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kareynfam
New Member

I recieved a 1099int for a business that was closed in 2020. Do I put that on my personal return or just ignore it since its not under my ss number?

My business closed in 2020. I was charged a late filing penalty from the irs for filing my last return late. I was refunded the penalty along with interest last year. I got a 1099int from the irs for the interest but the business is closed and won't be filing a return this year.
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1 Reply
AnnetteB6
Employee Tax Expert

I recieved a 1099int for a business that was closed in 2020. Do I put that on my personal return or just ignore it since its not under my ss number?

Since the Form 1099-INT was issued to the business, you do not need to include it on your personal Form 1040.  If the business was officially closed and submitted a final tax return, then the IRS should not expect the interest to be reported anywhere.  

 

If you choose to report the interest on your personal return, there should be no issue resulting from doing so.  

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