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Level 3
posted Feb 18, 2023 12:52:36 PM

On Sch 1, line 18 Penalty on early withdrawal of savings, it is 155. I have no idea where TT gets the number from since I don't have any early withdraw. any idea? thanks

Could you please point me  to where the number is from so can I fix it?

0 3 1275
1 Best answer
Level 15
Feb 18, 2023 12:59:25 PM

And if you have an amount on Schedule 1 line 18 that is a good thing.  It's not a penalty on your tax return.  It's a interest penalty you paid (lost) when you cashed in a CD early at the bank.  You get to subtract it off your tax return.   It comes from 1099 INT box 2.  

 

3 Replies
Level 15
Feb 18, 2023 12:54:59 PM

Look at your 1099-INT Box 2. 

Level 15
Feb 18, 2023 12:59:25 PM

And if you have an amount on Schedule 1 line 18 that is a good thing.  It's not a penalty on your tax return.  It's a interest penalty you paid (lost) when you cashed in a CD early at the bank.  You get to subtract it off your tax return.   It comes from 1099 INT box 2.  

 

Level 3
Feb 18, 2023 1:01:04 PM

Thanks. yes, I had a CD early withdraw penalty.