Got a 1099-INT for a one-person LLC business savings account. Do I enter this as a regular 1099-INT or is this interest considered business income and entered elsewhere?

[Trey]

I have a one-person LLC and received $300 in interest this year for a business savings account that I opened in the name of the LLC.  I received a 1099-INT for this business account.  Do I enter this $300 in interest as regular 1099-INT income in TurboTax (same place as for interest in a personal savings account), or is this interest considered business income and entered elsewhere in the program?

[HelenaC · Accepted solution]

Enter the 1099-INT as you would enter your personal savings interest income. 

1. Under the Federal Taxes tab, select Wages & Income.
2. Select I'll choose what I work on.
3. On the Your 2018 Income Summary screen, scroll down to Interest and Dividends. 
4. Select Interest on 1099-INT.
5. Continue through the screens until complete.

Related information:

• What if I didn't get a 1099-INT from my bank?

[Trey]

Thanks very much.  I appreciate it.

[HelenaC]

You're very welcome. Hope you have a very profitable year and thank you for using TurboTax. We really appreciate it!