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Level 2
January 20, 2024
Question

report on personal return interest from nominee

  • January 20, 2024
  • 1 reply
  • 1 view

I opened on dissolved a PLLC business in 2023.  The business had no sales or payroll.

The only income was $750 in interest, for which I have a 1099-INT in that amount.

I was told I should report the interest on my personal return and include the PLLC's EIN on the return.

How do I do that on the Turbotax software?

 

1 reply

Level 15
January 22, 2024

You'll only be able to enter the Form 1099-INT payer's information when entering nominee information.

To enter nominee interest information in TurboTax Desktop, open your return and:

  1. Select FEDERAL TAXES in the banner
  2. Select Wages & Income
  3. Answer Yes on the Do You Have Other Income to Enter? screen, then select Continue
  4. Select I'll choose what I work on on the How do you want to enter your income? screen
  5. Select Start or Edit to the right of Interest on 1099-INT
  6. Answer Yes on the Did you receive any interest income? screen
  7. Select I'll type it myself, then Continue
  8. Enter your relevant information on the Let's get your 1099-INT or brokerage statement details screen, then select Continue
  9. Proceed until you reach the Tell us if any of these uncommon situations apply screen, select the box next to We need to adjust the taxable amount, then select Continue
  10. Make your adjustment on the Report Interest Adjustment screen, select the bullet next to I received all or part of this interest for someone else (I am a nominee), then select Continue
  11. Continue through the subsequent screens
Level 2
January 22, 2024

Thank you for your response.

However, the instructions you sent is for interest which was reported to me yet belongs to someone else.

I have income which was reported for someone else (my dissolved business with no history of sales), yet belongs to me.

VolvoGirl
Level 15
January 22, 2024

Just enter it like normal interest you receive.  You got a 1099INT.  Are you having trouble entering it?