I received a 1099-B with accrued market discounts (box 1f) for a few treasuries I sold. I'm confused about a discrepancy though:
- From my own calculations, I know that I made x on US Treasuries in 2023.
- I see y in treasury interest on my 1099-INT.
- I see z total accrued market discounts for treasuries on my 1099-B.
And yet, y+z > x
So some of the treasury income is double-counted across the 1099-B and 1099-INT, it appears.
I noticed that the cost bases for my treasuries on the 1099-B are wrong, at least if they're supposed to show what I paid for the treasuries. When I adjust the cost basis, the numbers come like I would expect. (By that, I mean, y+z-(sum of all cost basis discrepancies) == x)
So my question is: should I expect to have to adjust the cost basis for treasury sales reported on a 1099-B, or am I thinking about this all wrong? For context, these are all just 3-month treasury bills that I held to maturity. I think I must have bought them on the secondary market, from what I'm seeing online about what would trigger a 1099-B for treasury bills.
I'm using TurboTax. I wish I could just adjust the 1099-INT number to be x and skip entering the 1099-B treasury sales. In my mind, that would seem "correct," but as is often the case with tax law, I'm sure I'm missing something.
- From my own calculations, I know that I made x on US Treasuries in 2023.
- I see y in treasury interest on my 1099-INT.
- I see z total accrued market discounts for treasuries on my 1099-B.
And yet, y+z > x
So some of the treasury income is double-counted across the 1099-B and 1099-INT, it appears.
I noticed that the cost bases for my treasuries on the 1099-B are wrong, at least if they're supposed to show what I paid for the treasuries. When I adjust the cost basis, the numbers come like I would expect. (By that, I mean, y+z-(sum of all cost basis discrepancies) == x)
So my question is: should I expect to have to adjust the cost basis for treasury sales reported on a 1099-B, or am I thinking about this all wrong? For context, these are all just 3-month treasury bills that I held to maturity. I think I must have bought them on the secondary market, from what I'm seeing online about what would trigger a 1099-B for treasury bills.
I'm using TurboTax. I wish I could just adjust the 1099-INT number to be x and skip entering the 1099-B treasury sales. In my mind, that would seem "correct," but as is often the case with tax law, I'm sure I'm missing something.
Statistics: Posted by taxAmateur1717 — Wed Feb 14, 2024 10:49 pm — Replies 1 — Views 130