Thanks for the response! I bought the treasury bond through a brokerage at a discount (from what I recall from 2 years ago, ~.98Xish? - which I thought was the discount/capital gain - I'm not in finance at all) and held it to maturity which was 54 weeks ending in Jan. 2024. The only info I have on it is the 1099-B and the 1099-INT.
By matching the paper statements, I mean getting TT to show the AMD as a capital gain like the 1099-B. The only way I can get TT to show this one transaction as a capital gain is make Box 1F = 0. If any positive value goes in there, it's automatically moved to Schedule B because the 'Form 1099-B Worksheet' in TT states: "Long term sales with cost basis reported to the IRS" Box D, with the Gain/Loss = +1000, the AMD (Box 1F) = 1000, so the Adjusted Gain/Loss = Gain - AMD = 0. Can't get around that unless 1F = 0.
I tested a friend's software which put this transaction in as a capital gain, but also asked for the 'Market Discount Adjustment' and stated "The market discount adjustment is considered interest income. You'll also need to enter it in interest income". The value had to be entered as a negative number on that screen, then looked like I was instructed to manually add it to Sch. B as a positive number so both zero out as interest, but I "assumed" that was already considered in the 1099-INT. I guess I don't know the difference between the 'Accrued Market Discount' (Box 1F) and the 'Market Discount Adjustment'. I assumed all this was done by the brokerage firm and contained in the 1099's they sent. I also assumed brokerage firms provided enough info so all tax software could complete the taxes the same without manual intervention. Maybe not.
Based on your note, I'll ask the brokerage firm more questions as you outlined in the 2nd paragraph & see where it goes. If nowhere, I only had one of these treasuries (it's now the last) and if I leave TT to do its thing, I'll end up paying a higher tax on it (interest vs. cap. gain rate) and the taxes filed won't match the 1099-B provided to the IRS. But in the grand scale, it's a small amount to overpay and me just wanting accuracy & no future issues.
Thanks, again!
