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My consolidated 1099,, My consolidated 1099 from Merrill

Customer Question
My consolidated 1099 JA: Thanks. Can...
My consolidated 1099
JA: Thanks. Can you give me any more details about your issue?
Customer: Keith, My consolidated 1099 from Merrill Lynch shows in the Non-Reportable Original Discount Section -$1,026 of Market Discount and +$4,918 of "Amount". What am I suppose to do with these? Am I suppose to report it even though it says "Non-Reportable"?
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Submitted: 1 year ago.Category: Tax
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3/21/2016
Tax Professional: Robin D., Senior Tax Advisor 4 replied 1 year ago
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15,880
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The nonreportable sections of your statement are provided to assist you in reviewing the details behind the summary of your investments and may be useful in preparing your tax return. These sections include details of your transactions as well as totals for each of the individual sections.

Market discount arises when the value of the debt obligation decreases after its issue date, typically because of an increase in market interest rates. Market discount is not required to be included in income currently, market discount is taken into account upon disposition of the instrument.

The IRS reporting rules require that brokers give all this information now on the 1099.

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