How do I account for interest income from personal loan to family member? Don't see in Turbo Tax deluxe.

[MinhT · Accepted solution]

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:

• Click on Federal in the left-hand column, then on Wages and Income on top of the screen
• Scroll down to All Income, locate the Interest and Dividends section
• Click Show more and click Start next to Interest on 1099-INT
  

[jpinter]

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?

[VolvoGirl]

Ask over in the Quicken forum.   But interest has nothing to do with a 1099R .