1040-US: Statement for tax exempt interest reported on Form 1040, line 2a

Alerts and notices


Is there a supporting schedule in UltraTax/1040 for tax exempt interest reported on Forms 1040, line 2a?


Yes. If you have entered tax-exempt interest or dividend income in Screen B&D, Broker, K1-2, or K-1T, UltraTax CS prints a nonsubmittable statement providing detail on all tax-exempt income reported on line 2a.

Note: Although the IRS does not require tax-exempt interest and dividends to be reported separately on Schedule B, UltraTax CS provides an option to print the tax-exempt amounts on Schedule B. To do so, choose Setup > 1040 Individual and click the Other Return Options button. In the Other Return Options dialog on the Return Presentation tab, mark the Print tax-exempt interest and dividends on Schedule B checkbox.

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