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Where to enter Interest earned from a personal loan? No 1099-INT

Where in the Turbo Tax program do I enter interest that I earned from a personal loan to a friend?  I do not have a 1099-INT and since the interest came from an individual with whom I have a promissory note agreement.  This is not for a mortgage. 

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Accepted Solutions
VolvoGirl
Level 15
Intuit Approved! This answer has been verified for accuracy by an Intuit expert employee

Where to enter Interest earned from a personal loan? No 1099-INT

All you need to enter is the bank name or who paid you and put the amount in box 1.

 

Enter interest received like a 1099-Int under

Federal Taxes tab (Personal for Home & Business)

Wages & Income

Interest and Dividends

Interest on 1099INT - Click the Start or Update button

 

Put the interest amount in box 1

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3 Replies
rjs
Level 15
Level 15

Where to enter Interest earned from a personal loan? No 1099-INT

Enter the interest as if you got a 1099-INT, even though you didn't. For the payer's name enter your friend's name and the words "personal loan." Enter the amount of interest in box 1. That's all you have to enter.

 

VolvoGirl
Level 15
Intuit Approved! This answer has been verified for accuracy by an Intuit expert employee

Where to enter Interest earned from a personal loan? No 1099-INT

All you need to enter is the bank name or who paid you and put the amount in box 1.

 

Enter interest received like a 1099-Int under

Federal Taxes tab (Personal for Home & Business)

Wages & Income

Interest and Dividends

Interest on 1099INT - Click the Start or Update button

 

Put the interest amount in box 1

Where to enter Interest earned from a personal loan? No 1099-INT

Thank you!  Seems confusing since you’re creating your own 1099 INT but will do it that way! Thanks!!

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