Treasury Bill interest with Accrued interest on purchase. On Screen 11 can list as T Bill interest and correctly put the amount in Adj to Fed Taxable for the Accrued

loricpa100 · ‎03-23-2024

Treasury Bill interest with Accrued interest on purchase.  On Screen 11 can list as T Bill interest and correctly put the amount in Adj to Fed Taxable for the Accrued Interest.
Federal is perfect.
CA removes the T Bill interest - YET does not adjust for the deduction for the Accrued interest as that is within the Federal Interest number.
Seems only way to adjust is with other Additions for Sch CA.  Cannot find another way to input (no Fed / CA line, interest specific Sch CA for CA input)

Strongsilence-CPA · ‎03-23-2024

Input one line for the Treasury bill interest income and a separate line for the accrued interest. The accrued interest subtraction for CA can be controlled with separate input lines. I have a groggy mind but try that.

loricpa100 · ‎03-23-2024

Love the idea and appreciate the speedy reply. Alas, no "Addition" on Sch CA interest line. Grr. It says Adjustments to Federal Taxable Interest - so it should only adjust Fed and NOT any state. Yet keeps the same Fed interest amount and no add back for this on the state.

My work around was a State Modification and just list as an "Other Additions"

Happy Taxing!

PhoebeRoberts · ‎03-24-2024

These are the entries I make

loricpa100 · ‎03-24-2024

Thank you for this with screen shots! Need to test it on another one with a similar issue. On my to do list (you know how that goes (smile))