendment, already paid previously filed amount. Do I explain discrepancy on amended return? or ignore and proceed with amend? Future complications foreseen?

Best answer by macuser_22

Line 74 is simply adding lines 64-73 each of which is already rounded to the nearest dollar per IRS rules so line 74 is not rounded at all.

The 8962 rounding was an issue in 2016 since each month was rounded prior to adding instead of adding first and then rounding. The workaround for that was to adjust the monthly amounts entries so that the totals are correct taking into account that TurboTax rounds first and then adds instead of the other way around.

macuser_22

Alumni - Champ

Discrepancies with what? Where do you see a difference and what are you comparing with? What lines?

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

BitsyAuthor

Level 2

$1 off on line 74, because we rounded payments differently. And line 46 is $3 off, based on line 27 of form 8962, where I think TT also rounded differently which affected results of the complex formula. TT benefitted me more than I did, but I would rather get it to match, not knowing how it will affect the amendment or future returns.

Just brainstorming.... Since I won't be filing any forms entered in TT until I do the amendment, can I alter the data to make these results match my previous form, or "inform" TT that I paid $4 extra, or just go with their amount and explain minor differences on the amended return? Or is there a way to make TT round figures differently? I sure appreciate good advice.

macuser_22

Answer

Alumni - Champ

Line 74 is simply adding lines 64-73 each of which is already rounded to the nearest dollar per IRS rules so line 74 is not rounded at all.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**