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wsellis-steve
New Member

Where do i enter interest income from a persona loan in turbotax ?

AnswerXchange wants me directs me to a w2 to report interest income from a personal loan.  Is that correct.  Doesn't work

1 Best answer

Accepted Solutions
MargaretL
Employee Tax Expert

Where do i enter interest income from a persona loan in turbotax ?

No, it is not correct. Interest on a personal loan is entered AS IF you have received form 1099-INT.  Please enter your individual’s name as a Payer's name and the amount of interest received in box 1.

  1. Federal Taxes
  2. Wages & Income
  3. Interest & Dividends
  4. Interest on 1099-INT

 

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1 Reply
MargaretL
Employee Tax Expert

Where do i enter interest income from a persona loan in turbotax ?

No, it is not correct. Interest on a personal loan is entered AS IF you have received form 1099-INT.  Please enter your individual’s name as a Payer's name and the amount of interest received in box 1.

  1. Federal Taxes
  2. Wages & Income
  3. Interest & Dividends
  4. Interest on 1099-INT

 

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