T-Bills in Money

How does one record a T-Bill purchase and then a redemption in Money so that 
the interest shows up in the tax reports such as schedule B?
0
George6668 (260)
4/11/2007 8:16:02 AM
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The short and sad answer is that you can't -- a known problem in Money for 
several years now. I recommend excluding the transactions from your tax 
reports and entering the 1099-INT data manually on your tax form. There's a 
KB article which documents the problem, but doesn't offer a solution.

-- 
Michael Gordon


"George" <George@discussions.microsoft.com> wrote in message 
news:65D44458-4BCD-4791-863C-8C5D1698E2FC@microsoft.com...
> How does one record a T-Bill purchase and then a redemption in Money so 
> that
> the interest shows up in the tax reports such as schedule B? 


0
gordonm (1013)
4/13/2007 12:03:33 AM
The interest will be recorded on Schedule B in the Tax Report if the T-bill
is treated as a CD and the buy and sale/redemption entered at net cost.  The
interest should be entered as a separate transaction.  I'm using M2004.


"Michael Gordon" <gordonm@denison.edu> wrote in message
news:e6qmw8VfHHA.4032@TK2MSFTNGP02.phx.gbl...
> The short and sad answer is that you can't -- a known problem in Money for
> several years now. I recommend excluding the transactions from your tax
> reports and entering the 1099-INT data manually on your tax form. There's
> a KB article which documents the problem, but doesn't offer a solution.
>
> -- 
> Michael Gordon
>
>
> "George" <George@discussions.microsoft.com> wrote in message
> news:65D44458-4BCD-4791-863C-8C5D1698E2FC@microsoft.com...
>> How does one record a T-Bill purchase and then a redemption in Money so
>> that
>> the interest shows up in the tax reports such as schedule B?
>
>



0
4/13/2007 2:25:22 AM
Thanks, Michael.  I found that KB article and changed my recording practice. 
I now enter the quantity such as 10000 into the Quantity box. I then enter 
the price as 99.5 for example.  It appears that Money should calculate the 
accrued interest but doesn't. So I subtract 9,500 from 10,000 and enter 500 
into the Accrued Interest box.  I also enter the investment name as someone 
else has suggested, such as T-Bill exp 04/05/07 912795ZA2.  The interest now 
appears in reports as INTEREST.   I think this will meet my needs although if 
I were downloading into a tax program, it might not. I have several different 
Treasury Direct accounts but cannot get the account name into the reports. 
Thus, I run a separate report for each account.
Thanks,
George

"Michael Gordon" wrote:

> The short and sad answer is that you can't -- a known problem in Money for 
> several years now. I recommend excluding the transactions from your tax 
> reports and entering the 1099-INT data manually on your tax form. There's a 
> KB article which documents the problem, but doesn't offer a solution.
> 
> -- 
> Michael Gordon
> 
> 
> "George" <George@discussions.microsoft.com> wrote in message 
> news:65D44458-4BCD-4791-863C-8C5D1698E2FC@microsoft.com...
> > How does one record a T-Bill purchase and then a redemption in Money so 
> > that
> > the interest shows up in the tax reports such as schedule B? 
> 
> 
> 
0
George6668 (260)
4/13/2007 2:48:01 AM
Yes, it sees the interest as a st capital gain. You can tweak Money to get 
the interest to appear as interest. The problem is that -- if you export to 
a tax program -- it can appear as interest or st capital gains or (worst of 
all) as both.

