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Self-employed Where do I enter 1099-INT for the company?

Company received a "cash bonus" for setting up a bank account, so the recipient is the company EIN, not my personal SSN.  The company income form only lists 1099-MISC as an option, not 1099-INT
5 Replies

Self-employed Where do I enter 1099-INT for the company?

You would enter the information on the 1099-INT on the personal side, not the business side, since it is interest from a bank account (i.e., the interest is not considered business income for a sole proprietor).

Self-employed Where do I enter 1099-INT for the company?

> the interest is not considered business income for a sole proprietor

 

The company is organized as a single-member LLC and the 1099-INT was issued to the company (using the company EIN, not my personal SSN).  Is it still not considered business income?

Self-employed Where do I enter 1099-INT for the company?


@wrathofgod wrote:

Is it still not considered business income?


No, it is not business income. There is a difference between interest on, for example, notes and accounts receivable, and interest from a savings account at a bank.

Self-employed Where do I enter 1099-INT for the company?

I have the same question. the 1099-INT lists my business EIN.  If i list it as personal, as you advise, then won't that create a problem when the IRS tries to match it up with the business EIN?

ThomasM125
Employee Tax Expert

Self-employed Where do I enter 1099-INT for the company?

@bill334 If you enter your business federal ID number on your business schedule C, as you are instructed to, and then enter the interest income on your personal tax return form 1040, both numbers will be associated with you so the IRS will be able to match the two up. So, that is the correct way to report the interest income.

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