AnnetteB6
Expert Alumni

Retirement tax questions

It is reported as part of your Form 1099-INT entry.  You will probably need to check the box on the screen saying that your Form 1099-INT has info in more than just box 1 in order to open up the other fields.

 

The early withdrawal penalty is not directly subtracted from your interest income and it is not reported on Schedule B.  Instead, it will be reported on Form 1040 Schedule 1 line 18 as an adjustment (subtraction) to your income.

 

@rogerandmaxinetaxes 

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