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Anonymous
March 20, 2021
Question

Where can I enter a penalty for early withdrawal of savings (a CD) for this year's taxes as an adjustment to income? (It is not for an IRA or 401K, just a regular CD.)

  • March 20, 2021
  • 3 replies
  • 29 views
Last year it went on Schedule 1 line 17.

3 replies

macuser_22
Alumni - Champ
macuser_22Alumni - Champ
Alumni - Champ
March 20, 2021

In box 2 on the 1099-INT form in the interview.

 

That will put it on Schedule 1 line 17.

 

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
    hoopsluvr
    Level 2
    October 7, 2022

    Where does this get entered into turbotax?

    DoninGA
    Level 15
    DoninGALevel 15
    Level 15
    October 7, 2022
    @hoopsluvr wrote:

    Where does this get entered into turbotax?

    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

    Or enter interest income in the Search box locate in the upper right of the program screen. Click on Jump to interest income


    Online returns -


    Enter interest income in the Search box locate in the upper right of the program screen. Click on Jump to interest income

    On the screen Did you receive any interest income? Click on Yes

    On the next screen click on Continue

    On the screen Let's import your tax info Click on Change how I enter my form

    On the screen How do you want to add your 1099‑INT? Click on Type it in myself

     

    On the TurboTax Form 1099-INT check the box labeled My form has info in other boxes

    Enter the penalty in Box 2

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