Panthers
Level 2
‎01-25-2021 11:34 AM

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?

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Just-Lisa-Now-
Level 15
Level 15
‎01-25-2021 11:39 AM
Why are you doing the calculation?

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

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
itonewbie
Level 15
‎01-25-2021 11:57 AM

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

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Still an AllStar
IRonMaN
Level 15
‎01-25-2021 12:09 PM

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-
Level 15
Level 15
‎01-25-2021 12:11 PM

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


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