I have a rental property owned by my LLC. I already have completed writing in all my earnings and expenses relating to the property. I haven't submitted anything yet BTW. Then the other day I received a 1099-INT form because of a $300 bonus I received for signing up for a checking account. The 1099-INT doesn't have my name on it, it has my LLC's name.
My question is where do I add this into my turbo tax?
Under "Wages & Income" I see a thing for 1099-INT under "Investment and savings" but when I click on it, it ask me about crypto, and I do have a robinhood account where I bought and sold bitcoin, but those forms are not released yet. But I don't see a way to skip over that and come back to it later (after I get the forms from robinhood).
I want to just enter in the information from my tax documents as they come in.
Also do I put 1099-INT under my personal name in the same place where I put 1099-INT under my LLC or do they go into different sections.
please advise.
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Is there no Interest and Dividends section that you can see on your screen?
My question is where do I add this into my turbo tax?
It gets entered under the Personal Income tab, the Income sub-tab and the section for interest income. Since your LLC is a disregarded entity, it's still considered to be and taxed as personal income.
I understand that an LLC is a disregarded entity as far as taxes go, but shouldn't the interest income for the LLC be entered into the business income? That way it can be offset by business expenses just as other business income does. In my case, I am unable to take a business loss in my LLC because it is passive income and passive losses are phased out as personal income reaches a certain point. If the LLC "claims" the 1099-Int as business income, It would be offset by LLC expenses.
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