Question

Interest Income on a Loan to a Child

Forum|Forum|3 years ago
September 24, 2022
1 reply
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My child paid me interest income on a loan. It is above $600 but he did not provide me a 1099. I can't find in turbo tax where to report this. Schedule B input seems to imply only include interest income with a 1099. Should I report the income on Schedule B or on Schedule 1 in Part I line 1z other income?

DoninGA

Employee

You report the interest received using Form 1099-INT even if you did not receive a 1099-INT.

On the TurboTax Form 1099-INT in the Received from box enter the name of the person paying you the interest. In Box 1 enter the amount of interest received.