MarilynG1
Expert Alumni

Retirement tax questions

Did you cash out a bank CD early?  Or take a distribution from a Retirement Account?  TurboTax is telling you that your Itemized Deductions totaled $31,650, but since a $900 Penalty was subtracted, you are getting a deduction of $30,750. This is the Itemized Deduction; the Standard Deduction for MFJ for 2024 is only $29,200. 

 

If you're using TurboTax Online, in the left-side menu go to Tax Tools > Tools, then choose View Tax Summary from the pop-up menu.  Back at the left-side menu, choose Preview My 1040 to see the details on your return.

 

Here's more info on Penalty for Early Withdrawal of Savings.

 

 

 

 

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