Supplemental Info not reported to the IRS

DonnieBoston
DonnieBoston Member Posts: 10 Newcomer
edited February 20 in General

I received my tax forms from an investment firm, however one dollar item listed is not associated with any tax form… It is titled "Accrued interest paid on purchases." Can someone please shed some light on this on whether I need to report this to the IRS? If so, where do I apply this? The title of the page this item is under is "Supplemental Info not reported to the IRS."

Thank you!

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Answers

  • DaveT
    DaveT Member Posts: 16 Level 3

    You don't have to report it, but it does reduce the amount of your taxable interest.

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  • DonnieBoston
    DonnieBoston Member Posts: 10 Newcomer

    Thank you very much! So do you know how I would apply this to reduce the amount of my taxable interest? Thanks!

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  • DaveT
    DaveT Member Posts: 16 Level 3
    edited February 20

    On the 1099-INT input screen, there is a field for "Accrued Interest". That amount gets subtracted from the total interest amount on Schedule B.

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  • DaveT
    DaveT Member Posts: 16 Level 3

    On the 1099-INT input screen, there is a field for "Accrued Interest". That amount gets subtracted from the total interest amount on Schedule B.

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  • DonnieBoston
    DonnieBoston Member Posts: 10 Newcomer

    Thank you very much. I will soon check it out….

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