turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

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?
Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply

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?


@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.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies