You should report the interest income in the same manner as interest received from a bank, just AS IF you have received a form 1099-INT. Enter your individual’s name as a Payer's name and the amount of interest received in box 1.
In TurboTax, open your return and follow these steps:
You should report the interest income in the same manner as interest received from a bank, just AS IF you have received a form 1099-INT. Enter your individual’s name as a Payer's name and the amount of interest received in box 1.
In TurboTax, open your return and follow these steps:
It's not mentioned in TurboTax either!
What would help greatly is to know how to set this up in Quicken so that the interest amounts are automatically totaled in a 1099-R when I import my Quicken data. At present my only option is to set the "Category" in Quicken to "Sched. B: Seller-Financed Loan" but that precipitates other problems in TT. Any clues?