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Business & farm
To adjust Schedule B for interest received after death in the TurboTax software,
- Go to Wages & Income, then
- Choose the button "I'll choose what I work on." There will be a button for "Interest and Dividends"
- Choose Start or Update next to "Interest on 1099-INT."
- Answer Yes to "Did you receive any interest income?"
- Choose the radio button next to "I'll type it in myself" and select Continue
- Enter the bank name for the interest received, and the Box 1 - Interest Income Amount and select Continue. This will bring up the screen "Tell us if any of these uncommon situations apply."
- Check the box next to "We need to adjust the taxable amount." and Continue.
- Report your interest adjustment as a positive number to subtract on the next screen and select the radio button for "Other reasons."
[edited 1.21.18 | 12:17 PM]
‎June 6, 2019
8:37 AM