It's important to note that for a sole proprietor or disregarded entity, bank interest income is reported as personal income on the return, not as business income.
You don't have to indicate the EIN for the business in the interest income section, although you could enter that when you are entering the General Info about the business.
To get to the section to enter your 1099-INT, follow these steps:
Form 1099-INT reports interest from banks, brokerages, and other financial institutions. Here's how to enter a 1099-INT:
Sign in to your TurboTax account and open or continue your return
Select Federal from the menu, then Wages & Income
Locate the section titled Investments & Savings and select Show More, then select Start or Revisit next to Interest on 1099-INT
Select Yes on the screen Did you receive any investment income? then Continue
- If you see the screen Your investments & savings or Here's your 1099-INT info, select Add investments or Add another 1099-INT, then Continue
On the next screen, select how you want to enter your Form 1099-INT:
- If you want to import your form, search for your brokerage or financial institution. Sign in to your online account and select Get my form
- If you want to upload a copy of your form or manually enter the info, select Enter a different way, and follow the instructions to enter your 1099-INT
On the screen Do any of these uncommon situations apply? check the boxes according to your situation and Continue
[Edited 02/24/23| 10:30am PST]
