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- Where do you report Noncovered Bond Premium on Tax-Exempt Bond and Muni Accrued Interest paid on Schedule B
Where do you report Noncovered Bond Premium on Tax-Exempt Bond and Muni Accrued Interest paid on Schedule B
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Futch2010
Level 3
05-19-2022
08:50 PM
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Client has 1099-Int and within the paperwork there is an amount for "Noncovered Bond Premium on Tax-Exempt Bond" and an amount for "Muni Accrued Interest Paid." I do not know if I need to report either of these items, and if I do, where should I report them?
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dkh
Level 15
05-20-2022
08:29 AM
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If you double click while on the Payers Name line on Sched B you will get the Additional Information Worksheet. There is where you can enter, if required, the information you are asking about.
Futch2010
Level 3
05-20-2022
01:00 PM
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Do you know if this information is required to be reported? I don't see any place on the Additional Information Worksheet that indicates a place to put "Noncovered Bond Premium on Tax-Exempt Bonds" nor for "Muni Accrued Interest Paid." I have read that "Noncovered" is not reported to the IRS but need to keep up with basis.
