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Tax Exempt Interest - Form 1120 Corporation Returns

Tax-exempt interest is reported on Schedule K in the corporation return.

To enter tax-exempt interest in a corporation return, from the Main Menu of the Business Tax Return (Form 1120) select:

  • Schedule K - Other Information
  • Tax-Exempt Interest Received/Accrued

This line is also where you report exempt-interest dividends received as a shareholder in a mutual fund or other RIC.