Welcome back! Ask questions, get answers, and join our large community of tax professionals.
cancel
Showing results for 
Search instead for 
Did you mean: 

1099-INT Market Discount

jerry
Level 7

I have a Schwab 1099-Consolidated that reports a Market Discount (identified as 1099-INT Box 10) for US Treasury interest in the supplemental section.

Where do I enter this in Lacerte?  As a negative amortizable bond premium?  Or is it already included in the interest reported in Box 2 (and why is it only in the supplemental area, not a reported amount?)

 

0 Cheers

This discussion has been locked. No new contributions can be made. You may start a new discussion here

1 Best Answer

Accepted Solutions
itonewbie
Level 15

That's interest income accrued on discounted debt instruments.  You'd enter that as a negative amount under Accrued Interest on Screen 11.  It'd show up as a positive adjustment on Sch B.

---------------------------------------------------------------------------------
Still an AllStar

View solution in original post

3 Comments 3
itonewbie
Level 15

That's interest income accrued on discounted debt instruments.  You'd enter that as a negative amount under Accrued Interest on Screen 11.  It'd show up as a positive adjustment on Sch B.

---------------------------------------------------------------------------------
Still an AllStar
jerry
Level 7

Thanks!

0 Cheers
itonewbie
Level 15

NP, @jerry!

---------------------------------------------------------------------------------
Still an AllStar
0 Cheers