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icd185
New Member

Should the amount imported differ from what is shown on the document

imported interest income does not match what is on the document
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3 Replies
TerukoL
Expert Alumni

Should the amount imported differ from what is shown on the document

As posted by previous agent: You should report what was actually reported by the payor to the IRS.  Has a corrected 1099-INT been generated that you have yet to receive the paper copy?

 

You may have to contact the payor to verify which amount is correct.

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icd185
New Member

Should the amount imported differ from what is shown on the document

No difference on corrected 1099

I've tried editing the amount manually to no avail. The amount in question is only $3.85. When I do so, it appears $3.85; however on the summary it appears as $4.00.  I can't assume a round up of .15... there are two other amounts with discrepancies. It is important to note a different payor imported resulted in accurate amounts.

JamesG1
Expert Alumni

Should the amount imported differ from what is shown on the document

TurboTax follows the IRS rounding rules.  Is this what is happening on your tax return?

 

IRS Publication 17 page 13 under Computations states

 

The following information may be useful in making the return easier to complete.

 

Rounding off dollars.

 

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 under 50 cents and increase amounts from 50 to 99 cents to the next dollar. For example, $1.39 becomes $1 and $2.50 becomes $3. If you have to add two or more am

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