If I am a person doing business as another entity can I receive interest on my checking account?

[Vanessa A]

Yes.  If you are an individual DBA you can still receive interest on your business account or personal account.  When you do, this is still reportable on your form 1040.  If it is on your business account, you report the interest on Schedule C as income.  If it is on your personal account you report it on your regular 1040. 

For personal interest enter as follows:

1. Federal
2. Income
3. Show more next to Interest and Dividends
4. Start next to interest on 1099-INT

If this is a business account, you can enter this as Other Income and in the description enter interest from xyz bank and the amount.