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Interest and dividends

Adjust amounts for nominee distribution, accrued interest, OID, or ABP

Follow these steps to make an adjustment for a nominee distribution, accrued interest, original issue discount (OID), or amortizable bond premium (ABP).
note
Don't manually adjust the amount in the
Tax Exempt
 field of the
Interest income
 statement.
  1. Go to the
    Income
     folder.
  2. In the
    B&D
     screen or the
    Broker
     screen, open the
    Interest income
     statement window. Only use the
    Broker
     screen if you're entering a consolidated 1099.
  3. Add a 2nd line to the statement.
  4. Enter
    3
    ,
    4
    ,
    5
    , or
    6
     in the
    Type code
     field.
  5. Enter the adjustment as a positive amount in the
    Interest income
     field.
UltraTax CS calculates a subtotal for each code and reports it on Schedule B.

This article applies to:

  • PRODUCT: UltraTax CS
  • Return type: 1040 Individual

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