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A
adm_archery
January 28, 2023
Question

1099-int reported under business EIN. Do I report it as other income on schedule C, or as interest on schedule B?

  • January 28, 2023
  • 1 reply
  • 0 views

I received a1099-int from a bank that was reported under my sole proprietor LLC EIN, not my SSN. Do I report it as other income on schedule C, or as interest income on schedule B?

 

    1 reply

    E
    ErnieS0
    January 28, 2023

    It depends. If it is interest from a business account that you are using for business purposes, then it is Other Income on Schedule C.

     

    If it is personal interest, then it would be on Schedule B.

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    A
    adm_archeryAuthor
    January 28, 2023

    In this case it is a business account that I used my personal money to open for the sole purpose of receiving a $750 new account bonus. I have never used the account for any business or personal use. 

    However, the bank reported the the $750 under my business name and EIN.  

    E
    ErnieS0
    January 30, 2023

    Report it as interest income on Schedule B.

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