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Interest and dividends

Calculate series EE or I bond interest

o enter series EE or I bond interest income, do the following steps.
  1. Open the
    Income
     folder.
  2. Select the
    B&D
     tab or the
    Broker
     tab. Only use the
    Broker
     screen to enter a consolidated Form 1099.
  3. Open the Interest income statement and complete these fields:
    • FS
      : If the interest is federal-only or state-only, code it as federal or state. Leave this field blank if you need to report interest on both federal and state levels.
    • TSJ
      : Code the interest to the Taxpayer, the Spouse, or as Joint. This field doesn't exist if you come from the
      Broker
       screen because the entire
      Broker
       screen is coded to the Taxpayer, Spouse, or Joint and the Interest income statement automatically picks up the code from there.
    • Type Code
      : Enter code
      7
       if the series EE or I bond interest is eligible for the 8815 exclusion.
    • Payer
      : Enter the payer name.
    • Interest income
      : Enter the taxable interest income and adjustments to interest amounts. Don't enter tax-exempt interest in this field.
    • Tax exempt
      : Enter the total tax-exempt interest amount, including interest income attributable to private activity bonds issued after 8/7/86.
    • AMT Int Income (PAB)
      : Enter interest income attributable to private activity bonds issued after 8/7/86. UltraTax CS uses this amount for Form 6251. You'll also need to enter this amount in the
      Tax Exempt
       field.
    • US Ob $ or %
      : This field automatically has
      100.000
       because you entered
      Type Code 7
      . That means that 100% of the
      Interest Income
       amount is attributable to U.S. government obligations and is nontaxable to the state. You can change the percent or dollar amount if 100% isn't correct.
  4. For fields that were skipped during these steps, fill them in as needed for your client or to get the results you need on Schedule B.

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