turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

dobbinsjs
New Member

How do I enter interest received on a personal loan?

 
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

3 Replies
MinhT1
Expert Alumni

How do I enter interest received on a personal loan?

Interest received on a personal loan is taxable and reportable on your tax return.

 

You enter this interest as if you have received a form 1099-INT.

 

In TurboTax, you can enter interest received by following these steps:

 

  1. In TurboTax, open your tax return
  2. Click on Federal in the left-hand column, then on Wages & Income 
  3. Locate the section Interest and Dividends and click on the arrow on the right
  4. Click Start next to Interest on 1099-INT.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

How do I enter interest received on a personal loan?

Would it be the same for interest received on a private/personal loan backed by property in another state?  It's technically interest on a promissory note, not a mortgage.  I will be adding the interest as income to my Federal and home state returns, but would I have to also file a return in the other state as well?

DavidD66
Expert Alumni

How do I enter interest received on a personal loan?

No, you do not need to file a return to report the interest income to the other state. 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question