The penalty is in Box 2 of one of my 1099-INT forms. Should I report this penalty of $8.75 elsewhere to avoid paying $39.99 for an already completed return? If I remove the $8.75 from that box it allows me to proceed normally and my refund totals do not change. In this case, is this $8.75 necessary to report?
You'll need to sign in or create an account to connect with an expert.
It is to your benefit to report the $8.75 early withdrawal penalty. However, you are not required to report it.
It is to your benefit to report the $8.75 early withdrawal penalty. However, you are not required to report it.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
hellotax1111
Level 3
5f054fd403aa
New Member
dbe2022
Level 3
mag1949
Level 1
koko0612
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.