Accrued interest purchased

Forum|Forum|5 years ago
February 22, 2021
3 replies
28 views

On the Form 1099-INT worksheet of Form 1041 the instructions say to enter the gross taxable interest received in Box 1 and the gross tax-exempt interest in Box 8. I could not find any instructions as to where to enter accrued interest purchased on bonds for which interest was received in the tax year.

ProSeries Professional

This topic has been closed for replies.

sjrcpa

Level 15

Same place, but as a negative number to reduce the taxable interest income. Unless ProSeries has a special field for it that will automatically reduce the interest, in which case enter as a positive. Check your output for the correct result.

The more I know the more I don’t know.

G

Ghaber01Author

Level 3

I was aware of this workaround. I wondered why ProSeries, which does provide for accrued interest purchased in its Form 1040 module, does not do so in the Form 1041 module.

Z

Zazzy

Level 2

Did the work-around work for you in Pro Series 1041? I just tried it and it didn't work for me. Although it allowed me to enter a negative number into the 1099-INT worksheet, the program didn't include it in the total and presented the accrued interest as 0 on the summary page. Thanks!

Sign up

Login with SSO

Let's get you signed in

Login with SSO