Level 1

Recovery Rebate

Forum|Forum|5 years ago
January 25, 2021
4 replies
9 views

When Calculating The Recovery Rebate Phase Limits do round Up or Round Down? Example Single Taxpayer: Phase Out Limits $87,000.00. AGI 79,200.00. = $7,800.00 X .5 = $390.00 ?

Do I use $7800.00,$8,000.00 Rounding Up?

ProSeries Tax

This topic has been closed for replies.

Just-Lisa-Now-

Intuit Community Champion

Why are you doing the calculation?

IRS tacks change onto the end of phase out advance amounts.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

itonewbie

Level 15

@PanthersWhy do you think anything should be rounded up or down?

---------------------------------------------------------------------------------Still an AllStar

IRonMaN

Level 15

Now I'm worried. I received a call a couple of weeks back from an elderly widow that received $16.50 for her Recovery Rebate in December. How am I going to enter that amount in the system if the software doesn't allow decimal points?

Slava Ukraini!

Just-Lisa-Now-

Intuit Community Champion

Online calculator for the second EIP says that $390 is correct for AGI of 79,200 for a single person.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

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