Accrued Market Discount reporting when 1099-B cost basis equal proceeds

Forum|Forum|1 year ago
March 25, 2025
1 reply
0 views

I had a Treasury bond matured in 2024 and got the 1099-B for this with AMD reported in box 1f, but cost basis and proceeds are the same (1d = 1b), so TurboTax doesn't do anything and doesn't add tax for the AMD. How should I fix it?

baldietax

it might be correct and nothing to adjust and you paid the interest ready via a different 1099 so check that first at cusip level before doing anything. what sort of bond was it, what's the cusip (9 digits starting 91282 etc) ...

check for:

most likely - interest was reported already on 1099-INT Box 3 for a T-Bill? I think some brokers just report 1099-INT Box 3 and nothing on 1099-B, others show the T-Bill maturity proceeds on 1099-B

or did you have 1099-OID reporting the accretion, in which case the cost basis would have been adjusted and you paid the interest thru 1099-OID (e.g. Treasury Strips).

your brokerage statement may contain other info "not reported to the IRS" to show the cost basis adjustment.

dina_smAuthor

This 1099-B is for T-Note that I held less than a year to maturity. AMD is reported on 1099-B and nowhere else (I checked all the detail statements). There is no 1099-OID and I'm not clear why cost basis = proceeds on this 1099-B.