ghaber
Level 2
2 weeks ago
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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.
2 Replies 2
sjrcpa
Level 15
2 weeks ago
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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.
ex-AllStar
ghaber
Level 2
2 weeks ago
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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.