-- 
Michael Gordon


"George" <George@discussions.microsoft.com> wrote in message 
news:B82514DC-0524-48DE-A554-18748CAEC9FE@microsoft.com...
> Thanks, Michael.  I found that KB article and changed my recording 
> practice.
> I now enter the quantity such as 10000 into the Quantity box. I then enter
> the price as 99.5 for example.  It appears that Money should calculate the
> accrued interest but doesn't. So I subtract 9,500 from 10,000 and enter 
> 500
> into the Accrued Interest box.  I also enter the investment name as 
> someone
> else has suggested, such as T-Bill exp 04/05/07 912795ZA2.  The interest 
> now
> appears in reports as INTEREST.   I think this will meet my needs although 
> if
> I were downloading into a tax program, it might not. I have several 
> different
> Treasury Direct accounts but cannot get the account name into the reports.
> Thus, I run a separate report for each account.
> Thanks,
> George
>
> "Michael Gordon" wrote:
>
>> The short and sad answer is that you can't -- a known problem in Money 
>> for
>> several years now. I recommend excluding the transactions from your tax
>> reports and entering the 1099-INT data manually on your tax form. There's 
>> a
>> KB article which documents the problem, but doesn't offer a solution.
>>
>> -- 
>> Michael Gordon
>>
>>
>> "George" <George@discussions.microsoft.com> wrote in message
>> news:65D44458-4BCD-4791-863C-8C5D1698E2FC@microsoft.com...
>> > How does one record a T-Bill purchase and then a redemption in Money so
>> > that
>> > the interest shows up in the tax reports such as schedule B?
>>
>>
>> 


0
gordonm (1013)
4/14/2007 12:31:07 AM
this also works, but exporting to tax programs can be problematic as the 
interest needs to be recognized as emanating from Treasury securities and, 
therefore, free from state income taxes.

-- 
Michael Gordon


"L Cramer" <lzcraexcludemer@yahoo.com> wrote in message 
news:sSBTh.3517$Xq6.1264@newsfe12.lga...
> The interest will be recorded on Schedule B in the Tax Report if the 
> T-bill
> is treated as a CD and the buy and sale/redemption entered at net cost. 
> The
> interest should be entered as a separate transaction.  I'm using M2004.
>
>
> "Michael Gordon" <gordonm@denison.edu> wrote in message
> news:e6qmw8VfHHA.4032@TK2MSFTNGP02.phx.gbl...
>> The short and sad answer is that you can't -- a known problem in Money 
>> for
>> several years now. I recommend excluding the transactions from your tax
>> reports and entering the 1099-INT data manually on your tax form. There's
>> a KB article which documents the problem, but doesn't offer a solution.
>>
>> -- 
>> Michael Gordon
>>
>>
>> "George" <George@discussions.microsoft.com> wrote in message
>> news:65D44458-4BCD-4791-863C-8C5D1698E2FC@microsoft.com...
>>> How does one record a T-Bill purchase and then a redemption in Money so
>>> that
>>> the interest shows up in the tax reports such as schedule B?
>>
>>
>
>
> 


0
gordonm (1013)
4/14/2007 12:32:59 AM

"George" wrote:

> How does one record a T-Bill purchase and then a redemption in Money so that 
> the interest shows up in the tax reports such as schedule B?
0
Mimi (14)
5/9/2007 4:23:00 PM
Hello!
I am having a terrible time handling fixed income securities. I am buying a 
lot of treasury bills and at their maturity they are considered as Investment 
income: Interest.
I have found no way for the program to flag me for maturities.
If Money cannot handle Treasury Bills  and this is a known problem, Why 
don't they fix it?



"George" wrote:

> How does one record a T-Bill purchase and then a redemption in Money so that 
> the interest shows up in the tax reports such as schedule B?
0
Mimi (14)
5/9/2007 4:29:01 PM
It is a known problem and has been for quite a while now. 
http://support.microsoft.com/default.aspx?scid=kb;en-us;823031 documents it, 
but be aware that the workaround I suggested there doesn't work.

-- 
Michael Gordon


"Mimi" <Mimi@discussions.microsoft.com> wrote in message 
news:05CD87BB-D3A7-457E-999A-2C4147B64FAD@microsoft.com...
> Hello!
> I am having a terrible time handling fixed income securities. I am buying 
> a
> lot of treasury bills and at their maturity they are considered as 
> Investment
> income: Interest.
> I have found no way for the program to flag me for maturities.
> If Money cannot handle Treasury Bills  and this is a known problem, Why
> don't they fix it?
>
>
>
> "George" wrote:
>
>> How does one record a T-Bill purchase and then a redemption in Money so 
>> that
>> the interest shows up in the tax reports such as schedule B? 


0
gordonm (1013)
5/19/2007 9:03:38 PM
Reply:

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