10077: 1120 - Line 5 Interest

Interest income can be entered in the following location(s), as applicable:

• INC screen, line 5, for interest income,
• INC screen, Tax Exempt Interest line, 
  • This amount flows, as applicable, to Schedule K, line 9, and to Schedule M-1, line 7. Override fields are available on screens K and M1, if needed.
• 6252 screen (Form 6252, Installment Sale Income),
  • the Do NOT carry interest to Form 1120 box on the 6252 screen will prevent amounts from the 6252 from flowing to the return.*
• 8912 screen (Form 8912, Credit to Holders of Tax Credit Bonds) carrying to line 19,
• K1P screen, if the corporation received a Schedule K-1 Form a partnership, 
• K screen, line 9 (override field). 

Review the field help (F1) on the INC screen, line 5, and see the 1120 Instructions for details about reporting interest on Form 1120. 

*In Drake16 and prior, to carry interest from the 6252 screen to the 1120, line 5, select the Carry to 1120 option next to the interest fields.