If a person has an interest income of $5,826 but paid an early withdrawal penalty of $947, should this be subtracted from total income for the question on gross income?

posted

Yes. When you enter the interest income on Form 1099-INT, check the box: 'My form has info in more than one box 1'. Then enter the penalty in box 2.

The amount transfers to Form 1040, Schedule 1, Line 18 as adjustment to income.

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

I payed an estimated payment with my extension but need to file an additional payment before Oct 1, 2025 filing (2024) How?

in Investors & landlords

Expert does your taxes

Do it yourself

Resources

Support

If a person has an interest income of $5,826 but paid an early withdrawal penalty of $947, should this be subtracted from total income for the question on gross income?

If a person has an interest income of $5,826 but paid an early withdrawal penalty of $947, should this be subtracted from total income for the question on gross income?

Unlock tailored help options in your account.

Get more help

Do you have a TurboTax Online account?

If a person has an interest income of $5,826 but paid an early withdrawal penalty of $947, should this be subtracted from total income for the question on gross income?

Do you have an Intuit account?

If a person has an interest income of $5,826 but paid an early withdrawal penalty of $947, should this be subtracted from total income for the question on gross income?

Unlock tailored help options in your account.

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