An accrued interest number shown on 2024 schedule B, but no source I can review the correct data!

[gnest02]

I input accrued interest in Turbotax.  It does respond and showed on Schedule B in 2024.   However, I want to find out how they arrived with that number.  It not show me anything.  When I back check my 1099-INT,  it is not there either.   I input the accrued interest through the path of "interview"  and it was accepted by the program.

[rjs]

The accrued interest probably comes from box 1f on a Form 1099-B, or an equivalent brokerage statement. It might also be called accrued market discount. You would have entered it on the same screen where you entered the sale of a bond. To enter box 1f you had to check the box that says "I have other boxes on my 1099-B to enter."

[SteamTrain]

Are you asking about:

1)  Accrued interest you needed to declare as income?

or

2) Accrued interest you paid out to the seller, on a bond you bought during 2024?

If #2, sometimes special steps are required depending on what kind of bond? Corporate?, US Treasury?, or Muni?

[baldietax]

there isn't a drill down unfortunately back to the details from these accrued interest adjustments, you just have to keep track what you input and the total, and go back over the 1099-INTs if it doesn't total as expected.

A common reason to have issues with accrued interest not giving the expected figures on Fed or State, is if your 1099-INT has multiple income types (Box 1/3/8), because you can only input 1 accrued interest adjustment in TT and can't specify which box it refers to, so TT will incorrectly pro-rata it across them all.  If you have Box 8 tax-exempt (muni) interest, this can affect your Schedule B as the portion of accrued interest applied to the munis will not reflect on Schedule B.  The solution is to split up your 1099-INT between the different types of income (along with their respective premium in Boxes 11-13) so the 1099-INT with the adjustment only has one income box to adjust.

[rjs]

@gnest02 

There are several possibilities here, and we're all talking about different things that might be called accrued interest. "Accrued interest" could have several different meanings. What is the exact wording of the entry on Schedule B?

If it just says "Accrued Interest" then it does not appear on the 1099-INT or any other form. When you entered the 1099-INT you checked the box that said "I need to adjust the interest reported on my form." Then when TurboTax asked for the reason for adjustment you selected "My accrued interest is included in this 1099-INT." The way that TurboTax "arrived with that number" is that it's the number you entered as the "adjustment amount."

If you entered an accrued interest adjustment for more than one 1099-INT, the total of all the adjustments is shown in one entry on Schedule B. They are not listed separately. If you are using the desktop TurboTax software you can see the individual adjustment amounts and the reason that you selected in the "Adjustments to Interest" section near the bottom of each Form 1099-INT Worksheet in forms mode.

If the entry on Schedule B says something other than just "Accrued Interest," then ignore everything above and tell us exactly what it says.