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How do I enter original issue discount 1099-OID interest for Schedule B in a 1040 return using worksheet view in CCH® ProSystem fx® Tax and CCH Axcess™ Tax?
Go to Income/Deductions > Interest.
In section 1 - Interest (Schedule B), click Detail.
Lines 2-8 - Payer's name and address, enter the information.
Line 4 - Interest income, enter the originating interest amount.
In section 3 - Special Interest.
Line 1 - Special Interest - amount, enter OID interest adjustment amount.
Line 2 - Special Interest - type, enter 6. (Double click this box to see all options)