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How to enter more than 6 Interest Payers on Sch B in SureFire?

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If the return includes six or fewer interest income items, all taxable to Federal and state, enter them on lines 1b-1g. 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;

the state return treats the interest differently from the Federal;

you want to designate ownership of the income to taxpayer, spouse or joint;

any of the interest is a nominee distribution, accrued, tax-exempt, OID adjustment, or ABP adjustment (see IRS Publication 17 or Schedule B instructions for more information);

there are penalties or withholding on the interest;

any of the interest is tax-exempt interest from private activity bonds.

 

 

 

Note: The name and amount only calculate back to lines 1b - 1g of Schedule B from the statement when there is a taxable amount on the statement. Example: If you enter $1000 of tax exempt interest on the first line of the Interest Statement that amount will not be shown on the Schedule B, line 1b.

 

If you are preparing a state return, you should consult the instructions for the particular state before using the State Adjust columns on the Interest Income statement.

 

Tip: If needed, you can duplicate the statement for additional entries, by pressing SHIFT+F10.

 

Tags: federal,form