Knowledge Base

11699: 1120S - Interest Income on Schedule K Line 4

1120S S corporation

I entered interest income on line 4 of screen K on an 1120-S return. Why does it show as investment income on line 17a when I view the return?

Line 4 is for portfolio interest income. The IRS instructions for line 17a read: “Enter on line 17a the investment income included on lines 4, 5a, 6, and 10, of Schedule K. Do not include other portfolio gains or losses on this line.”

See the field level help for line 10 on the K screen for a description of items to be reported on line 10a, Other portfolio income. Entries on this line will adjust those flowing from other screens (such as the K1F, line 5 and the K1P, line 11, code A).

Review the 1120S Schedule K Instructions for further information.

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