turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

chrisg0621
Returning Member

Virginia tax-exempt on U.S. Treasury Notes - Turbotax does not treat as exempt reporting on a 1099-B

Vanguard reports accrued interest on US Treasury Notes on a 1099-B, not a 1099-INT. Filing the proceeds and basis on TurboTax in the 1099-B section shows the gain as accrued interest income but it does not have an option to designate the interest as interest on US government securities and thus does not carry through as exempt in the Virginia tax reporting.  Am I missing something, or does Turbotax need to be tweaked to allow for this in the handling of the exempt accrued interest when reported on a 1099-B?

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply
chrisg0621
Returning Member

Virginia tax-exempt on U.S. Treasury Notes - Turbotax does not treat as exempt reporting on a 1099-B

Disregard, I forgot this was answered last year. On the first page that loads in the State Return, titled "Here's the income that Virginia handles differently" there is a line item called "Other Subtractions from Federal Income" where the accrued interest can be entered.  Problem solved, and this issue is closed. 

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question