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.