ABP ADJUSTMENT

Forum|Forum|3 years ago
March 21, 2023
2 replies
21 views

Where is the data source for the ABP adjustment that shows up on schedule B?

I have input all my info properly and do can not find how turbo tax computes this adjustment nor can I find a data source.

Thanks

Best answer by Anonymous_

@Yianni52 wrote:

Where is the data source for the ABP adjustment that shows up on schedule B?

Lines 11 and 12 of your 1099-INT.

Anonymous_Answer

Level 15

@Yianni52 wrote:

Where is the data source for the ABP adjustment that shows up on schedule B?

Lines 11 and 12 of your 1099-INT.

Yianni52Author

Level 2

I have entered the info correctly from lines 11 and 12...there must be more to it than just that because the end result is a number that is not the total of 11 and 12

Anonymous_

Level 15

@Yianni52 wrote:

I have entered the info correctly from lines 11 and 12...there must be more to it than just that because the end result is a number that is not the total of 11 and 12

Do you have a 1099-OID, for example? It can come from other sources (e.g., a K-1) but the 1099-INT is the most common.

JohnB5677

Level 15

"ABP" is an amortized bond premium. This means you purchased a bond at a certain price above par. For example, you paid $1870 for an $1800 bond.

If you had a positive entry (>$0) on Line 11 of your 1099-INT, you would have an ABP interest adjustment.

To manually post a 1099-INT

Select Federal
Wages & Income
Scroll to Investments & Savings and
select Show More,
Start or Revisit next to Interest on 1099-INT - Okay!
Time to kick off your investments!
Yes, on the screen Did you receive any interest income? then Continue.
- If you see the screen Your investments & savings or Here's your 1099-INT info, select.
- Add investments or add another 1099-INT, then Continue.
Choose how you'd like to enter your 1099-DIV:
- If you'd rather manually enter your form, select.
  - Change how I enter my form, select.
  - 1099-INT, then
  - Type it in myself on the following screen.
Follow the on-screen instructions to enter the info from your 1099-INT.
When you reach the screen Here's your 1099-DIV info, the form you just entered should be listed.

Check the box My form has info in other boxes.

Post the information to Box 11 and [Continue]

The screen will show Do any of these uncommon situations apply?

Select I need to adjust the interest reported on my form.

Then enter your adjustment and select the reason from the drop-down menu.

If this does not completely answer your question, please contact us again and provide some additional details.

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"

Yianni52Author

Level 2

Thank you

The sum of box 11 and 12 from my 1099 is $593.37...yet the entry on schedule B for ABP is -$3.111.00.

Does OID come into play here?

What about ABP (box 11 and 12) from prior years?

Somewhere TTax must have a data source that computes the number they have entered on ScheduleB

Thank you again

ABPoid

Level 2

<*sigh*> Yea... this makes no sense to me either. It's like magic... and probably wrong.

1099-INT
Box 10:
Box 12: 244.86

Box 13: 11,456

1099-OID
Box 6: 2244.21

Schedule B

ABP Adjustment: -1319.67

The numbers just don't add.

I should also note that I had to adjust the INT Box 12 to reduce it to match INT Box 3. TT is not handling Treasury TIP inflation adjustments (OID Box 😎 correctly. I moved excess Treasury bond premium to line 16 of Schedule A as directed.