topic interest income in Business & farm

interest income

AREls567 — Fri, 13 Sep 2019 20:36:47 GMT

I cannot add the amount of interest income to the bank that I received the interest income from. This program doesn't flow that easily. Yes, I am frustrated. So how can I put in the amount in Interest Income from a form 1099-INT. I just go round and round and round and round. HELP!

Re: interest income

DoninGA — Fri, 13 Sep 2019 20:47:00 GMT

To report interest income received -

Click on Federal Taxes (Personal using Home & Business)
Click on Wages and Income (Personal Income using Home & Business)
Click on I'll choose what I work on
Under Interest and Dividends
On Interest on 1099-INT, click on the start or update button
Select I'll type it in myself

Or enter interest income in the Search box locate in the upper right of the program screen. Click on the Magnifying Glass. Click on Jump to interest income.

If you cannot enter the name of the payer in the Received From box or the amount of interest received in Box 1, then try a different web browser.

Re: interest income

joerasm — Mon, 21 Oct 2019 04:16:30 GMT

If I collect late fees in addition to interest income, do I include the late fee income also on the 1099-INT section or should late fee income be reported somewhere else?

Re: interest income

Critter — Tue, 22 Oct 2019 13:51:04 GMT

If you are holding a mortgage then the late fees are considered interest so add the numbers together and make one entry.