If the return includes six or fewer interest income items, all taxable to the Federal and State, enter them on lines 1A-1F. If there are more than six items, or if you need a worksheet, enter ALL items on the Additional Interest Income statement, which you can access by pressing F9 on any line in this section.
You should use the statement if:
there are more than six payers;
you need to make adjustments for interest income treated differently by the state;
you want to designate ownership to Taxpayer (T), Spouse (S), or Joint (J);
some interest is Nominee (N), Tax Exempt (E), Accrued (A), OID Adjustment (O), or ABP Adjustment (B);
there are penalties or withholding on the interest income.
When preparing a state return, you should consult the instructions for the particular state before using the Interest Income statement.
Tip: If needed, you can duplicate the statement for additional entries by pressing SHIFT+F10.
Totals from the statement will flow to the correct lines on Schedule B. Totals from Schedule B will flow to Form 1040.
This information applies to all years of the UltimateTax software.
Solution Articles:
Filling out a Sch. B - VIDEO INCLUDED
Linking Forms - VIDEO INCLUDED
