Rounding error in interest income

Forum|Forum|6 years ago
February 3, 2020
2 replies
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TurboTax Free Edition Online

JulieS

Level 15

The IRS requires rounding all amounts on an income tax return to the nearest dollar. Turbo Tax does that automatically if you enter figures with dollars and cents.

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mswyzmo

Level 2

I've found that when I use supporting details to accumulate a value for a particular item that TurboTax can introduce rounding error. Supporting details should calculate using dollars and cents and then round the total. For now, I've stopped using supporting details to aggregate amounts but use a hand calculation first to enter the value into the item.