"Other Periodic Interest" - where the heck does it go???
Lacerte : 2008I have a client who has "Other Periodic Interest" on a 1099 - what the heck do I do with that? First time I've seen it in 18 years. Thanks
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03/23/09 5:49pm PDT
Viewed by asker 04/03/09 7:46pm PDT
Viewed by asker 04/03/09 7:46pm PDT
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PhoebeRoberts
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03/23/09 6:40pm PDT
I'd call it interest income. Is it a material amount?
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Jay in Georgia
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03/24/09 4:58am PDT
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I've usually seen "other periodic interest" on a REMIC statement which typically doesn't get to the client until around March 20th. I always have to double-check to see if any interest or OID on the REMIC statement duplicates what came on earlier 1099-INT statements, or is a new figure besides the original 1099-INT.
In any event, the amount (whatever amount you calculate as something new to be added to your prior input) belongs on schedule B as interest income.
Back up before it's too late. For a professional answer, call Tech Support at 1-800-933-9999 (Lacerte)(other numbers ProSeries, QB, or TurboTax). I am a volunteer, not compensated or supported by Intuit.
