Interest from installment sale income showing up twice on Schedule B

[joycemarie29]

When completing form 6252, Installment Sale Income, I did not include the interest received on the loan. I did enter that interest in the 1099-INT section, as I received a 1099-INT from the contract agency.  On my Schedule B, the interest amount shows up twice, once with the name of the contract agency and once with the name of the business I sold. Why does it show up twice? 

If I delete the 1099-INT, the interest shows up only once on Schedule B. Is this the correct thing to do?

[PatriciaV · Accepted solution]

Yes, enter the installment sale under Sale of Business Property. The information you enter for the sale will report the interest on the loan on Schedule B under the name of the Payer. You don't need to report this interest again from Form 1099-INT, as long as the amount is the same and you confirm this interest was from the installment sale.

[joycemarie29]

Thank you for confirming that. Does TurboTax calculate the interest or does it access the 1099-INT on record with the IRS to get the number for the Schedule B?

[JulieS]

Yes, TurboTax calculates the amount of interest based on what you entered on Form 6252.

TurboTax is not able to get any information from the IRS except the acceptance or rejection of your e-filed return.