1041-US: Entering prior-year payments received on Screen InstPY (FAQ)

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Question

How do I enter information in the Prior year payments received field on Screen InstPY?

Answer

You must enter complete sale information to produce an accurate report. Prior-year sales may not have complete sale information on the input screen. If you want to have a complete history of the installment sale, enter the information in the statement dialog for the Prior year payments received field. The printed statement reports the information in the order you entered the information; to report the current-year information first, enter information in descending order. The statement dialog reports the status of an installment sale on the last day of the current year. Information entered should be net of the applicable year's activity. Below is a description of the columns provided and a description of the type of information that you should enter in each field.

Related topic: 1041-US: Business and capital asset sale information FAQs

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