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Fid-user
Level 2
March 5, 2024
Question

Treasury AMD as Govt Interest

  • March 5, 2024
  • 4 replies
  • 32 views

Turbotax does not include Treasury Acquired Market Discount as US Govt interest exemtion on state taxes!

    4 replies

    AmyC
    AmyC
    Level 15
    March 6, 2024

    You need to make an adjustment within your state for the qualified exemption. 

    **Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"
    Fid-userAuthor
    Level 2
    March 6, 2024

    First, it is not clear what numbers are included in line-28, It-201

    (simply saying they are from Fed 1099-div, -int, K-1 does not help.)

    Second, it will be nice if Turbo Tax included AMD on purchase of treasuries in line 28! That will save lot of hassle, now and later! Thanks.

    AmyC
    AmyC
    Level 15
    March 17, 2024

    For a few states, the interest adjustment is made in the federal section. NJ is one of them.

    Maine

    Maryland

    Massachusetts

    New Hampshire

    New Jersey

    Tennessee

    West Virginia

    Please follow these steps:

    1. Return to the federal 1099-INT input screen. 
    2. Edit the 1099-INT
    3. screen says "Let's get your ... details"
    4. Continue
    5. screen says "Tell us if any of these uncommon situations apply"
    6. Click the box beside "Our state doesn't tax all of this interest"
    7. Select your state
    8. Continue
    **Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"
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