1099 INT - Taxable Accrued Interest Paid

[GodFather]

First time I've seen Taxable Accrued Interest Paid on a 1099 INT.  The research that I've done suggests it should be netted against Interest Income?  Has anyone delt with this and how have you entered it into ProSeries?

[IRonMaN · Accepted solution]

If you click on the line on schedule B that relates to that interest, a second window opens for entering that kind of information.

[GodFather]

Thanks, IronMan....I'm familiar with that screen and did click it, but didn't see anything specific to Accrued Interest Paid.  

[Accountant-Man]

Enter "A" in the box above the several descriptions about half way down, like "N" for Nominee.  Both of those are subtracted from the income.

[IRonMaN]

Section E of that page?

[BobKamman]

It's there, I used it myself just the other day.  Farther down than it should be.  

[GodFather]

I should have known IronMan was right.  Geezz....I blame it on it being late on a Saturday.  Thank you. 

[GodFather]

Thank you Accountant Man.  

[IRonMaN]