I cancelled 2 CD's early and got early withdrawl penalties. My 1099-INT's list these in Box 2...

[55stepside]

I entered this info on my typed in 1099INT in TurboTax free edition and got locked up by their demanding I upgrade to deluxe and pay $59 dollars. No one would explain it to me. So after 8 years using them to file. 

I'm thinking they lost a $140 million lawsuit brought by 4.4 million users that signed up for free filing and then got charged for it. They were partnered with IRS for free income tax filing services.  They haven't learned much from this experience.  Also they want your permission to use your tax data for marketing purposes selling you targeted debt or credit products. Look it up since it's unbelievable that pretending to be your friend can bite like a big dog. Thanks INTUIT for many years of a use able product. Please don't sell my data, personal info, or bank accounts and Social Security Number. Please don't start another another lawsuit by false advertising and selling my private data (email, phone, address, or income). Identity theft is your next round of criminal activity? Please delete all my data thank you.

[hbl3973]

55stepside,

You've got it off your chest now, though this forum is not a particularly useful way to contact Intuit.  Almost all of us are volunteers willing to help folks understand and file assisted at times by some Intuit employees.

As to how CD early withdrawal penalties are treated, they are subtracted from your income as an adjustment similar to IRA contributions.  I agree that should be handled for free using the 1099-INT entry and I will suggest it to the powers that be.  I can suggest two things to try.  First, manually subtract box 2 from box 1 and see if it changes your tax.  If not, then just report box 1 and leave box 2 empty.  If that doesn't work, see if you can enter box 2 with a minus sign as a miscellaneous taxable income with the label "CD early w/draw penalty".

[55stepside]

Hi Thanks for all the help? I went and got the tax forms including the Schedule 1 line 18 where this early withdrawal penalty on CDs is entered as an adjustments to income. Thanks for all the help?