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This article applies to:

  • Product: UltraTax CS
  • Return type: 1040 Individual

Enter series EE or I bond interest on Schedule B

Do the following to enter data for series EE or I bond interest reported on Schedule B, including exclusion amounts calculated on Form 8815.
  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. Complete the following fields:
    1. F/S
      : If the interest is federal-only or state-only, code it as federal or state. If you need to report the interest on both federal and state, leave this field blank. If you have multiple states on the return, follow the steps to enter interest and dividend income for a multi-state return.
    2. TSJ
      : Code the interest to the Taxpayer, the Spouse, or as Joint. This field doesn't exist if you come from the
      Broker
       screen because the entire
      Broker
       screen is coded to the Taxpayer, Spouse, or Joint. The
      Interest income
       statement automatically picks up the code from the
      Broker
       screen.
    3. Payer
      : Enter the payer name.
    4. Tax Exempt
      : Enter the total tax-exempt interest amount, including interest income attributable to private activity bonds issued after 8/7/86.
    5. AMT Int Income (PAB):
       Enter the amount of interest income attributable to private activity bonds issued after 8/7/86. UltraTax CS uses this amount for Form 6251, Alternative Minimum Tax. You'll also need to enter this amount in the
      Tax Exempt
       field.
    6. In-State Muni $ or %
      : Enter the amount of nontaxable state interest. If you enter a percentage, UltraTax CS automatically calculates the nontaxable amount by applying the percentage to the amount you entered in the
      Tax Exempt
      field. If the state field is blank, UltraTax CS uses this amount or percentage for the resident state calculations. To use this amount on a part-year or nonresident state return, enter the state this income is nontaxable for in the
      State
       field.
  4. Complete additional fields in this statement as necessary.

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