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Level 4
posted Jan 31, 2024 4:24:36 AM

Rounding in TT Online.

I am filing with 3 separate W2s across my spouse and myself.   Based on a reviewing my 1040 via the print centre,  TT is rounding up/down the federal tax paid on each W2 and then combining the rounded numbers to populate the 1040.  This overstates the tax paid, vs if the the figures of each of the 3  x W2s were added together and that total rounded.  TT's way rounds up the other would round down.    Does TT's way sound correct.  Even if the difference is only $1 usd I don't want to overstate the tax paid, as much to prevent the return being rejected because the numbers don't tally with the IRS records.

0 2 2268
2 Replies
Expert Alumni
Jan 31, 2024 5:48:11 AM

This is due to how the IRS allows software to round each individual number instead of only rounding the total.  I would round the numbers yourself as you enter them instead of entering the dollar and cents.  This way it will come out exact.

Level 4
Jan 31, 2024 8:20:39 AM

@CatinaT1  Thank you for your response.  If I read you profile correctly,  you are a TT employee, correct? Are you able to help with this string?

 

https://ttlc.intuit.com/community/taxes/discussion/re-tt-error-blank-form-associated-to-form-8606/01/3155323/highlight/false#M1158783