Entering interest income on an S-Corporate return in ProConnect Tax

To enter taxable interest income:

1. Go to the Input Return ⮕ Schedule K ⮕ Income and Deductions
2. Enter the amount in Interest income.

To enter tax-exempt interest income:

1. Go to the Input Return ⮕ Balance Sheet, M-1, M-2, M-3 ⮕Schedule M-1, M-3 ⮕ Schedule M-1
2. Scroll down to the Income Recorded on Books Not Included on Schedule K section.
3. Enter the amount in the appropriate field:
   • Tax-exempt interest (In-state bonds)
   • Federal tax-exempt interest (Out-of-state)
   • State tax-exempt interest (U.S. bonds, T-bills, etc.)