No. You do not need to pay self-employment tax on personal 1099-INT income.
For tax purposes, self-employment income includes any part-time businesses or "side work" performed in which you are in business for yourself, rather than another person. You are also considered self-employed if you engage in business-like activities where you intend to make a profit. When you are considered self-employed, then you have to pay self-employment tax. You don't pay self-employment tax on income from capital gains, interest, dividends, and other income that is not considered earned income.
To enter your 1099-INT forms, please follow the instructions below:
- Open your tax return in TurboTax.
- Search for 1099-INT with the magnifying glass tool on the top of the page.
- Select the Jump to 1099-INT in the search results to go directly to the section to report your interest income.
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