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Level 1
posted Jun 28, 2020 3:10:30 PM

Where do I enter interest income from a personal loan with no form 1099?

interest income with no 1099?

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1 Best answer
Level 15
Jun 28, 2020 3:14:05 PM

If you received interest on a personal loan you can enter the interest received in the Form 1099-INT section of the program.  Enter the name of the payer in the Received from: box and the amount of interest received in Box 1 of the 1099-INT.

 

To report interest income received -

  • Click on Federal Taxes (Personal using Home & Business)
  • Click on Wages and Income (Personal Income using Home & Business)
  • Click on I'll choose what I work on
  • Under Interest and Dividends
  • On Interest on 1099-INT, click on the start or update button

Or enter interest income in the Search box locate in the upper right of the program screen. Click on Jump to interest income

2 Replies
Level 15
Jun 28, 2020 3:14:05 PM

If you received interest on a personal loan you can enter the interest received in the Form 1099-INT section of the program.  Enter the name of the payer in the Received from: box and the amount of interest received in Box 1 of the 1099-INT.

 

To report interest income received -

  • Click on Federal Taxes (Personal using Home & Business)
  • Click on Wages and Income (Personal Income using Home & Business)
  • Click on I'll choose what I work on
  • Under Interest and Dividends
  • On Interest on 1099-INT, click on the start or update button

Or enter interest income in the Search box locate in the upper right of the program screen. Click on Jump to interest income

Level 15
Jun 28, 2020 3:25:30 PM

If this is seller financed use that section ...