Form 1099-DIV - Rounding

Per IRS Instructions for Form 1040 and 1040-SR, page 22:

Rounding Off to Whole 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 amounts to figure the amount to enter on a line, include cents when adding the amounts and round off only the total.

The TaxAct program does all of this work for you. When you report your Form(s) 1099-DIV, you only need to enter the amount as they appear on the form. TaxAct transfers the information to Schedule B and rounds the amounts for you.  If you want the amounts on your Form(s) 1099-DIV and Schedule B to be the same, you can round the amounts yourself when you enter them on Form 1099-DIV, or, if you're using the TaxAct Desktop program, you can edit Schedule B so that the amounts aren't rounded.

But, left as-is, it would cause no problems with the IRS. Our program was tested by the IRS and has been approved.

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