A form 1099-INT reporting interest income is reported in the Federal section of TurboTax, under Wages and Income, in the Interest and Dividends subcategory.
You will report the Form 1099-INT initially in TurboTax as if you received the full amount of interest. On the next page after you enter the Form 1099-INT, you will see a page that says Tell us if any of these uncommon situations apply, and you need to choose the option that says I need to adjust the taxable amount. The next page will say Report Interest Adjustment and you will enter as a negative number the interest income that does not belong to you. Also, check the box that says I received all or a part of this interest for someone else (I am a nominee.) That way, you will only be taxed on your share of the interest income.
You should report the interest income on your personal tax return since it is listed under your social security number.
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