Double Entry

Joe299 — Fri, 11 Apr 2025 14:10:56 GMT

On my monthly statements from Fidelity, in the Capital Gains section, I have inputs listed as “Total Realized Accrued Market Discount” in the amount of $1236.19 on my 1099-B.

On my 2024 Turbo Tax Premier copy, that $1236 shows up in interest and also Long Term Capital Gains. According to Turbo Tax, I am being taxed twice. That gain should only show up in Long Term Capital Gain, and not interest.

How do I fix this problem. I cannot edit the work sheet.

Re: Double Entry

baldietax — Fri, 11 Apr 2025 14:35:34 GMT

AMD reported as Box 1f on your 1099-B is adjusted on Form 8949/Schedule D to reduce the reported capital gain, and is reported as Ordinary Income on Schedule B.

Check your Form 8949/Schedule D to see if that adjustment has been made and the net capital gain, it will be column (g) on Form 8949. If it's not then check these sales items in TT have been input with the correct box info / adjustments.

Ideally these sales should be input (or imported) as "one by one" with the details otherwise it will trigger a need to mail 1099-B to the IRS; all other sales without adjustments for AMD, wash sales or non-covered categories can be input as sales summaries.

Form 8949 AMD adjustment

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Double Entry

Re: Double Entry