in [Event] Ask the Experts: Tax Law Changes - One Big Beautiful Bill
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I have 1099-int in the name of my single-member LLC. The LLC has expenses. Question: Where do i report the income (Schedule B or Schedule C) ? and where do i report the related expenses ? (when entering a form 1099-int in Turbotax - i don't see a box to enter expenses ?
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You shouldn't enter the form as a 1099-INT. If the interest was earned from an account that is under the LLC's name, then you should report that income when you enter your business income. When you get there in TurboTax, the program will ask for the type of income you received for your business. You will need to select Uncommon income, to enter the interest income. See the image below for your reference:
Who paid you the interest? What expenses do you have for receiving that interest?
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