I had an early withdrawal penalty on my 1099-INT. I entered that information in Turbo Tax, but why does it still show the total interest income?

I was told the early withdrawal penalty would be waived or deducted from the interest income. Is that true?

posted

Yes, the full interest will show as income on line 2b of Form 1040. But the early withdrawal penalty will reduce your income as an adjustments Schedule 1 on line 18.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

There are two possible places to enter Mortgage interest and Property tax. Which do I enter for my rental property?

Expert does your taxes

Do it yourself

Resources

Support

Expert does your taxes

Do it yourself

Resources

Support

I had an early withdrawal penalty on my 1099-INT. I entered that information in Turbo Tax, but why does it still show the total interest income?

I had an early withdrawal penalty on my 1099-INT. I entered that information in Turbo Tax, but why does it still show the total interest income?

Get more help

Do you have a TurboTax Online account?

I had an early withdrawal penalty on my 1099-INT. I entered that information in Turbo Tax, but why does it still show the total interest income?

Do you have an Intuit account?

I had an early withdrawal penalty on my 1099-INT. I entered that information in Turbo Tax, but why does it still show the total interest income?

Get more help

Related Content

Thank you for helping us improve the TurboTax Community!

Sign in to Turbotax

File your taxes, your way

Access additional help, including our tax experts

Post your question

Connect with an expert