I read some threads that the IRS can get confused if you report the 1099-MISC box 3 as 1099-INT box 1. Just seems like either option is bad from the perspective of causing a red flag and potential audit event.
Since it is a 24 month promissory note, It will span multiple years so if I follow the workflow logically, I should select that which appears to trigger TT to think that it is work related whether or not you tell it it is not work related or earn money.
If you have the ability, I suggest you bring this to TT development team's attention that this workflow needs some work to make it comprehensive for not work-related scenarios. I've asked the LLC to use 1099-INT in the future, but I'm at their mercy and their CPA who feels a blanket 1099-MISC for whatever they pay out is easier on their side whether a payout on interest on a promissory note or payment to an independent contractor for services rendered. Thank you for your help.
