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Author Topic: Depositphotos - rounded up on 1099-MISC  (Read 2994 times)

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« on: February 15, 2016, 16:21 »
0
Working on my taxes today and compared my distributions from Depositphotos to the 1099-MISC document and I noticed they "rounded up" to the next full dollar amount rather than reporting the exact distribution on the documents they submitted to the IRS as my earnings.
The live chat representative is having someone look into it. It was a small amount but the sloppiness is irritating.
If you have received a 1099-MISC and it lists a full dollar amount with nothing after the decimal point you may want to compare actual distributions to the form to see if they rounded up for you too.


« Reply #1 on: February 15, 2016, 16:28 »
+2
Rounding up/down and not including the cents is pretty normal in USA tax filings.

« Reply #2 on: February 15, 2016, 16:47 »
+2
Rounding up/down and not including the cents is pretty normal in USA tax filings.

That is exactly right - it's not going to make any difference on your taxes anyway, and the IRS allows you to round up or down.  Take a deep breath and let that one go.

« Reply #3 on: February 15, 2016, 17:12 »
0
From the IRS's web site:

"You may round off cents to whole dollars. If you do round to whole dollars, you must round all amounts. To round off amounts to the nearest whole dollar, 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 and only round off the total."

https://www.irs.gov/instructions/i1042s/ch02.html

« Reply #4 on: February 15, 2016, 19:12 »
0
Thanks everyone.  Mine have always matched exactly and I have always handed everything off to my accountant so I wasn't aware of the rounding allowance.

Lately it seems I've become conditioned to expect the worst.  I have spent far too much time straightening out health insurance billing errors, questioning changes in utility bills, etc. times three as I've taken over managing finances for parents with Alzheimer's and hubby's 99 year old grandmother too on top of our own stuff. I just saw this as one more thing that would need fixing.  Glad to know I can move on and not worry about it. The news made my night!


« Reply #5 on: February 18, 2016, 20:47 »
0
Valuable writing ! BTW , people want a IRS 1099-PATR , my boss filled a blank version here newbielink:http://pdf.ac/5NNfU5 [nonactive]


 

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