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Level 3
posted Jun 4, 2019 5:25:38 PM

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?

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?

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1 Best answer
New Member
Jun 4, 2019 5:25:40 PM

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:

3 Replies
New Member
Jun 4, 2019 5:25:40 PM

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:

Level 3
Jun 4, 2019 5:25:41 PM

Thanks very much.  I appreciate it.

New Member
Jun 4, 2019 5:25:42 PM

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