Accrued interest Paid and Limited Partnership Income

[TaxUser 2022]

Have received my 1099 to report the brokerage income. and it has 1099-INT,1099-B which I have entered in Turbo Tax but it also has 'Distribution and Charges Section' and it has entries in 'Limited Partnership Income' of $11.69  and 'Other Accrued Interest Paid' of $1,667.39 where should these entries be filled out in turbo tax?and these  are not coming in separate forms that can be uploaded and they are part of tax form that has 1099-B or 1099-INT.

[DianeW777]

The 'Other Accrued Interest Paid' of $1,667.39 sounds like an amount paid to you as interest so you will need to find out if this is interest you already paid tax on previously.  Likewise the 'Limited Partnership Income' of $11.69 should be included in the income figure from a K-1.

If you do not have a K1 from this partnership then you can include the income using the steps below.

1. Click Federal Taxes -> Wages & Income and scroll down to Less Common Income
2. Go to the last selection, Miscellaneous Income and click Start
3. Go to the last option, Other reportable income and click Start
4. When it asks, "Any other reportable income?" > yes and then type in a description and the amount to report it on your tax return.

Since you are taxed as partnership, you pay income tax on the net income of the business whether you take the money out or not. You are not taxed for actual distributions.

[TaxUser 2022]

Other accrued interest (-$1667.39) like bond premium on 1099-INT is appearing as a a credit   amount in distribution and charges. could not find these amounts in the activity looks like it comes with the security when purchased. in the tax document it is mentioned that the amount was not reported to IRS.

[RobertB4444]

Accrued interest is not necessarily taxable.  If it is accrued and will become taxable when it is paid to you then they are just reporting it to you so you are aware of what is coming down the road.