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DeskJockey
Level 1

Where does Turbotax allow me to list capital gains from the sale of U.S. Treasury bills for my Virginia return?

I sold some T-bills on the secondary bond market last year and had a capital gain from the sale.  Virginia does not tax capital gains from the sale of U.S. Government obligations, such as T-bills (see here: https://tax.virginia.gov/subtractions#obligations-of-the).  The instructions for VA Form 760 say these gains should be included in line 4 of Schedule ADJ so they can be subtracted from my income, but Turbotax does not allow me to change that line, nor does it ask for the information during the interview. 


Is there a way to add this data to my return without having to override Turbotax in the Forms mode? 


If not, why does Turbotax not ask for this information?  My tax will be higher if Turbotax forces me to ignore this aspect of Virginia tax law.



1 Best answer

Accepted Solutions
AnnetteB
Intuit Alumni

Where does Turbotax allow me to list capital gains from the sale of U.S. Treasury bills for my Virginia return?

[removed]

After testing the scenario in your question, the only way that I could find to populate line 4 of Sch ADJ for the Virginia return was by entering US bond interest in the Federal 1099-INT screen box 3 (which I know is not what is needed for your case). 

In order to get the capital gain from the sale of the bonds to be excluded from your Virginia income, an override on the line 4 Sch ADJ of the Virginia return will be needed.  At the current time, there is not another way to populate that field with a capital gain amount. 


[edited 2/24/19 | 5:18 am PST]


View solution in original post

6 Replies
AnnetteB
Intuit Alumni

Where does Turbotax allow me to list capital gains from the sale of U.S. Treasury bills for my Virginia return?

[removed]

After testing the scenario in your question, the only way that I could find to populate line 4 of Sch ADJ for the Virginia return was by entering US bond interest in the Federal 1099-INT screen box 3 (which I know is not what is needed for your case). 

In order to get the capital gain from the sale of the bonds to be excluded from your Virginia income, an override on the line 4 Sch ADJ of the Virginia return will be needed.  At the current time, there is not another way to populate that field with a capital gain amount. 


[edited 2/24/19 | 5:18 am PST]


View solution in original post

DeskJockey
Level 1

Where does Turbotax allow me to list capital gains from the sale of U.S. Treasury bills for my Virginia return?

Thanks, but unfortunately that puts the gains in line 6b of Schedule ADJ, which is incorrect, as that line is for "Other fixed date conformity subtractions" and carries a requirement to attach a schedule and explanation of those subtractions.
AnnetteB
Intuit Alumni

Where does Turbotax allow me to list capital gains from the sale of U.S. Treasury bills for my Virginia return?

Let me check a bit further.
AnnetteB
Intuit Alumni

Where does Turbotax allow me to list capital gains from the sale of U.S. Treasury bills for my Virginia return?

Please see the edited answer above.  I will pass this information along to the developers for consideration of a change in the program.
DeskJockey
Level 1

Where does Turbotax allow me to list capital gains from the sale of U.S. Treasury bills for my Virginia return?

Thanks.  I'll go ahead and do the override.
Troyal2
New Member

Where does Turbotax allow me to list capital gains from the sale of U.S. Treasury bills for my Virginia return?

Hello:

 

How do I determine if any of the capital gains I received came from the sale of Virginia Bonds? It's not apparent in any tax documents submitted by the investment co.

 

Thank you.

 

TRoyal

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