Welcome back! Ask questions, get answers, and join our large community of tax professionals.
- Topics
- Training
- Community
- Product Help
- Industry Discussions
- User Groups
- Discover
- Resources
Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for
- Intuit Accountants Community
- :
- ProConnect Tax
- :
- ProConnect Tax Discussions
- :
- "Other Accrued Interest Paid" and "Unrealized Cost Basis Info For Securities Subject to Amortization/Accretion"
"Other Accrued Interest Paid" and "Unrealized Cost Basis Info For Securities Subject to Amortization/Accretion"
Options
- Mark Topic as New
- Mark Topic as Read
- Float this Topic for Current User
- Bookmark
- Subscribe
- Printer Friendly Page
katiepcpa
Level 1
05-15-2021
03:16 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Hi Everybody. I'm a CPA that's been out of public practice for over 6 years. I'm helping the parent of my friend complete his tax return and I'm having trouble figuring how/where to deduct the "other accrued interest paid" amount reported under "distributions and charges" on his 2020 combined 1099. Is this Schedule A investment interest or does it go someplace else? In addition there is a schedule which shows "Unrealized cost basis info for securities subject to amortization/Accretion". Is this informational only, or does this need to get entered someplace? I'm sure these are both related to bonds he purchased in 2020. Thanks so much for your help, it's been a while since I've done this!
Labels
This discussion has been locked.
No new contributions can be made. You may start a new discussion
here
1 Comment 1
sjrcpa
Level 15
05-15-2021
06:12 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Accrued interest paid reduces the interest income earned on those bonds,
The more I know, the more I don't know.
