topic Form B loss Gain in Get your taxes done using TurboTax

Form B loss Gain

dakya27 — Wed, 05 Mar 2025 23:15:14 GMT

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

Re: Form B loss Gain

baldietax — Wed, 05 Mar 2025 23:41:27 GMT

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.

Re: Form B loss Gain

dakya27 — Thu, 06 Mar 2025 16:41:38 GMT

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