Submitted by Pariell t3_10pf4v2 in personalfinance
Specifically thinking about the form 8606 that I'm filing for the first time.
Comments
nothlit t1_j6k22ow wrote
https://www.irs.gov/instructions/i1040gi#en_US_2022_publink24811vd0e4579
> 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.
1955photo t1_j6k8wq5 wrote
Don't round until the end.
dumbest_smartass t1_j6kg9c6 wrote
You aren't supposed to but if you do, you always round up. Not to the nearest.
harrisc42 t1_j6kijwb wrote
Wrong. See the link above from the IRS.
dumbest_smartass t1_j6l6d35 wrote
It says exactly what I said.... your AGI includes cents.
zffch t1_j6m6jmb wrote
I'm not aware of any tax software that doesn't round to the nearest dollar. The more surprising thing to me is that you're allowed to use cents at all, as I've never seen it.
Equal_Pumpkin8808 t1_j6k1mh5 wrote
Yes