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Retirement tax questions
Hi, Linda,
Thank you very much for your response and detailed instructions. I did find the adjustment for the early withdrawal penalty on CD.
Regarding interest expense on a promissory note, I entered that interest in Schedule B - Interest and Ordinary Dividend. I entered the wire fee in line 5 of 1099 Int worksheet. I now realized that the 1099 Int I received didn't have this entry. Schedule C is for business income but I don't own the business. I lent some money to a friend's small business and she paid me interest on the loan. The wire fee incurred when I wired out the loan amount.
Thank you!
March 25, 2023
4:10 PM