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Level 2

Question

Form B loss Gain

Forum|Forum|1 year ago
March 5, 2025
1 reply
8 views

My US Discounted Treasury Nt investment matured in 2024. Form B from brokerage an $3300 amount in loss/gain.

I imported documents into Turbotax from my Brokerage.

turbotax shows correctly the discounted purchase and the gross amount after maturing of Treasury which is a gain but when all done turbotax shows gain/loss as Zero

although in the form B workout form/sheets turbotax shows

gain /loss $3300 and in next column of adjustment amount shows -3300 ( negative)

i am not an expert

Level 12

the discount on the Treasury Note that you get paid at maturity as "Accrued Market Discount" is taxed as ordinary income; it will show as a gain on your 1099-B with an adjustment in Box 1f for that amount, which zeros out the gain/loss, and you should see this amount being flipped over to your Schedule B as ordinary income.

Level 2

Thanks for your explanation makes sense.

As an inexperienced tax filer I wanted to make sure that gain is reported and included in my earnings

So now I can proceed with Turbotax filing

Syed