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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
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- C-Corp (1120) 1099-B Inputs? Tax-Exempt Interest, OID, Bond Premium, etc.
C-Corp (1120) 1099-B Inputs? Tax-Exempt Interest, OID, Bond Premium, etc.
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SL855
Level 3
03-21-2022
05:43 PM
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New client has a C-Corp with a lot of investment categories that I cannot find where to put them. Is there anywhere specific to put these items?
- Section 897 capital gain
- Sec 199A dividends
- Non-dividend distributions
- Exempt interest dividends
- Tax-exempt interest
- Bond premium on tax-exempt bond
- Acquisition premium
- Tax-exempt OID
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2 Comments 2
sjrcpa
Level 15
03-21-2022
06:35 PM
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Sec 199A divs are N/A for a corporation.
Nondividend distributions are a return of capital and reduce the cost of the investment carried on the Balance Sheet.
The more I know, the more I don't know.
SL855
Level 3
03-22-2022
10:17 AM
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Thanks. I figured the 199A were not applicable on a C-Corp. For all of the other items - especially tax-exempt interest and dividends - do we just input them as regular income and then adjust on the state return? There aren't nearly as many specific places to put these things compared to other return types.
