Get your taxes done using TurboTax

No, the additional deduction of $6,000 for seniors would not trigger a withdrawal penalty for savings.  The senior deduction is reported on the Form 1040 Line 13b.

 

You need to review the Form 1099-INT you entered and make sure that you did not enter an amount in box 2 of the form (assuming the box 2 was not used on the original 1099-INT)

 

To report interest income received -

Click on Federal Taxes (Personal using Home & Business)
Click on Wages and Income (Personal Income using Home & Business)
Click on I'll choose what I work on
Under Interest and Dividends
On Interest on 1099-INT, click on the start or update button