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New Member
posted Feb 28, 2024 10:37:05 AM

I was told to go to Federal, Deductions & Credits, Other Deductions & Credits to find Early Withdrawal Penalty on a 1099-INT, box 2, but there is no Other D &C there.

Previous answers were off Base!  Where do I find Income, 1099-INT box 2, early withdrawal penalty ?

0 2 384
2 Replies
Level 15
Feb 28, 2024 12:07:21 PM

To enter your early withdrawal penalty (Form 1099-INT box 2 amount) in TurboTax Online:

  1. Select Tax Home in the left pane
  2. On the Hi, let's keep working on your taxes! screen, select the dropdown on the right side of the Income & Expenses box, then select StartContinue, Review/Edit or  Pick up where you left off
  3. Scroll down and select the Show more dropdown to the right of Investments & Savings 
  4. Select  Start or Revisit to the right of Interest on 1099-INT
  5. Select  Yes on the Did you receive any investment income? screen, then select Continue
    • If you see either the Your investments & savings or Here's your 1099-INT info screen or Let’s finish pulling in your investment income screen, select Add investments or Add another 1099-INT as appropriate, then select Continue
  6. On the next screen, choose how to enter your Form 1099-INT data
    • To import your form, search for your brokerage or financial institution. Sign in to your online account and select Get my form
    • To upload a copy of your form or manually enter the info, select Enter a different way, and follow the instructions to enter your 1099-INT
  7. On the Let's get the info from your 1099-INT screen, select the box next to My form has info in other boxes (this is uncommon).  Enter your Box 2 amount in the Box 2 - Early withdrawal penalty field, then select Continue
  8. On the Do any of these uncommon situations apply? screen, check whichever box is appropriate, then Continue

Level 15
Feb 28, 2024 12:08:07 PM

NO...it is on the 1099-INT form itself.

 

You Edit the 1099-INT form, enter the box 1 $$, then look for a checkbox to show all the otehr boxes.

Then  the box 2 and all other boxes show up for you to make whatever entries you need.  IT is NOT on the D&C page.

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