Level 7

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HOW TO REPORT US TREASURIES BOUGHT AT DISCOUNT

Forum|Forum|1 year ago
April 13, 2025
2 replies
12 views

Vanguard reports the market discount on Sch D proceeds page. Code is D. But I don't know where to "double click" to code it as such. It's showing up as a gain on Sch D, and I don't know how to get rid of it.

Does that mean the 1099-B page provided by Vanguard already includes this phantom gain?

ProSeries Professional

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Best answer by Greta

You probably need to make an adjustment over on the state return.

Does VA have an income adjustments form/page?

I used code 99 (other deductions) on Virginia's adjustment page. I hope this works.

Thank you for ALL you sage advice!

G

GretaAuthor

Level 7

Sorry! I just found where to enter the Adjustment amount, on the left side of the form. Sch D no longer shows a profit. I assume the interest income on 1099-int as reported by Vanguard is all I need.

G

GretaAuthor

Level 7

I continue to be confused. Does Sch B now add the Market Discount or not?

sjrcpa

Level 15

Look at it and see.

The more I know the more I don’t know.

Just-Lisa-Now-

Intuit Community Champion

If you double click on the stock sale Quick Entry Table line the secondary window that open have a place for that.

You have to be in the 1099B worksheet Entry Table, not in the Covered Summary boxes up top.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

G

GretaAuthor

Level 7

Thank you yet again, Lisa!! I found the spots you highlighted!

1) Since client has a large carry over loss on Sch D, any way to count the capital gain (32K) against the loss?

2) If it must be counted as Us Treasury income on Sch B, why does Virginia not subtract it from taxable income as it does for US Treasury interest income?

Just-Lisa-Now-

Intuit Community Champion

I guess Im confused as to what you're seeing on the 1099B statement, is it just a rogue line on it somewhere that shows this?

Ive only seen the Accrued Market Discount on a 1099B on the Stock Sales line, like a Wash Sale adjustment.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

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