How is accrued interest on the purchase of a corporate bond entered on schedule b using turbotax

[PaulaM · Accepted solution]

After you enter the Box 1 interest income on your 1099-INT, continue to next page and mark the 1st box (need to adjust the taxable amount) on the page 'Tell us if any of these uncommon situations apply'. 

Continue to the next page and enter the amount of the adjustment and mark the radio button for accrued interest. The adjustment amount will transfer to Schedule B as a subtraction in Part 1 of the form.

[detailasst]

I have accrued interest paid but no interest.  TT won't let me enter it.

[detailasst]

disregard - I understand I need to match it to when I have interest.