New Member

posted Jun 3, 2019 12:36:29 PM

How/where do i report interest earned on a personal loan/promissory note?

I earned interest on a personal loan/promissory note this year.

Do I report that as a 1099-int even though I won't be getting a 1099-int form for it?

Or do I report it someplace else like miscellaneous income?

0

1

2852

1 Best answer

New Member

Jun 3, 2019 12:36:30 PM

Please see the instructions below on how to enter your interest income

Type other taxable income in the search bar
Click on Jump to other taxable income
At the Other Wages Received screen, answer NO and continue
Scroll down to Other reportable income, click Start/Update
Click YES at Any Other Taxable Income?
Enter a description and amount and continue.
The amount should appear on your Form 1040, line 21.

To check this entry:

Click on My Account
Click on Tools
Under Other helpful links, choose View Tax Summary
In the same row as Tax Timeline, choose Preview my 1040
Scroll down to Line 21. Your amount should be reflected on this line
To get out of the Preview my 1040 screen, click on back.

1 Replies

New Member

Jun 3, 2019 12:36:30 PM

Please see the instructions below on how to enter your interest income

Type other taxable income in the search bar
Click on Jump to other taxable income
At the Other Wages Received screen, answer NO and continue
Scroll down to Other reportable income, click Start/Update
Click YES at Any Other Taxable Income?
Enter a description and amount and continue.
The amount should appear on your Form 1040, line 21.

To check this entry:

Click on My Account
Click on Tools
Under Other helpful links, choose View Tax Summary
In the same row as Tax Timeline, choose Preview my 1040
Scroll down to Line 21. Your amount should be reflected on this line
To get out of the Preview my 1040 screen, click on back.

TurboTax Premier Online