My 1099INT shows penalty in box 2 Not showing any Federal taxes withheld?

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Box 2 of form 1099-INT shows interest penalties you were charged for withdrawing money from an account before the maturity date.

For the penalty amounts reported in box 2, you may be able to take a deduction on Schedule 1 of Form 1040 as an adjustment to income.

Federal taxes withheld are reported in box 4.

Please read this TurboTax article for more information.

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