Yes the interest on your Economic Impact Disaster Loan (EIDL) is deductible as a business expense.
This is how to enter it in TurboTax:
- Open you return, select Federal on the left side menu, then Wages & Income.
- Scroll down and find Self-employment income and expenses, select Start or Revisit to the right.
- Answer the first question Yes.
- Click Continue until you get to EXPENSES.
- Click Add expenses for this work at the bottom of the expense summary.
- Click on Less common expenses at the bottom of the list.
- Check the box next to Credit card, loan, and other interest, click Continue.
- Click Start to the right of Credit card, loan, and other interest.
- Enter "EIDL interest" as the description and the amount of interest that you paid.
- Click Continue.
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