Help! Unable to add interest SCH B

[unzuetay]

Using ATX software and unable to add interest on SCH B. My client loaned money to three different people and wants to add the interest to SCH B, but I'm not seeing a way to add a record without a 1099 form. Would anyone point me in the right direction?

P.S. Tried overriding the 1040 to show added interest, for a total $1323. But receive error when Taxable Interest is greater than $1500, then it must match what is on SCH B

[Gail in Virginia]

I haven't used ATX since 2012, but if memory serves, to enter interest paid by an individual, if you click on the very first line of the schedule B and follow the link, you will go to a page where you can enter seller-financed interest income from individuals. 

Might have changed since I used it, though.

[unzuetay]

Thanks but the line only takes me to Seller financed "mortgage" interest, and that isn't correct since this was a personal loan.  I decided to just delete the SCH B (total is under $1500 and override line 8 on the front of 1040. Don't know if this is correct, but the software doesn't give a red error message and client will report the correct amount of taxable interest income. What do you think?

 

[Jack from Ohio]

I prefer not to override any fields.  This can cause data to be sent to the IRS incorrectly.

Enter it as seller financed mortgage and go on. 

[RitaB]

26 minutes ago, unzuetay said:

Thanks but the line only takes me to Seller financed "mortgage" interest, and that isn't correct since this was a personal loan.  

 

You could just enter the loan interest on the 1099-Int entry.  You don't have to enter a Federal ID number.  That way you're not overriding, and also not saying you financed a mortgage, which did not happen.

I think what you did, override line 8 on page 1, will be fine, too.  I do it a lot.