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Level 1
posted Mar 10, 2023 9:07:58 AM

My deductions show an Early Withdrawal Penalty but I did not take an early withdrawal. This amount is Interest on my 1099-INT form.

My Deduction summary shows Early Withdrawal Penalty amount but I did not take a withdrawal.  That specific amount is what was on my 1099-INT form, which is interest gained from a CD.  Does anyone know how or if I should correct this?

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1 Replies
Expert Alumni
Mar 10, 2023 9:22:31 AM

I think you may have entered your Form 1099-INT interest income in box 2 rather than in box 1, where it belongs. If so, you would get a deduction for a penalty on early withdrawal of savings. You need to revist your Form 1099-INT entry in the Wages and Income section of TurboTax, then Interest and Dividends, then Interest on 1099-INT and make a correction.