New (tax) year, new help!
Fixed Assets and UltraTax CS 2023 help is now on Help and Support. We're still moving articles, but you can find most content for the 2023 tax year there. Continue using the Help & How-To Center for tax years 2022 and older.
You can enter this form information using the UltraTax CS Source Data Entry utility. Otherwise, use the table below to enter form information on the appropriate input screens.
Form field | Folder > Screen | Field | Statement column |
---|---|---|---|
Payer’s Name | Income > B&D | Interest Income | Payer |
Recipient’s TIN | Income > B&D | Interest Income | T S J |
Box 1 - Original issue discount | Income > B&D | Interest Income | Interest income |
Box 2 - Other periodic interest | Income > B&D | Interest Income | Interest income |
Box 3 - Early withdrawal penalty | Income > B&D | Interest Income | Early W/D penalty |
Box 4 - Federal income tax withheld | Income > B&D | Interest Income | Fed W/H |
Box 5 - Market discount | Income > B&D | Interest Income | Interest Income |
Box 6 - Acquisition premium | Income > B&D | Interest Income | Interest Income, Type code = 5 |
Box 8 - Original issue discount on U.S. Treasury obligations | Income > B&D | Interest Income | Interest income, US OB% = 100% |
Box 9 - Investment expenses | Income > B&D | Interest Income | Inv Exp |
Box 10 - Bond premium | Income > B&D | Interest Income | Interest Income, Type code = 6 |
Box 11 - Tax-exempt OID | Income > B&D | Interest Income | Tax Exempt |
Box 12 - State | Income > B&D | State |
State |
Box 13 - State identification no. | Income > B&D | Interest Income |
State ID No. |
Box 14 - State tax withheld | Income > B&D | Interest Income |
State W/H |
Notes
- If an amount is reported in both boxes 2 and 8, the amount in box 2 is interest on a U.S. Treasury obligation and is exempt from state and local income taxes. Enter the amount from box 2 in the Interest income field, and enter the dollar amount from box 8 in the US Ob ($ or %) field.
- If no amount is reported in box 8, enter the amount from box 2 in the Interest income field.
- If you disposed of the obligation or acquired it form another holder during the year, refer to IRS Publication 550 for reporting instructions.
- If the OID to be reported is less than the amount shown on Form 1099-OID, enter an adjustment in the Interest income statement dialog (on Screen B&D in the Income folder). In the Type code column, select code 5 for Original Issue Discount (OID) adjustment and enter the adjustment in the Interest income column.
- To access the columns for foreign amounts, click the Show foreign columns button.
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