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wsellis-steve
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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

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‎June 6, 2019 4:14 AM
last updated ‎June 06, 2019 4:14 AM
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MargaretL
Expert Alumni
Expert Alumni

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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‎June 6, 2019 4:14 AM
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1 Reply
MargaretL
Expert Alumni
Expert Alumni

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

 

‎June 6, 2019 4:14 AM
2,332
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