Yep . . .Can I round off numbers to the nearest dollar, ex. $514.50 to $515, when I do my taxes?
Yes, you can do that. In fact, if you use TurboTax or TaxCut, it rounds them for you.Can I round off numbers to the nearest dollar, ex. $514.50 to $515, when I do my taxes?
Yes, and most tax software actually does round it even if you enter the exact amounts.
yes, the irs expects you to when you are filing.
I believe you only round off the amount owed or refunded. In other words, use the correct numbers until you get to the refund line. I can't be sure of this, but when doing mine with Turbo Tax, I enter the numbers I'm given with my W2's and 1099's and they may round it each time for me, or it's done at the end.
I give my figures down to the last penny to my CPA and he rounds them off.
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