Instructions For Form Pa-20s/pa-65 - Schedule A - Interest Income
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1
220
013
Pennsylva
ania Departm
ment of Reven
nue
Inst
truction
ns for P
PA-20S
S/PA-6
5 Sche
edule A
A
Interes
t Income
e
p
production of r
rental or roya
lty
the excess
s as a loss on
PA-20S/PA-
Ge
eneral In
nformati
ion
in
ncome that th
he entity inclu
des in
65 Schedu
ule D, Part I o
r PA-20S/PA-
d
determining ne
et rent or roya
alty
65 Schedu
ule D, Part III,
, Line 13.
in
ncome;
For a li
isting of tax-e
exempt and
Pur
rpose of
f Schedu
le
taxable ob
bligations, obt
ain
●
●
Interest that
t is statutorily
y free from
Use P
PA-20S/PA-65
5 Schedule A t
to
Pennsylva
nia form REV-
-1643, Tax
P
Pennsylvania t
tax;
repor
rt interest inco
ome of PA S
Exempt Ob
bligations for
Pennsylvania
●
●
Interest deri
ved from asse
ets
corpo
orations, partn
nerships and
Personal I
ncome Tax pu
urposes.
e
employed as w
working capita
al in a
limite
ed liability com
mpanies filing
as
b
business; and
partn
nerships or PA
A S corporation
ns for
●
●
Pennsylv
vania Taxable
e Interest In
ncome To
Interest from
m
feder
ral income tax
x purposes.
Pennsylvani
a Resident a
and Nonresid
dent Owners
a
accounts and n
notes
Th
he entity mus
st report intere
est it
r
eceivable from
m sales
Type of Inte
erest
Pen
nsylvania
Nonresident
t
receiv
ved for the us
se of its mone
ey that
o
of products or
services
(Not allocate
ed to
Re
esident
of
it doe
es not include
in another in
come
s
sold in the ord
inary
net profit
ts)
P
Pennsylvania
a
class
. Do not repo
rt interest fro
m
c
course of busin
ness
obliga
ations that ar
e statutorily f
free
S
Saving or othe
er
Taxa
able as
Not Taxable
t
hat the entity
y
b
bank deposits
Inter
rest
from
Pennsylvania
tax.
in
ncludes in
In
nterest report
ed on the PA-
-
Taxa
able as
C
Coupon bonds
Not Taxable
d
determining ne
et profit
20S/
PA-65 Inform
ation Return a
and
Inter
rest
(
loss) from its
PA-20
0S/PA-65 Sch
hedule A is tot
tal
O
Open accounts
s
Taxa
able as
Not Taxable
b
business, profe
ession or
intere
est earned by
the entity its
elf.
Inter
rest
fa
arm (generall
y
There
e is no need t
o distinguish
P
Promissory not
tes
Taxa
able as
Not Taxable
c
current assets
).
betw
een resident a
and nonreside
ent
Inter
rest
A PA S corp
poration
portio
ons since inte
rest is not a c
class
M
Mortgages
Taxa
able as
Not Taxable
o
or partnership
cannot
of inc
come on the P
PA-20S/PA-65
Inter
rest
a
assume that a
n
Sche
dule NRK-1. F
For Pennsylvan
nia
C
Corporate bond
ds
Taxa
able as
Not Taxable
o
obligation that
t is
perso
onal income ta
ax purposes,
Inter
rest
e
exempt from f
federal
nonre
esidents are n
not taxed on
D
Debentures
Taxa
able as
Not Taxable
in
ncome tax is a
also
ordin
nary interest fr
rom Pennsylva
ania
Inter
rest
e
exempt from
sourc
ces. Interest is
s ignored by t
the
In
nterest on leg
gacies
Taxa
able as
Not Taxable
P
Pennsylvania p
personal
nonre
esident unless
s the entity ha
as
o
or life insuranc
ce
Inter
rest
in
ncome tax. Th
he
reclas
ssified interes
st on PA-20S/
PA-65
p
proceeds
e
exclusion for U
U.S. tax-
Sche
dule M, Part A
A and PA-20S/
/PA-
In
nterest on tax
x
Taxa
able as
Not Taxable
e
exempt obligat
tions
65 Sc
chedule A, Lin
ne 2 as workin
ng
re
efunds
Inter
rest
d
does not autom
matically
capita
al, in which ca
ase it will be
In
nterest on U.
S.
Not T
Taxable
Not Taxable
e
extend to thos
se
includ
ded with busin
ness or rental
o
obligations - D
Direct
o
obligations wh
ose sole
incom
me.
o
ownership
s
statutory basis
s for
In
nterest on oth
her
Taxa
able as
Not Taxable
e
exclusion is th
e
Pen
nnsylvan
nia-Taxa
able
st
tates’ obligati
ons or
Inter
rest
I
nternal Reven
nue
p
political subdiv
visions
C
Code.
Int
terest
U
Unstated or im
mputed
Taxa
able as
Not Taxable
The entity
may
Penn
sylvania law (
(72 P.S. §
in
nterest, includ
ding
Inter
rest
o
only deduct fo
rfeited
7303
(a)(6)) provid
des that intere
est
g
overnment
in
nterest penalt
ties from
deriv
ved from oblig
ations that ar
re not
o
obligations (or
riginal
a
a premature
statu
torily free fro
m state or loc
cal
is
ssue discount)
)
w
withdrawal of a
a time
taxat
tion under any
y other act of
the
G
GNMA
Taxa
able as
Not Taxable
d
deposit agains
st the
Gene
eral Assembly
of the
Inter
rest
in
nterest incom
e from
Comm
monwealth of
Pennsylvania
or
F
FNMA
Taxa
able as
Not Taxable
t
hat account o
r
unde
r the laws of t
the U.S. is tax
xable.
Inter
rest
c
certificate. The
e PA S
In
nclude all inte
rest income
P
PA Commonwe
ealth
c
corporation or
excep
pt:
p
partnership ca
nnot
a
nd PA Municip
pal
Not T
Taxable
Not Taxable
●
Int
erest derived
from purchas
se
O
Obligations
o
offset such inte
erest
mone
ey mortgages
on real estate
e or
p
penalty agains
st other
In
ncome reporte
ed for
Taxa
able as
Not Taxable
land
contracts that
t the entity
in
nterest incom
e. If the
fe
ederal purpos
es
Inter
rest
includ
des in determ
ining net gain
n
to
otal penalty e
exceeds
fr
rom life insura
ance,
(loss
s) from the sa
ale, exchange
or
t
he interest on
n an
a
nnuities, and
dispo
osition of prop
perty;
a
account or cer
rtificate,
e
endowment
●
Int
erest incident
tal to the
t
he entity can
report
co
ontracts.
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