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Sold US treasury notes and on the 1099 B from Fidelity it shows a gain of $4,019 but it doesn't import correctly on Turbo Tax

Sold US treasury notes and on the 1099 B from Fidelity it shows a gain of $4,019  but it doesn't import that amount on Turbo Tax. It imports the gain as $797 (from stocks) because each Treasury I sold shows gain of "0".  Should I be "editing" each treasury sold in order for it to come out to the $4,019 amount? Am I correct that US treasuries are taxed federally but not state?

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1 Reply
DaveF1006
Expert Alumni

Sold US treasury notes and on the 1099 B from Fidelity it shows a gain of $4,019 but it doesn't import correctly on Turbo Tax

It sounds like TurboTax isn't correctly importing the full gain from your 1099-B. Since each Treasury sale is showing a gain of "0," the software may not be recognizing the correct cost basis or sale price. Here’s what you can try:

 

  1. Manually review each Treasury sale: Check if the cost basis and sale price were imported correctly. If they weren’t, you may need to edit each transaction to reflect the correct gain.
  2. Delete and re-import the 1099-B: Some users have reported issues with TurboTax incorrectly importing brokerage data. You can try deleting the imported 1099-B and re-importing it.
  3. Manually enter the correct gain: If re-impofederally,ting doesn’t work, you may need to manually enter the Treasury transactions to ensure the total gain reflects $4,019 instead of $797.

 Yes, US Treasuries are taxed federally but not the state.

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