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- "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"
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katiepcpa
Level 1
05-15-2021
03:16 PM
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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!
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1 Comment 1
sjrcpa
Level 15
05-15-2021
06:12 PM
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Accrued interest paid reduces the interest income earned on those bonds,
Ex-AllStar
