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posted Apr 12, 2023 4:21:52 PM

I closed a trust CD and immediately reinvested it in a higher yield account. The 1099 lists an early withdrawal penalty. Is the penalty deductable?

Is earlly withdrawal penalty on a CD for a trust deductable?  If so, what line on the 1041?

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1 Replies
Level 15
Apr 12, 2023 5:01:32 PM

@larry11426 wrote:
Is earlly withdrawal penalty on a CD for a trust deductable?

Yes. 

 

 

@larry11426 wrote:
If so, what line on the 1041?

Line 15a.