topic Re: 1099-INT in Get your taxes done using TurboTax

1099-INT

thluong85 — Sat, 01 Feb 2025 18:36:52 GMT

Hello,

I received 1099-INT from the bank for my business, where should I input that in Turbotax? I don't see that option. Thank you

Re: 1099-INT

MindyB — Sat, 01 Feb 2025 23:16:21 GMT

It looks like you might be looking in the Other Common Income section. Instead, add this in the Investment and Savings section.

First, navigate to Investments and Savings (1099-B, 1099-INT, 1099-DIV, 1099-K, Crypto), Add/Edit
Add Investments
Next, choose to either import or "Enter a different way", choose 1099-INT to enter the interest.

Re: 1099-INT

thluong85 — Sun, 02 Feb 2025 16:17:56 GMT

I opened a business checking account with CHASE for my single member LLC. They gave me a couple hundred dollars for bonus. Now CHASE sent me this 1099-INT for that amount. The description is CASH BONUS. They have that amount in Box 1 of the 1099-INT. Since they show my company's name on the form, I think I should file it for business income. But I don't see where I can attach it under "Business Income and Expenses" section

Re: 1099-INT

VolvoGirl — Sun, 02 Feb 2025 16:57:34 GMT

No any interest etc. you get from the bank goes under Personal Interest. Your business is a disregarded entity and you are filing your business on schedule C in your personal return. Unless your business is for loaning money and someone paid you interest. Actually it will be better to file it as Personal interest. Then you won't be paying Self Employment tax on it.

Re: 1099-INT

thluong85 — Sun, 02 Feb 2025 17:18:27 GMT

That’s great. Thank you very much

Re: 1099-INT

thluong85 — Sun, 02 Feb 2025 17:18:51 GMT

Thank you very much