Get your taxes done using TurboTax

Interest paid on a personal loan is not deductible.

However, if you are in business follow the steps below.

This is how to enter it in TurboTax:

1. Open you return, select Federal on the left side menu, then  Wages & Income.
2. Scroll down and find Self-employment income and expenses, select Start or Revisit to the right.
3. Answer the first question Yes.
4. Click Continue until you get to EXPENSES.
5. Click Add expenses for this work at the bottom of the expense summary.
6. Click on Less common expenses at the bottom of the list.
7. Check the box next to Credit card, loan, and other interest, click Continue. 
8. Click Start to the right of Credit card, loan, and other interest.
9. Enter "EIDL interest" as the description and the amount of interest that you paid.
10. Click Continue.