- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
Regarding my US Treasury Obligations my 1099-INT shows interests I earned but also Accrued Interest that I paid to the seller. The provider of this 1099 told me that my earned interest was not adjusted for the interest I paid. So I believe I am entitled to reduce my total interest by the Accrued Interest I paid.
I was able to get the numbers I expected by checking "I need to adjust the interest reported on my form." on the screen that follows 1088-INT screen, and on the next screen entering the accrued interest amount and selecting "My accrued interest" from the "Reason for adjustment" drop down.
If you think my belief that the Accrued Interest should be creditable back to me is incorrect, let me know. This seems like a reasonable assumption, but then none of the 1099 provider, the IRA instructions nor Quicken made this very straightforward.