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Level 3
posted Mar 18, 2023 8:35:10 PM

How do I enter long term capital gain in Turbotax if no 1099 received?

I had an investment with a company for 2.5 years that completed April 2022.  The agreement was total interest payment at the conclusion of the investment.   Without going into great detail, the company paid me $18k in interest at the end of the investment.

 

The company sent me a note for 2022 taxes that stated the following "we are not filing a 1099 with the IRS, but we will be claiming the interest paid out to you"

 

I am uncertain where\how to enter that into Turbotax.  Although it was stated as an interest payment, I'm wondering if it would actually be a long term capital gain.  Since I don't have tax filing paperwork from the company, I'm not sure what to do.

 

Any suggestions?

 

 

 

 

0 2 1863
2 Replies
Level 15
Mar 19, 2023 2:45:40 AM

according to both you and the company, it is interest.

 

@tccutler 

Expert Alumni
Mar 19, 2023 6:45:10 AM

To start with, the IRS description of interest is simple.  So, this should be included as interest.

 

"interest — the charge for the use of borrowed money.

interest income — the income a person receives from certain bank accounts or from lending money to someone else.

taxable interest income — interest income that is subject to income tax. All interest income is taxable unless specifically excluded.

tax-exempt interest income — interest income that is not subject to income tax. Tax-exempt interest income is earned from bonds issued by states, cities, or counties and the District of Columbia."  IRS Interest Income

 

To manually post a 1099-INT

  1. Select Federal
  2. Wages & Income 
  3. Scroll to Investments & Savings and 
  4. select Show More,
  5. Start or Revisit next to Interest on 1099-INT - Okay! 
  6. Time to kick off your investments! 
  7. Yes, on the screen Did you receive any interest income? then Continue.
    • If you see the screen Your investments & savings or Here's your 1099-INT info, select. 
    • Add investments or add another 1099-INT, then Continue.
  8. Choose how you'd like to enter your 1099-DIV:
    • If you'd rather manually enter your form, select. 
      • Change how I enter my form, select. 
      • 1099-INT, then 
      • Type it in myself on the following screen.
  9. Follow the on-screen instructions to enter the info from your 1099-INT.
  10. When you reach the screen Here's your 1099-DIV info, the form you just entered should be listed.
  • If you need to enter another 1099-INT, select Add another 1099-INT and follow Steps 4-6 above.

Note: Don't combine the amounts from two or more 1099-INT forms if they're from the same payer—enter each form separately.

 

If this does not completely answer your question, please contact us again and provide some additional details.