Assuming the interest you earned is from a personal loan (and that you don't have a 1099-INT form), you can enter this amount by following the directions below.
The program is optimized for "in...
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Assuming the interest you earned is from a personal loan (and that you don't have a 1099-INT form), you can enter this amount by following the directions below.
The program is optimized for "institutional" payers (banks, brokerages) and requires a Federal Employer Identification Number (FEIN) format.
However, you must now enter your private loan interest earned in a different section of the program.
Enter Your "Seller-Financed" Interest (Even if this wasn't a mortgage or a house sale):
Open or continue your return.
Search for "seller-financed interest received" (or just "seller-financed") in the Search box.
Click on the "Jump to..." link.
When asked if this is "Interest from Seller-Financed Loans," Select "Yes".
Enter the family member's Name, Address, and SSN.
Enter the total interest amount.
By entering this information in this section:
This method allows this money to flow correctly to Schedule B.
It identifies it as interest from an individual.
It satisfies the IRS requirement to list the payer’s SSN (without causing an "Invalid FEIN" error).
If the interest is over $1,500, the IRS technically requires that higher amounts be broken down on Schedule B.