itonewbie
Level 15
03-16-2021
01:52 PM
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@mstsax wrote:
I have a 1099INT that reports $500 on Line 10 "Market Discount". I want to know where to input this in ProConnect. Does this amount increase my interest?
Yes, it does increase the interest. It works the same way as OID, which is interest accrued for the tax year. You can enter that as Banks, savings & loans, credit unions, etc. or as a negative number for Accrued interest under Adjustments to Federal Taxable Interest.
Also on the 1099, Summary of Form 1099OID line 8 "Original Issue discount on US Treasury Obligations" the amount is $300. I see where to put this in ProConnect. It increases my interest amount, correct?
You enter that as U.S. bonds, T-bills, etc. (nontaxable to state), which is what it is.
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