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larnold3
New Member

how to fix OR state treasury interest deduction

Schwab reported my t-bill accrued interest as a cap gain with an accrued market interest  on my consolidated 1099.   Then Turbo tax recognizes it as interest and it goes to the schedule B as   separate line item from the rest of the schwab dividend and interest and reports.  Line item 110000.00 US TREASU NT 0.125%09XXX**MATURED** Accrued Market Discount.     So the federal income correctly shows this as interest income.    BUT and here is the issue- I can't see where to flag it as government interest for the oregon state filing so I can deduct from my state income.  I can't edit/overrid the or state form directly.  I have to somehow flag this as government interest  in the federal files.   Where would I do that?   Driving me crazy.

   

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3 Replies
AmyC
Expert Alumni

how to fix OR state treasury interest deduction

You actually need to make the adjustment in the state section. Follow these steps:

  1. Under "Here's the income that Oregon handles differently"
  2. Locate misc adjustments
  3. Select Subtractions
  4. Do you have any subtractions? Select Yes, continue
  5. Check the box, continue
  6. You will see a form, scroll down until you reach the US Interest Income Smart Worksheet
  7. Enter your amount, continue

 

 

 

 

 

 

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larnold3
New Member

how to fix OR state treasury interest deduction

thanks for your response.   I did do this several times.  The issue is that when I get the last step you describe  =  Us Interest income smart worksheet - field A- interest income from United states etc.etc.   I cannot edit or adjust  the dollar amount field for the state reporting.    It is hard coded to the SMART worksheet for  the federal form.  Which does not include all government interest because according to  Scwhab this is how  Treasury NOTES  interest has to be treated.      Because it is a note not a bill. It is a separate line item that says it is accrued market interest but does not update the smart worksheet.   And their tax experts won't even discuss state tax situations.  I tried

It is clear to me that the issue is the SMART worksheet. 

So at this point unless Turbo tax can allow me to edit this data field to add in this treasury note interest that does not tie to a SMART (using this term sarcastically now) worksheet- I will just have to do my state taxes the old fashioned way - via paper and paper filing.   And TT will not get its state filing fees out of me.   If anyone has any other ideas or TT can adjust the software code to make this work that would be nice but not holding my breath. 

 

 

larnold3
New Member

how to fix OR state treasury interest deduction

Doesn’t work see my reply below 

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