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winginsue
New Member

Hi, I loaned money to an individual and am earning interest income on that loan. Where do I record it?

 
3 Replies
gloriah5200
Expert Alumni

Hi, I loaned money to an individual and am earning interest income on that loan. Where do I record it?

You would report interest income received on money you lent to an individual on Schedule B, Part I.

winginsue
New Member

Hi, I loaned money to an individual and am earning interest income on that loan. Where do I record it?

Thank you so much.

AlanT222
Expert Alumni

Hi, I loaned money to an individual and am earning interest income on that loan. Where do I record it?

Although you didn't get a 1099-INT, report the interest in the 1099-INT section:

  1. Open your return (or continue if it's not already open).
  2. In the upper right menu, select and search for 1099-INT or 1099INT (lower-case also works).
  3. Select the Jump to link in the search results.
  4. Answer Yes to Did you receive any interest income?
    • If you see Review your 1099-INT info, select Add another 1099-INT or select Review next to the correct 1099-INT.
  5. On the following screen, select I'll type it in myself or Continue.
  6. On the next screen, input the required information.
  7. Select Continue.
  8. On the next screen, Do any of these uncommon situations apply?, select the appropriate answer and Continue.
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