Where do I enter a 1099-INT made out to my business's TIN? (I am entering the income itself as "uncommon income" in the business income section)

[mertafs]

I don't seem to have the option to indicate my business's TIN when I am inputting a 1099-INT in the Investments and Savings section of the Wages & Income module.

[SantinoD · Accepted solution]

It's important to note that for a sole proprietor or disregarded entity, bank interest income is reported as personal income on the return, not as business income.

You don't have to indicate the EIN for the business in the interest income section, although you could enter that when you are entering the General Info about the business.

To get to the section to enter your 1099-INT, follow these steps:

Form 1099-INT reports interest from banks, brokerages, and other financial institutions. Here's how to enter a 1099-INT:

Sign in to your TurboTax account and open or continue your return

Select Federal from the menu, then Wages & Income

Locate the section titled Investments & Savings and select Show More, then select Start or Revisit next to Interest on 1099-INT

Select Yes on the screen Did you receive any investment income? then Continue

• If you see the screen Your investments & savings or Here's your 1099-INT info, select Add investments or Add another 1099-INT, then Continue

On the next screen, select how you want to enter your Form 1099-INT:

• If you want to import your form, search for your brokerage or financial institution. Sign in to your online account and select Get my form
• If you want to upload a copy of your form or manually enter the info, select Enter a different way, and follow the instructions to enter your 1099-INT

On the screen Do any of these uncommon situations apply? check the boxes according to your situation and Continue

[Edited 02/24/23| 10:30am PST]

[dryheat]

If mertafs enters their interest income as uncommon income for their business taxes then will they be taxed twice when they enter the 1099-INT in their personal taxes?

[VolvoGirl · Accepted solution]

Yes they will.  Do not enter it as business income.  Delete it from there.  Only enter it as personal interest.  

[miniaussi]

My 1099-int is from a bank made out to my business and EIN # with no reference to my social security number or my name.  Would I enter it under line 4 in the 1120S form for interest and not in my person 1140 for 1099-int?

[KeshaH]

Yes, since your business is an S corporation, your interest income will be reported on line 4 of Schedule K of the 1120S. It's not included in ordinary income on page 1 of the 1120S. 

@miniaussi