In reviewing my 2018 tax returns it seems like there may be an error. I contributed $1000 to my Traditional IRA in order to qualify for a deduction on my 2018 return. In re-reviewing my 2018 return it looks like a $121 penalty was assessed for a $1000 deduction, when in reality it was a $1,000 contribution. I've tried going through and amending, but the $1,000 contribution keeps showing up on my federal return on lines 32 as a $1,000 IRA deduction, and lines 30 as a $121 penalty on early withdrawal of savings. It was also carried through to my state tax return. What's one to do, and how do you correct?
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Line 30 has nothing to do with IRAs. Line 30 is the total of amounts reported in box 2 of any Forms 1099-INT you have entered.
While reviewing all my 2018 tax documents, I see I had a $121 early withdrawal penalty related to a CD I cashed before it matured.
It was confusing to me since lines 30 (the 1099-INT CD penalty) and lines 32 (the IRA Contribution/Deduction) were adjacent to one another. Thanks for clarifying.
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