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Is the Accrued Market Discount for a US Treasury Note reported in Box 1f of form 1099-B state tax exempt?

Level 1

The question is simply this:

Is the Accrued Market Discount for a US Treasury Note reported in Box 1f of Form 1099-B state income tax exempt?

I am particularly interested for the answer with respect to the state of New York, but I welcome any informed information especially if it is from a professional who has first hand experience with  and knowledge of the correct answer.

I ask that anyone who responds please avoid posts that speculate about the answer.  I am seeking not speculation or academic debate, but a response from someone (hopefully a professional) who knows first hand from experience how this is routinely handled in the real world.

Thank you for any solid information.

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7 Comments 7
Level 15

please avoid posts that speculate about the answer

Not askin' much, are you ?

We are all (mostly...) professionals here.

"*******Tax software is no substitute for a professional tax preparer*******
( Generic Comment )"
Level 1

I am asking if anyone has experience with this and can respond about how AMD in this case is routinely handled on the state level from their experience rather than just guessing.

Not sure if that is a lot or a little, but that is my question.


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Level 15

"We are all (mostly...) professionals here."

and we volunteer our otherwise billable time to help fellow professionals.

Level 1

Okay, well if someone answers "yes" or "no" I will gladly pay the going hourly rate for the 0.2 seconds it takes for them to say it.

Does that break through the code of silence?

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Level 15

@Rick19 This forum is only open to tax professionals.  If you are a consumer, you may like to visit the TurboTax Help site for support instead.

It's not whether it takes us 0.2 second.  A job that takes you 0.2 second to complete in your profession with years of training and experience may take your client hours and is worth much more than 0.2 second's fee.

You make a living doing what you do and expect to get paid.  We're just doing the same in our profession.

If you run into road blocks with your return preparation and your taxes are getting more complicated than what you can comprehend, it may be time to consider engaging a tax pro.


Still an AllStar
Level 15

Hi there,

You’ve come to an Intuit site supporting tax professionals, and you may be looking for support as an individual taxpayer. Please visit the TurboTax Help site for support.


Level 1

I already pay tax pros both a CPA and a tax attorney.  But I have no confidence in their answer to this question so I am looking for additional opinions without having to pay for more unreliable information.

The TurboTax help site is useless to get an answer to this question, and so is the NYS Department of Taxation and Finance which responds with "you'll have to ask a CPA."

What a racket you guys have!

When the average citizen can't even figure out how much their tax liability is without having to pay someone else to do it and even then can't rely on the advice they paid for the entire tax system has to be scrapped.

And for your information, I regularly and enthusiastically offer my professional advice to people at no charge.  It's called courtesy and public service.

Thank you for nothing.

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