How do I declare an early withdrawal penalty on a Certificate of Deposit?

[VolvoGirl]

Enter an Early Withdrawal Penalty for a cd or savings account like you would enter a 1099Int and put the penalty in box 2.  It goes under:

Federal Taxes tab

Wages & Income

Interest and Dividends

Interest on 1099INT - Click the Start or Update button

It is an adjustment to income.  For 2022 the CD early withdrawal penalty goes on Schedule 1 line 18 which goes to 1040 line 10.

[ThomasM125]

When you enter the form 1099-INT in TurboTax, you need to enter the penalty in box 2. You will see an option to see the additional boxes under the interest entry box, that will allow you see box 2.