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This publication covers the general rules for filing a federal income tax return. It supplements the information contained in your tax form instructions. It explains the tax law to make sure you pay only the tax you owe and no more.
- Pub. 531, Reporting Tip Income
About Form 1040-NR, U.S. Nonresident Alien Income Tax Return...
- IRS.gov Form1040ES
Information about Form 1040-ES, Estimated Tax for...
- Pub. 547, Casualties, Disasters, and Thefts
Publication 547 explains how to treat casualties, thefts,...
- Pub. 575, Pension and Annuity Income
About Form 4972, Tax on Lump-Sum Distributions. About Form...
- Pub. 504, Divorced Or Separated Individuals
Publication 504 explains tax rules that apply if you are...
- IRS.gov Transcript
For more information, visit our Transcripts services for...
- Pub. 936, Home Mortgage Interest Deduction
Employer's Quarterly Federal Tax Return Form W-2; Employers...
- Pub. 551, Basis of Assets
Information about Publication 551, Basis of Assets,...
- Pub. 531, Reporting Tip Income
Preparing tax returns can prove challenging enough without having to contend with decimal figures. To make calculations easier, the Internal Revenue Service allows, but does not require, taxpayers to round amounts to the nearest dollar.
Instead of making dollars-and-cents entries on your federal tax return, you may round off your entries into whole dollar amounts. If you choose to round any entry you must use rounding on all forms and schedules you include with your return. Using this method is relatively simple, but a special rule applies when you ...
29 mar 2022 · 1. Reply. Bookmark Icon. LeonardS. Expert Alumni. Yes, If rounding is used, it must be used consistently. Withheld tax amounts should be rounded to the nearest whole dollar by dropping amounts under 50 cents and increasing amounts from 50 to 99 cents to the next dollar. For example, $2.30 becomes $2 and $2.50 becomes $3.
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.
8 kwi 2017 · For purposes of rounding, drop amounts under 50 cents ($97.25 becomes $97) and increase amounts from 50 to 99 cents to the next dollar ($97.76 becomes $98).
Even if you do not otherwise have to file a return, you should file one to get a refund of any federal income tax withheld. You should also file if you are eligible for any of the following credits.
