Schedule C 1099-INT Business

BigCatz
BigCatz Member Posts: 1 Newcomer
in Income

Where do I enter my business 1099-INT so it is reflecting my Schedule C? I only see 1099-MISC & 1099-NEC for my business and 1099-INT for personal interest. The 1099-INT was reported under my EIN.

Comments

  • GeorgeM
    GeorgeM FreeTaxUSA Agent Posts: 19

    Hello BigCatz:

    Assuming the 1099-INT you received was in fact interest income properly reportable as income received in connection with your Schedule C business, you can report such income as follows:

    1. Select the Income tab.

    2. In the drop-down window, select Business Income (Schedule C).

    3. On the Your Business Income screen, select Edit across from your business entry.

    4. On the next screen, select Edit or Start across from Income and Returns.

    5. On the next screen, you might see previous 1099-NEC or 1099-Misc entries, but for now select No to the question whether you had received another 1099-NEC or a 1099-Misc.  Then select Save and Continue.

    6. On the next screen you may see other 1099-NEC or 1099-Misc entries, but for now, select Continue.

    7. The next screen should be entitled “Tell us about your other income” or a similar phrase.  On this screen, you should see the following prompt: “Enter any amount of gross receipts or sales that were NOT reported to you on a 1099-NEC or 1099-MISC:”

    8. Enter your interest income as per the step mentioned above.

    Alternatively, you could also enter your interest income as Miscellaneous Income on the same screen mentioned in step 7 above.  The Miscellaneous Income category does include interest received in connection with a business note or interest paid on accounts receivable.

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