Hello,
Have a question re. Accrued Market Discount on US Treasury bonds and how to code it correctly for NJ tax returns.
The Accrued Market Discount appears on 1099-B with an adjustment to the sales proceeds so as to not be counted as gain, but instead is added to Interest Income.
Interest income and capital gains from US obligations are exempt from NJ taxes. However, since this income is not entered as 1099-INT or 1099-DIV, one cannot indicate at data entry that this income is exempt from NJ taxes. Has anyone found a way to mark it as non-taxable for NJ taxes and correctly exclude it from the Interest Income on NJ taxes?
Regards,
NJ taxpayer
A
