I was on a joint bank account with my mom. I became the primary account holder when she passed away two years ago. The bank sent me a statement of the interest earned for last year which was $12,000. I had $3500 in self employment income. Where do I enter the interest earned income in Turbo Tax?
Did you get a 1099-INT from the bank? Are you using the Online web version? I'm not exactly sure since they may have changed the online steps.
Enter a 1099-Int under
Federal
Wages & Income
Interest and Dividends
Interest on 1099-INT - Click the Start or Update button
If you get a screen of boxes At the bottom pick - Change How I enter my Form
Then on the next screen pick I'll Type it in Myself
Do you need any help entering the self employment?
You can enter Self Employment Income into Online Deluxe but if you have any expenses you will have to upgrade to the Premium version. Or use any of the Desktop Download programs.
How to enter income from Self Employment
https://ttlc.intuit.com/community/self-employed/help/how-do-i-report-income-from-self-employment/00/26653
Thank You. I have the Home and Office 2024 Intuit Turbo Tax downloaded version.
Great. I have the Home & Business version too on Windows.
To report your self employment income you will fill out schedule C in your personal 1040 tax return and pay SE self employment Tax. The SE tax is to pay both the Social Security and Medicare tax that wasn't taken out like on a W2 job.
Self Employment tax (Scheduled SE) is automatically generated if a person has $400 or more of net profit from self-employment. You pay 15.3% SE tax on 92.35% of your Net Profit (If it is greater than $400). The 15.3% self employed SE Tax is to pay both the employer part and employee part of Social Security and Medicare (FICA). So you get social security credit for it when you retire. It is in addition to any regular income tax you owe on it.
For the Home & Business Desktop program…..
Go to Business tab-Continue. Then pick I'll choose what I work on
First item, Business Income and Expenses click Start or Update
Profit or Loss from Business, click Start or Update.
You use your own name, address and ssn or business name and EIN if you have one. You should say you use the Cash Accounting Method and all income is at risk.