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.

If you received a Form 1099 for interest as a purchaser of a bond with accrued interest, do the following:

1. Go to the Income folder and click either the B&D screen or the Broker screen. Only use the Broker screen if you want to enter a consolidated 1099.
2. Open the Interest income statement dialog.
3. Create a new line item and complete the following columns:
   • FS: If the interest is federal-only or state-only, code it as federal or state. If the interest should be reported on both federal and state, leave this field blank. If there are multiple states on the return, see Entering interest and dividend income for a multi-state return.
   • TSJ: Code the interest to the Taxpayer, the Spouse, or as Joint. This field does not exist if you come from the Broker screen because the entire Broker screen is coded to the Taxpayer, Spouse, or Joint and the Interest income statement automatically picks up the code from there.
   • Payer: Enter the payer name.
   • Interest income: Enter the total taxable interest income. Do not include any adjustments for accrued interest or any tax-exempt amounts.
4. Create another line item and enter the following:
   • For the FS, TSJ, and Payer fields, repeat the data entry from the previous step.
   • Type Code: Enter 4 - Accrued Interest.
   • Interest income: Enter the accrued interest as a positive amount.

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