This article will assist you with generating Form 8697, Interest Computation Under the Look-Back Method for Completed Long-Term Contracts, in the Individual return.
To generate Form 8697 in the program:
- Go to Input Return ⮕ Miscellaneous Forms ⮕ Int. Comp/ Look-Back Method (8697.)
- Enter any applicable fields in the following sections:
- Interest Computation/Look-Back Method (8697)
- Completed Long-Term Contracts
- Adjustments from Flow-Through Entities