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hgtc
Level 5
March 15, 2025
Solved

how to report Accrued market discount in Form 1120-S

  • March 15, 2025
  • 1 reply
  • 6 views

S-corp has accrued market discount ($540) on US Treasury bond sold.  When entered this transaction in Sch D, Lacerte automatically deduct the gain.  But, are we supposed to report this as interest incomes somewhere?

I can not find where does Lacerte report this $540 interest incomes in S-Corp program.  Does anyone know?

Also, should this $540 be tax-exempt incomes for CA and pass through to shareholder?


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    1 reply

    George4Tacks
    George4TacksAnswer
    Level 15
    March 15, 2025

    https://support.taxslayer.com/hc/en-us/articles/33890986092429-How-do-I-report-Accrued-Market-Discount-on-the-return

     

    Answers are easy. Questions are hard!
      H
      hgtcAuthor
      Level 5
      March 15, 2025

      Thanks

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