Interest from seller financed loan double calculating

Forum|Forum|2 years ago
January 6, 2024
4 replies
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I entered the interest I made from a seller financed loan but that amount is also showing up under the 1099-INT field but I never entered it there and there is no way for me to delete it. It is flowing through to my 1040 line 2b in double the amount ($13,224 instead of $6,612) . How do I correct that?

Best answer by Mike9241

did you enter the interest on the installment sale worksheet and again using the 1099-int? if so that's where you doubled up - one or the other not both. preferred is the 6252 which avoids having to also enter a 1099-INT

Anonymous_

Employee

(1) Interest from seller financed loans also shows up on 1099-INT (intuit.com)

DoninGA

Employee

Where exactly are you seeing this additional interest?

I just tried it using the 2023 TurboTax Premier Edition for Interest from Seller-Financed Loans. The amount correctly was entered on Form 1040 Line 2b and on Schedule B Part I for Interest. There were no other entries for the interest received.

sarymaryAuthor

The first picture shows how it shows up in both places. The 2nd picture shows what my seller financed interest is and the 3rd picture shows what I entered un 1099-INT. If you add my checking account interest (212.87) to the seller financed income interest (6611.55) that equals the $6824 that shows up under 1099-INT. The 4th picture shows my 1040 showing my taxable interest of 13,436

Mike9241Answer

sarymaryAuthor

No - I only entered it once. I just realized that it also doubled things last year. I might just delete the seller financed loan part and enter it under 1099-INT. I can't get it to go away any other way