Question
NYS Adjustment for US Obligations & Market Discount
I received a large amount of interest income from US obligations that TurboTax should as an adjustment to my NYS income tax return as not subject to tax. On the federal return, Schedule B, the accrued market discount on three Treasury notes I purchased that matured in 2023 are also included as interest and reported as separate items. The accrued market discount does not appear as an adjustment on the NYS income tax return. Should it also be excluded from NY taxable income? If so, do I have to make the change manually?
