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Level 2
posted Jun 3, 2019 1:30:40 PM

Where on my tax return do i report money that was repaid to me with interest from what I loaned to a family member?

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1 Best answer
Expert Alumni
Jun 3, 2019 1:30:42 PM

You should report the interest income in the same manner as interest received from a bank, just AS IF you have received a form 1099-INT.  Enter your individual’s name as a Payer's name and the amount of interest received in box 1.

In TurboTax, open your return and follow these steps:

  • Click on Federal in the left-hand column, then on Wages and Income on top of the screen
  • Scroll down to All Income, locate the Interest and Dividends section
  • Click Show more and click Start next to Interest on 1099-INT

1 Replies
Expert Alumni
Jun 3, 2019 1:30:42 PM

You should report the interest income in the same manner as interest received from a bank, just AS IF you have received a form 1099-INT.  Enter your individual’s name as a Payer's name and the amount of interest received in box 1.

In TurboTax, open your return and follow these steps:

  • Click on Federal in the left-hand column, then on Wages and Income on top of the screen
  • Scroll down to All Income, locate the Interest and Dividends section
  • Click Show more and click Start next to Interest on 1099-INT