cancel
Showing results for 
Search instead for 
Did you mean: 
Highlighted
Level 1

Is interest from a private loan considered taxable income and if so must the payer provide a 1099?

 
1 Best answer

Accepted Solutions
Level 20

Is interest from a private loan considered taxable income and if so must the payer provide a 1099?

Yes but you don't need a 1099 from them.

You must report all your income no matter how small, even $1 of interest that you don't get a 1099 for.  Enter interest received like a 1099-Int under
Federal Taxes tab
Wages & Income
Choose Jump to Full List -or I'll choose what I work on
Interest and Dividends
Interest on 1099INT - Click the Start or Update button

Put the interest amount in box 1
 

View solution in original post

2 Replies
Level 20

Is interest from a private loan considered taxable income and if so must the payer provide a 1099?

Yes but you don't need a 1099 from them.

You must report all your income no matter how small, even $1 of interest that you don't get a 1099 for.  Enter interest received like a 1099-Int under
Federal Taxes tab
Wages & Income
Choose Jump to Full List -or I'll choose what I work on
Interest and Dividends
Interest on 1099INT - Click the Start or Update button

Put the interest amount in box 1
 

View solution in original post

Level 1

Is interest from a private loan considered taxable income and if so must the payer provide a 1099?

Thank you!!