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lvbgsiz71
New Member

My earned income of 1043.required that I borrow 14,300. at 3% interest to support my family.How do this income and where and what do I report this on my Turbo Tax deluxe?

 
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AnnaB
New Member

My earned income of 1043.required that I borrow 14,300. at 3% interest to support my family.How do this income and where and what do I report this on my Turbo Tax deluxe?

You do not need to claim money borrowed as income since it will be paid back; however, if it is forgiven in the future, you should receive a Form 1099-C and it becomes cancellation of debt income.

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1 Reply
AnnaB
New Member

My earned income of 1043.required that I borrow 14,300. at 3% interest to support my family.How do this income and where and what do I report this on my Turbo Tax deluxe?

You do not need to claim money borrowed as income since it will be paid back; however, if it is forgiven in the future, you should receive a Form 1099-C and it becomes cancellation of debt income.

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