No, the penalty on early withdrawal of savings refers to box 2 of Form 1099-INT. This is typically a surrender charge for closing a CD before maturity.
You may also get a deduction for the early withdrawal of savings from a Schedule K-1. If you have a Schedule K-1 in your return, please respond back with the type (1041, 1065 or 1120-S) and TurboTax can help you further.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
