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J
Jer S
February 17, 2025
Question

Entering imputed interest on Form 1040 Schedule B

  • February 17, 2025
  • 1 reply
  • 0 views

For a 0% interest loan to a family member do I just enter their name in “received from” or is there more info to be entered?

    1 reply

    M
    MinhT1
    February 17, 2025

    If you made a loan to a family member at a rate below the Applicable Federal Rate (AFR), you have to report the differential interest income at the AFR and pay taxes on it. You have to calculate the interest differential and report it.

     

    Please read this TurboTax article for more information.

     

    The AFRs can be found in this IRS document.

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