Enter taxable interest
Enter taxable interest and report it on Schedule B.
- Select theIncomefolder.
- In theB&Dwindow, open theInterest income statement.noteIf you want to enter a consolidated 1099, go to theBrokerwindow to open the statement instead.
- Complete the following fields in the Interest income statement.
- F/S: If the interest is federal-only or state-only, code it as federal or state. To report the interest on both federal and state, leave this field blank.
- TSJ: Code interest to the taxpayer, spouse, or joint. This field doesn't appear if you come from theBrokerscreen. TheBrokerscreen codes to the taxpayer, spouse, or joint. The statement picks the code up automatically from there.
- Type Code: Leave blank.
- Payer: Enter the payer name.
- Interest income: Enter the amount of taxable interest.
- If you skipped fields during these steps, fill them in as needed for your client. Don't adjust the amount in theInterest incomefield manually.
- Create a 2nd line in the Interest income statement.
- Enter code 3, 4, 5, or 6 in theType codefield.
- Enter the adjustment as a positive amount in theInterest incomefield. UltraTax CS calculates a subtotal for each code and reports it on Schedule B.
