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tjmom2
Level 3
July 13, 2023

Accrued Interest Paid on Purchases

  • July 13, 2023
  • 2 replies
  • 17 views

In Proseries how do I enter Accrued Interest Paid on Purchases of stocks in excess of Interest earned?

Thanks

    2 replies

    sjrcpa
    sjrcpa
    Level 15
    July 13, 2023

    It offsets next year's interest income. Make yourself a carryover note.

    The more I know the more I don’t know.
      sjrcpa
      sjrcpa
      Level 15
      July 13, 2023

      Theoretically you are supposed to match up each payment with the particular bond.

      The more I know the more I don’t know.
        T
        tjmom2Author
        Level 3
        July 13, 2023

        So do I make a separate interest income entry for each bond and then adjust each one?

        8
        861
        Level 2
        March 21, 2026

        DO I DEDUCT ACCRUED INTEREST PAID ON SCHEDULE B AND HOW

        abctax55
        abctax55
        Level 15
        March 21, 2026

        @861 

        Hi there,

        You’ve come to an Intuit site supporting tax professionals, and you may be looking for support as an individual taxpayer. Please visit the TurboTax Help site for support.

        Cheers!

         

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