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Enter taxable interest

Enter taxable interest and report it on Schedule B.
  1. Select the
    Income
     folder.
  2. In the
    B&D
     window, open the
    Interest income statement
    .
  3. Complete the following fields in the Interest income statement.
    • F/S
      : If the interest is federal-only or state-only, code it as federal or state. To report the interest on both federal and state, leave this field blank.
    • TSJ
      : Code interest to the taxpayer, spouse, or joint. This field doesn't appear if you come from the
      Broker
      screen. The
      Broker
       screen codes to the taxpayer, spouse, or joint. The statement picks the code up automatically from there.
    • Type Code
      : Leave blank.
    • Payer
      : Enter the payer name.
    • Interest income
      : Enter the amount of taxable interest.
  4. If you skipped fields during these steps, fill them in as needed for your client. Don't adjust the amount in the
    Interest income
     field manually.
  5. Create a 2nd line in the Interest income statement.
  6. Enter code 3, 4, 5, or 6 in the
    Type code
     field.
  7. Enter the adjustment as a positive amount in the
    Interest income
     field. UltraTax CS calculates a subtotal for each code and reports it on Schedule B.
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